Kimo Property Investments Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08821546 (England and Wales)

KIMO PROPERTY

INVESTMENTS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

19 DECEMBER 2013 TO 31 MARCH 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

7

DIRECTORS:

G L James

Mrs S L James

A L James

B E Pritchard

REGISTERED OFFICE:

Furze Bank

34 Hanover Street

Swansea

SA1 6BA

REGISTERED NUMBER:

08821546 (England and Wales)

ACCOUNTANTS:

Gerald Thomas & Co

Chartered Accountants

Furze Bank

34 Hanover Street

Swansea

SA1 6BA

FIXED ASSETS

Tangible assets

2

1,128

Investment property

3

970,000

971,128

CURRENT ASSETS

Debtors

45,933

Cash at bank

2,289

48,222

CREDITORS

Amounts falling due within one year

12,579

NET CURRENT ASSETS

35,643

TOTAL ASSETS LESS CURRENT LIABILITIES

1,006,771

CAPITAL AND RESERVES

Called up share capital

4

200

Share premium

996,166

Profit and loss account

10,405

SHAREHOLDERS' FUNDS

1,006,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 September 2015 and were signed on its behalf by:

G L James - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents rental and insurance income, which fall within the company's ordinary activities.

Revenue recognition

Revenue relating to rental and insurance income is recognised evenly over the period to which it

relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

20% per annum on a straight line basis

Investment property

Investment properties are included in the balance sheet at their initial cost or open market value, in

accordance with the requirements of the FRSSE. Depreciation would only be provided on properties

which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the FRSSE it is a departure from the general

requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the

directors compliance with the standard is necessary for the financial statements to give a true and fair

view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the

amount of this which might otherwise have been charged cannot be separately identified or quantified.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid

(or recovered) using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events that result in an obligation to pay more tax in the

future or a right to pay less tax in the future have occurred at the balance sheet date. Timing

differences are differences between the company's taxable profits and its results as stated in the

financial statements that arise from the inclusion of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that,

on the basis of all available evidence, it can be regarded as more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax is measured on a non-discounted basis.

Employee ownership trust

In accordance with UIFT abstract 32 "Employee Benefit Trusts and other intermediate payment

arrangements," the company does not include the assets and liabilities of the Trust on its balance

sheet to the extent that it considers that it will not retain any economic benefit from the assets of the

Trust and will not have control of the rights or other access to those present econmic benefits.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

1,410

At 31 March 2015

1,410

DEPRECIATION

Charge for period

282

At 31 March 2015

282

NET BOOK VALUE

At 31 March 2015

1,128

3.	INVESTMENT PROPERTY

Total

£

COST

Additions

970,000

At 31 March 2015

970,000

NET BOOK VALUE

At 31 March 2015

970,000

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

192

Ordinary shares

£1

192

8

A Ordinary shares

£1

8

200

The following shares were allotted and fully paid for cash at par during the period:

192 Ordinary shares shares of £1 each

8 A Ordinary shares shares of £1 each

Ordinary shares and A Ordinary shares rank pari passu in all respects. The voting rights attached to

both ordinary shares and A Ordinary shares are one vote and on a poll one vote for each share held.

The rights to any dividends declared or any distributions are pro-rata to the number of shares held.

There are no rights to redeem either Ordinary shares or A Ordinary shares.

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2015:

£

G L James

Balance outstanding at start of period

-

Amounts advanced

6,955

Amounts repaid

-

Balance outstanding at end of period

6,955

Mrs S L James

Balance outstanding at start of period

-

Amounts advanced

6,955

Amounts repaid

-

Balance outstanding at end of period

6,955

The balances are interest-free and repayable on demand.

6.	RELATED PARTY DISCLOSURES

7.	EMPLOYEE OWNERSHIP TRUST

During the period, the company established an Employee Ownership Trust, The Kimo Property

Investments Limited Employee Ownership Trust.

Subsequently, Mr G L James and Mrs S L James both gifted 95 £1 Ordinary shares each in the

company to the The Kimo Property Investments Limited Employee Ownership Trust.