Kingscrown Properties Limited Filleted accounts for Companies House (small and micro)

KINGSCROWN PROPERTIES LIMITED - Company Information

11 false false false false false false false false false true false false false false false false No description of principal activity 2020-02-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 03299740 2020-02-01 2021-01-31 03299740 2021-01-31 03299740 2020-01-31 03299740 2019-02-01 2020-01-31 03299740 2020-01-31 03299740 core:LandBuildings core:ShortLeaseholdAssets 2020-02-01 2021-01-31 03299740 core:FurnitureFittings 2020-02-01 2021-01-31 03299740 bus:Director1 2020-02-01 2021-01-31 03299740 core:WithinOneYear 2021-01-31 03299740 core:WithinOneYear 2020-01-31 03299740 core:AfterOneYear 2021-01-31 03299740 core:AfterOneYear 2020-01-31 03299740 core:ShareCapital 2021-01-31 03299740 core:ShareCapital 2020-01-31 03299740 core:RevaluationReserve 2021-01-31 03299740 core:RevaluationReserve 2020-01-31 03299740 core:RetainedEarningsAccumulatedLosses 2021-01-31 03299740 core:RetainedEarningsAccumulatedLosses 2020-01-31 03299740 core:CostValuation core:Non-currentFinancialInstruments 2021-01-31 03299740 core:Non-currentFinancialInstruments 2021-01-31 03299740 core:Non-currentFinancialInstruments 2020-01-31 03299740 bus:SmallEntities 2020-02-01 2021-01-31 03299740 bus:AuditExemptWithAccountantsReport 2020-02-01 2021-01-31 03299740 bus:AbridgedAccounts 2020-02-01 2021-01-31 03299740 bus:SmallCompaniesRegimeForAccounts 2020-02-01 2021-01-31 03299740 bus:PrivateLimitedCompanyLtd 2020-02-01 2021-01-31 03299740 core:KeyManagementPersonnel 2020-02-01 2021-01-31 03299740 core:KeyManagementPersonnel 2021-01-31

COMPANY REGISTRATION NUMBER: 03299740

KINGSCROWN PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 January 2021

KINGSCROWN PROPERTIES LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 January 2021

	2021		2020
Note	£	£	£

FIXED ASSETS

Tangible assets	5	11,910,500	13,506,318
Investments	6	30	30
		-------------	-------------
		11,910,530	13,506,348

CURRENT ASSETS

Debtors	4,157,196	3,362,782
Cash at bank and in hand	63,600	176,487
	------------	------------
	4,220,796	3,539,269

CREDITORS: amounts falling due within one year	950,196		859,641
	------------		------------
NET CURRENT ASSETS		3,270,600	2,679,628
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		15,181,130	16,185,976

CREDITORS: amounts falling due after more than one year	7		6,519,231	8,524,364

PROVISIONS

Taxation including deferred tax	267,445	113,032
	-------------	-------------
NET ASSETS	8,394,454	7,548,580
	-------------	-------------

KINGSCROWN PROPERTIES LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 January 2021

	2021		2020
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	2	2
Revaluation reserve	2,617,195	2,106,812
Profit and loss account	5,777,257	5,441,766
	------------	------------
SHAREHOLDERS FUNDS	8,394,454	7,548,580
	------------	------------

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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 January 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 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 financial statements .

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

These financial statements were approved by the board of directors and authorised for issue on 28 July 2021 , and are signed on behalf of the board by:

Mr B S Pollock

Director

Company registration number: 03299740

KINGSCROWN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suites 7 -10 Prudential Buildings, 61 St. Petersgate, Stockport, Cheshire, SK1 1DH.

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.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values to their recoverable amount and to provide for future liabilities that may arise and to reclassify fixed assets as current assets. The director believes that it is appropriate for the financial statements to be prepared on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts invoiced during the year.

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. 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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Property improvements	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Long term non-commercial loans

Exception to paragraph 11.13 of FRS102 has been taken to measure a basic financial liability that is a loan from a director who is a natural person and a shareholder in the company (or a close member of the family of that person) initially at transaction price. Subsequently, for the same financial liability, the company is also exempt from the final sentence of FRS 102 paragraph 11.14(a), to measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Therefore, long-term non-commercial loans are accounted for at transaction price, rather than discounting using an appropriate internal rate of return.

4. Staff costs

The average number of persons employed by the company during the year amounted to 11 (2020: 8 ).

The aggregate employment costs incurred during the year were:

	2021	2020
	£	£
Wages and salaries	209,417	205,503
Social security costs	11,103	19,000
Other pension costs	2,706	3,200
	---------	---------
	223,226	227,703
	---------	---------

5. Tangible assets

	£
Cost or valuation
At 1 February 2020	13,632,489
Additions	445,673
Disposals	( 3,282,489)
Revaluations	1,114,827
	-------------
At 31 January 2021	11,910,500
	-------------
Depreciation
At 1 February 2020	126,171
Disposals	( 126,171)
	-------------
At 31 January 2021	–
	-------------
Carrying amount
At 31 January 2021	11,910,500
	-------------
At 31 January 2020	13,506,318
	-------------

Tangible assets held at valuation

The investment property has been valued by the directors who consider that the open market value as at 31 January 2021 is £11,910,500. Had the investment property been measured at historical cost, it would have been stated at cost of £ 9,293,304 .

6. Investments

	£
Cost
At 1 February 2020 and 31 January 2021	30
	----
Impairment
At 1 February 2020 and 31 January 2021	–
	----
Carrying amount
At 31 January 2021	30
	----
At 31 January 2020	30
	----

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

Included within creditors: amounts falling due after more than one year is an amount of £786,761 (2020: £912,171) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Of this £786,761 has no specific terms of repayment with interest being charged at 5% per annum. The balance consists of several loans under varying interest rates that are being repaid by instalments.

The company has an unsecured loan under the Bounce Back Loan Scheme. Included in creditors falling due after more than one year is an amount of £4,167 repayable after 5 years. The loan is subject to an annual interest rate of 2.5%.

8. Contingencies

On 23 February 2012 the company was party to an Omnibus Guarantee and Set-Off Agreement with one of its bankers in connection with balances held by Wingwise Limited and Premier Builders Limited . An estimate of the obligation under this guarantee can not be made as the bank balances are constantly changing.

9. Directors' advances, credits and guarantees

The director has provided a guarantee for the principal sum of £500,000 together with interest and costs with regards to a bank loan.

10. Related party transactions

The amounts due from related parties included in debtors were as follows: 2021 2020 £ £ Due from group companies 334,482 315,095 The amounts due to related parties included in creditors were as follows: 2021 2020 £ £ Due to group companies 97,601 27,821 The company was under the control of the directors Mr B S Pollock and Mrs P Pollock throughout the current period. At 31 January 2021 the company owed £ 569,966 (2020 - £22,527) to Mr B S Pollock , a director. No interest has been charged to the company in respect of this loan, of which £569,966 (2020 - £22,527) is repayable on demand and has been classified in creditors due within one year.