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 2013

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 2013 which comprise the Profit and Loss

Account, the Balance Sheet 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 profit 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

11 September 2014

FIXED ASSETS

Tangible assets

2

6,455

7,531

Investment property

3

998,761

973,425

1,005,216

980,956

CURRENT ASSETS

Debtors

12,000

12,000

Cash at bank

8,953

22,475

20,953

34,475

CREDITORS

Amounts falling due within one year

919,501

931,220

NET CURRENT LIABILITIES

(898,548

)

(896,745

)

TOTAL ASSETS LESS CURRENT LIABILITIES

106,668

84,211

PROVISIONS FOR LIABILITIES

639

587

NET ASSETS

106,029

83,624

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

106,028

83,623

SHAREHOLDERS' FUNDS

106,029

83,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 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 11 September 2014 and were signed by:

P Kelly - 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

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

In accordance with Statement of Standard Accounting Practice No 19:

- investment property is revalued annually by the director on an open market basis and the aggregate surplus or

deficit is transferred to a revaluation reserve; and

- no depreciation or amortisation is provided in respect of freehold investment properties.

This treatment as regards the company's investment property may be a departure from the requirements of the

Companies Act concerning depreciation of fixed assets. However, this property is not held for consumption but for

investment and the director considers that systematic annual depreciation would be inappropriate. The accounting

policy adopted is therefore necessary for the accounts to give a true and fair view. Depreciation or amortisation is

only one of the many factors reflected in the annual valuation and the amount which might otherwise have been

shown cannot be separately identified or quantified.

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 2013

and 31 December 2013

10,759

DEPRECIATION

At 1 January 2013

3,228

Charge for year

1,076

At 31 December 2013

4,304

NET BOOK VALUE

At 31 December 2013

6,455

At 31 December 2012

7,531

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2013

973,425

Additions

25,336

At 31 December 2013

998,761

NET BOOK VALUE

At 31 December 2013

998,761

At 31 December 2012

973,425

At 31 December 2013, P Kelly, the director of the company, considered the value of the property to be equal to its

cost.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

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 (2012: £40,000) and reimbursed for services incurred totalling £13 (2012: £7,288) on normal

commercial terms.

At 31 December 2013 the company owed Kelly's of Bodmin Ltd £13,392 (2012: £13,379), included in other

creditors. The balance due from Kelly's of Bodmin Ltd was £12,000 (2012: £12,000), included in trade debtors. All

balances represent normal commercial terms.

Transactions with director

Drawings from the account amounted to £10,000 (2012: £69,933). As a result, at 31 December 2013 a balance of

£887,419 (2012: £897,419) remained as owing by the company to P Kelly, included in other creditors. The

maximum liability owed during the year was £897,419 (2012: £967,352). 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.