PK Investments (Cornwall) Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 07104187 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

PK Investments (Cornwall) Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTOR:

P Kelly

SECRETARY:

T Kelly

REGISTERED OFFICE:

Unit 4

Bodmin Business Park

Launceston Road

Bodmin

Cornwall

REGISTERED NUMBER:

07104187 (England and Wales)

ACCOUNTANTS:

Chapman Pugh

Chartered Accountants

4 Tregarne Terrace

St Austell

Cornwall

PL25 4BE

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of PK Investments (Cornwall) Limited for the year ended 31 December 2014 which comprise the Profit and Loss

Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its

ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of PK Investments (Cornwall) Limited in accordance with our terms of

engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PK Investments

(Cornwall) Limited and state those matters that we have agreed to state to the director of PK Investments (Cornwall) Limited

in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we

do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that PK Investments (Cornwall) Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of PK

Investments (Cornwall) Limited. You consider that PK Investments (Cornwall) Limited is exempt from the statutory audit

requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PK Investments (Cornwall)

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and

explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chapman Pugh

Chartered Accountants

4 Tregarne Terrace

St Austell

Cornwall

PL25 4BE

25 September 2015

FIXED ASSETS

Tangible assets

2

5,379

6,455

Investment property

3

1,208,899

998,761

1,214,278

1,005,216

CURRENT ASSETS

Debtors

12,000

12,000

Cash at bank

16,005

8,953

28,005

20,953

CREDITORS

Amounts falling due within one year

895,937

919,501

NET CURRENT LIABILITIES

(867,932

)

(898,548

)

TOTAL ASSETS LESS CURRENT LIABILITIES

346,346

106,668

PROVISIONS FOR LIABILITIES

34,997

639

NET ASSETS

311,349

106,029

CAPITAL AND RESERVES

Called up share capital

4

1

1

Revaluation reserve

210,138

-

Profit and loss account

101,210

106,028

SHAREHOLDERS' FUNDS

311,349

106,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 25 September 2015 and were signed by:

P Kelly - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of

certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Income from investment property represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment properties are freehold properties held to earn rental income and/or for capital appreciation.

Investment property is stated in the balance sheet at open market value. Changes in market value are recognised in

revaluation reserve and shown in the statement of total recognised gains and losses, unless a deficit in valuation on

an individual property is expected to be permanent in which case it is charged to the profit and loss account of the

period.

Depreciation is not provided on investment properties. This is contrary to the requirements of the Companies Act

2006 but is necessary in order for the accounts to give a true and fair view.

Deferred tax

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

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

10,759

DEPRECIATION

At 1 January 2014

4,304

Charge for year

1,076

At 31 December 2014

5,380

NET BOOK VALUE

At 31 December 2014

5,379

At 31 December 2013

6,455

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2014

998,761

Revaluation surplus

210,138

At 31 December 2014

1,208,899

NET BOOK VALUE

At 31 December 2014

1,208,899

At 31 December 2013

998,761

Investment property has been valued at 31 December 2014 by P Kelly (director) at open market value.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

1

1

1

5.	RELATED PARTY DISCLOSURES

Kelly's of Bodmin Ltd

During the year the company traded with Kelly's of Bodmin Ltd (associated company). The company invoiced rents

totalling £40,000 (2013: £40,000) and reimbursed for services incurred totalling £13 (2013: £13) on normal

commercial terms.

At 31 December 2014 the company owed Kelly's of Bodmin Ltd £13 (2012: £13,392), included in other creditors.

The balance due from Kelly's of Bodmin Ltd was £12,000 (2013: £12,000), included in trade debtors. All balances

represent normal commercial terms.

Transactions with director

Drawings from the account amounted to £12,000 (2013: £10,000). As a result, at 31 December 2014 a balance of

£875,419 (2013: £887,419) remained as owing by the company to P Kelly, included in other creditors. The

maximum liability owed during the year was £887,419 (2013: £897,419). The loan is interest free, unsecured and has

no fixed repayment date.

Controlling party

P Kelly is the ultimate controlling party, by virtue of his 100% ownership of the company's shares.