Kinburn (208) Limited Filleted accounts for Companies House (small and micro)

KINBURN (208) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC613674

Kinburn (208) Limited

Filleted Unaudited Abridged Financial Statements

31 March 2021

Kinburn (208) Limited

Abridged Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

Fixed assets

Investments	4	1,708,500	1,708,500

Current assets

Cash at bank and in hand	1,016	1,039

Creditors: amounts falling due within one year	763,808	610,069
	---------	---------
Net current liabilities	762,792	609,030
	------------	------------
Total assets less current liabilities	945,708	1,099,470

Creditors: amounts falling due after more than one year	239,688	370,045
	---------	------------
Net assets	706,020	729,425
	---------	------------

Capital and reserves

Called up share capital	5	1	1
Profit and loss account		706,019	729,424
		---------	---------
Shareholders funds		706,020	729,425
		---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

Kinburn (208) Limited

Abridged Statement of Financial Position (continued)

31 March 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 24 August 2021 , and are signed on behalf of the board by:

Mr P Harding

Director

Company registration number: SC613674

Kinburn (208) Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Restenneth House, Old Brechin Road, Forfar, Angus, DD8 3DX, Scotland.

2. Statement of compliance

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

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. 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.

Corporation 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

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

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Investments

	£
Cost
At 1 April 2020 and 31 March 2021	1,708,500
	------------
Impairment
At 1 April 2020 and 31 March 2021	–
	------------
Carrying amount
At 31 March 2021	1,708,500
	------------
At 31 March 2020	1,708,500
	------------

5. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 0.01 each	100	1	100	1
	----	----	----	----

6. Contingencies

The company provided the group's bank with Cross Corporate Letter of Guarantee, including offset provision covering all accounts within the Kinburn (208) Limited group.

7. Related party transactions

The company was under the control of its directors throughout the current and previous year. Mr I Shepherd, director advanced funds to the company, and at the year end was due to receive £376,140 (2020 - £405,940). This amount is not subject to interest and has no set repayment date. Mr P Harding , director advanced funds to the company and at the year end was due to receive £13,140 (2020 - £29,940). This amount is also not accruing interest and repayable on demand. Dividends payable amounted to £24,000 in the year (2020 - £24,000) to the directors. During 2019, loan notes were issued in relation to a restructuring exercise within in the group. Payments of £69,600 (2020 - £75,400) were made to the director I Shepherd with a remaining balance of £193,400 (2020 - £263,000) due at the year end. This has been disclosed in other creditors amounts falling due in under and over one year.