ACCOUNTS - Final Accounts

KINGFISHER EQUITY LIMITED - Company Information

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Kingfisher Equity Limited

Registered number: 11805359

Information for filing with the Registrar

For the period ended 28 February 2021

11805359

28 February 2021

KINGFISHER EQUITY LIMITED

REGISTERED NUMBER: 11805359

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2021

		2021		2020
Note		£		£

Fixed assets
Investment property	4		288,379		288,379
			288,379		288,379
Current assets
Debtors: amounts falling due within one year	5	3,313		200
		3,313		200
Creditors: amounts falling due within one year	6	(298,628)		(295,165)
Net current liabilities			(295,315)		(294,965)
Total assets less current liabilities			(6,936)		(6,586)

Net liabilities			(6,936)		(6,586)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account	8	(7,036)	(6,686)
		(6,936)	(6,586)

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11805359

28 February 2021

KINGFISHER EQUITY LIMITED

REGISTERED NUMBER: 11805359

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 November 2021.

N J Brooksbank

Director

The notes on pages 3 to 7 form part of these financial statements.

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11805359

28 February 2021

KINGFISHER EQUITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

1.	General information

Kingfisher Equity Limited (the “Company”) is a private company, limited by shares and registered in England and Wales, registered number 11805359. The registered office is Clifton House Birkby Lane, Bailiff Bridge, Brighouse, United Kingdom, HD6 4JJ.
The prior year financial statements were prepared on a 13 month period ended 28 February 2021 and therefore not directly comparable.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

These financial statements have been presented in pound sterling which is the functional currency of the company, and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Going concern

The use of the going concern basis of accounting is appropriate because the directors are not aware of any material uncertainties related to events or conditions that may cast significant doubt about the ability of the Company to continue as a going concern.
The COVID-19 pandemic continues to affect the UK and global economies however the recent lifting of social restrictions by the government means the directors anticipate the UK and global economies to return to growth in due course. It is not possible to predict how quickly and to what degree this may happen. The priorities of the directors remain to comply with any remaining regulatory requirements to the fullest extent possible, and to maintain the safety and well-being of the company's personnel.

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11805359

28 February 2021

KINGFISHER EQUITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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11805359

28 February 2021

KINGFISHER EQUITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

Employees

The average monthly number of employees, including directors, during the period was 4 (2020 - 4).

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11805359

28 February 2021

KINGFISHER EQUITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 29 February 2020	288,379
	At 28 February 2021	288,379

The 2021 valuations were made by the directors, on an open market value for existing use basis.

Debtors

					2021	2020
					£	£


Amounts owed by entities under common control	3,313	200

Amounts owed by entities under common control are interest free and repayable on demand.

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Payments received on account	-	100
Trade creditors	2,484	2,432
Amounts owed to entites under common control	288,019	288,983
Other taxation and social security	800	400
Other creditors	525	-
Accruals and deferred income	6,800	3,250
	298,628	295,165

Amounts owed to entities under common control are interest free and repayable on demand.

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11805359

28 February 2021

KINGFISHER EQUITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

Reserves

Profit & loss account

The profit and loss account reserve represents cumulative profits and losses made by the company to date.

9.	Related party transactions
	At the year end, the following amounts were due to related parties in regards to close family members of the directors:

		2021	2020
		£	£

Amounts owed to entities under common control

284,706

288,783

10.	Controlling party

The Company is controlled by the directors, who own 100% of the equity share capital of the Company.

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