Kirphil Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00678506 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

KIRPHIL PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

P A M Phillips

J Phillips

S A M Phillips

SECRETARY:

P A M Phillips

REGISTERED OFFICE:

1 Brampton Lane

HENDON

London

NW4 4AB

REGISTERED NUMBER:

00678506 (England and Wales)

ACCOUNTANTS:

KBSP Partners LLP

Chartered Accountants

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

202

202

Investment property

6

5,403,834

5,941,513

5,404,036

5,941,715

CURRENT ASSETS

Stocks

16,256

16,256

Debtors

7

2,120,158

1,826,583

Investments

8

463,297

455,662

Cash at bank

743,723

136,440

3,343,434

2,434,941

CREDITORS

Amounts falling due within one year

9

523,028

544,399

NET CURRENT ASSETS

2,820,406

1,890,542

TOTAL ASSETS LESS CURRENT LIABILITIES

8,224,442

7,832,257

PROVISIONS FOR LIABILITIES

10

597,752

652,719

NET ASSETS

7,626,690

7,179,538

CAPITAL AND RESERVES

Called up share capital

10

10

Share premium

11

2,064,994

2,064,994

Fair value reserve

11

3,555,149

3,756,326

Retained earnings

11

2,006,537

1,358,208

SHAREHOLDERS' FUNDS

7,626,690

7,179,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2021 and were signed on its behalf by:

P A M Phillips - Director

1.	STATUTORY INFORMATION

Kirphil Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rent receivable from the company's properties.

Investment property

The investment properties are shown at the most recent valuation, to ensure that the value shown in the financial statements represents their fair value.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is also provided on revaluation gains, based on the tax which would have been accounted for had the property been sold on the balance sheet date.

Investments

Fixed assets investments are stated at cost less provision for diminution in value.

Current asset investments are stated at the lower of cost and net realisable value.

Purchases and sales of properties

Purchases and sales of properties are included on completion.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2019

and 30 June 2020

347

DEPRECIATION

At 1 July 2019

and 30 June 2020

347

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 July 2019

and 30 June 2020

2,065,000

2

2,065,002

PROVISIONS

At 1 July 2019

and 30 June 2020

2,064,800

-

2,064,800

NET BOOK VALUE

At 30 June 2020

200

2

202

At 30 June 2019

200

2

202

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

5,941,513

Disposals

(537,679

)

At 30 June 2020

5,403,834

NET BOOK VALUE

At 30 June 2020

5,403,834

At 30 June 2019

5,941,513

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

89,640

62,118

Other debtors

2,030,518

1,764,465

2,120,158

1,826,583

8.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Listed investments

463,297

455,662

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

6,519

Amounts owed to group undertakings

200

200

Tax

27,244

1,555

Social security and other taxes

1,400

1,409

Other creditors

14,288

17,119

Amounts owed to related undertakings

460,665

471,679

Accruals and deferred income

19,231

45,918

523,028

544,399

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

597,752

652,719

Deferred

tax

£

Balance at 1 July 2019

652,719

Provided during year

48,109

Reduction in deferred tax

(103,076

)

Balance at 30 June 2020

597,752

11.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 July 2019

1,358,208

2,064,994

3,756,326

7,179,528

Profit for the year

1,051,406

1,051,406

Dividends

(300,000

)

(300,000

)

Deferred tax reduction

(103,077

)

-

103,077

-

Sale of investment

-

-

(304,254

)

(304,254

)

At 30 June 2020

2,006,537

2,064,994

3,555,149

7,626,680

12.	RELATED PARTY DISCLOSURES

Included in debtors is an amount of £1,025,260 (2019: £992,452) due from Managment Investments Limited.

Also in debtors is an amount of £627,902 (2019: £629,339) due from P.P. Investments Limited.

In addition included in debtors is an amount of £56,747 (2019: £95) due to/from Crossmil Securities Limited.

Also included in creditors in an amount of £460,665 (2019: £471,679) due to Philip Phillips & Company Limited.

The directors of the company have material interests in the above companies.

Included in administrative expenses is an amount of £8,250 (2019: £8250) and £62,409 (2019: £61939) payable to Management Investments Limited for rent and rent collection services respectively.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirphil Properties Ltd for the year ended 30 June 2020 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kirphil Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kirphil Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Kirphil Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirphil Properties Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kirphil Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kirphil Properties Ltd. You consider that Kirphil Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kirphil Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

KBSP Partners LLP

Chartered Accountants

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

22 June 2021