Abbreviated Company Accounts - KENNEDY GROUP PROPERTIES LTD
Abbreviated Company Accounts - KENNEDY GROUP PROPERTIES LTD
Registered Number NI032327
KENNEDY GROUP PROPERTIES LTD
Abbreviated Accounts
30 September 2015
KENNEDY GROUP PROPERTIES LTD Registered Number NI032327
Abbreviated Balance Sheet as at 30 September 2015
| Notes | 2015 | 2014 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year |
( |
( |
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| Net current assets (liabilities) |
( |
( |
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| Total assets less current liabilities |
( |
( |
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| Total net assets (liabilities) |
( |
( |
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| Capital and reserves | |||
| Called up share capital | 2 |
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| Profit and loss account |
( |
( |
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| Shareholders' funds |
( |
( |
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For the year ending 30 September 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
KENNEDY GROUP PROPERTIES LTD Registered Number NI032327
Notes to the Abbreviated Accounts for the period ended 30 September 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Valuation information and policy
Work in progress is valued at the lower of cost and net realisable value. Cost is defined as that expenditure which has been incurred in bringing the product/service to its present location and condition. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.
Other accounting policies
The yearly charge for taxation is based on the profit for the year and is calculated with reference to the tax rates applying at the balance sheet date.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future having funds to meet obligations as they fall due.
As a result of the ongoing economic crisis and its particular impact on the property sector, the company has reported losses during the period and the balance sheet reflects a significant downward revaluation of the company's stock following valuations. The directors consider that the outlook for the property sector will remain challenging for some time to come, with significant constraints upon sales, lettings and rentals. In addition the company's bank facilities have now expired. Whilst the directors have instituted measures to preserve cash and secure the necessary long-term funding, these circumstances create material uncertainty over future profitability and cash flow.
A Fixed Charge Receiver was appointed to certain assets of the company on 11 April 2013.
The directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern should support be withdrawn by the company's bankers, as agents of Cerberus. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements.