Keighley Investments Limited Filleted accounts for Companies House (small and micro)

KEIGHLEY INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04653827

Keighley Investments Limited

Filleted Unaudited Financial Statements

1 October 2020

Keighley Investments Limited

Financial Statements

Year ended 1 October 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Keighley Investments Limited

Statement of Financial Position

1 October 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	993,813	546,422
Investments	6	152,790	152,790
		------------	---------
		1,146,603	699,212

Current assets

Debtors	7	321,105	365,558
Cash at bank and in hand		306,157	252,754
		---------	---------
		627,262	618,312

Creditors: amounts falling due within one year	8	27,296		16,554
		---------		---------
Net current assets			599,966	601,758
			------------	------------
Total assets less current liabilities			1,746,569	1,300,970

Creditors: amounts falling due after more than one year	9		18,344	–

Provisions

Taxation including deferred tax	76,769	11,436
	------------	------------
Net assets	1,651,456	1,289,534
	------------	------------

Capital and reserves

Called up share capital	500	500
Revaluation reserve	427,758	71,377
Capital redemption reserve	500	500
Profit and loss account	1,222,698	1,217,157
	------------	------------
Shareholders funds	1,651,456	1,289,534
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 1 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Keighley Investments Limited

Statement of Financial Position (continued)

1 October 2020

These financial statements were approved by the board of directors and authorised for issue on 1 July 2021 , and are signed on behalf of the board by:

A West
Director

Company registration number: 04653827

Keighley Investments Limited

Notes to the Financial Statements

Year ended 1 October 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Oxford Street, Whitstable, Kent, CT5 1DB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents rental income received during the year, plus any sales of freehold land or property.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment property

Investment properties are included in the balance sheet at their fair value in accordance with FRS 102 and are not depreciated.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2).

5. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost or valuation
At 2 October 2019	546,422	1,270	547,692
Additions	2,398	–	2,398
Disposals	( 6,575)	–	( 6,575)
Revaluations	451,568	–	451,568
	---------	-------	---------
At 1 October 2020	993,813	1,270	995,083
	---------	-------	---------
Depreciation
At 2 October 2019 and 1 October 2020	–	1,270	1,270
	---------	-------	---------
Carrying amount
At 1 October 2020	993,813	–	993,813
	---------	-------	---------
At 1 October 2019	546,422	–	546,422
	---------	-------	---------

Tangible assets held at valuation

The properties have been revalued at the year end by Mr Alastair West MSc MCIOB MRICS, a Director of the company, on an open market value for existing use basis.

6. Investments

	Shares in participating interests	Loans to participating interests	Total
	£	£	£
Cost
At 2 October 2019 and 1 October 2020	45,390	107,400	152,790
	--------	---------	---------
Impairment
At 2 October 2019 and 1 October 2020	–	–	–
	--------	---------	---------

Carrying amount
At 1 October 2020	45,390	107,400	152,790
	--------	---------	---------
At 1 October 2019	45,390	107,400	152,790
	--------	---------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	4,245	2,075
Other debtors	316,860	363,483
	---------	---------
	321,105	365,558
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	906	–
Trade creditors	1,885	3,522
Corporation tax	2,279	2,050
Other creditors	22,226	10,982
	--------	--------
	27,296	16,554
	--------	--------

The company has a charge over its assets from Lloyds TSB Bank PLC.

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	18,344	–
	--------	----