PK Investments (Cornwall) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07104187 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2015

for

PK Investments (Cornwall) Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

4,303

5,379

Investment property

3

817,899

1,208,899

822,202

1,214,278

CURRENT ASSETS

Debtors

12,000

Cash at bank

224,899

16,005

236,899

28,005

CREDITORS

Amounts falling due within one year

712,341

895,937

NET CURRENT LIABILITIES

(475,442

)

(867,932

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

346,760

346,346

PROVISIONS FOR LIABILITIES

6,668

34,997

NET ASSETS

340,092

311,349

CAPITAL AND RESERVES

Called up share capital

4

1

Revaluation reserve

30,069

210,138

Profit and loss account

310,022

101,210

SHAREHOLDERS' FUNDS

340,092

311,349

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 21 September 2016 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 January 2015).

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 2015

and 31 December 2015

10,759

DEPRECIATION

At 1 January 2015

5,380

Charge for year

1,076

At 31 December 2015

6,456

NET BOOK VALUE

At 31 December 2015

4,303

At 31 December 2014

5,379

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2015

1,208,899

Additions

9,000

Disposals

(400,000

)

At 31 December 2015

817,899

NET BOOK VALUE

At 31 December 2015

817,899

At 31 December 2014

1,208,899

Investment property has been valued at 31 December 2015 by P Kelly (director) at open market value.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1

Ordinary

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 (2014: £40,000) and reimbursed for services incurred totalling £13 (2014: £13) on normal

commercial terms.

At 31 December 2015 the company owed Kelly's of Bodmin Ltd £13 (2014: £13), included in other creditors. The

balance due from Kelly's of Bodmin Ltd was £12,000 (2014: £12,000), included in trade debtors. All balances

represent normal commercial terms.

Transactions with director

Drawings from the account amounted to £212,000 (2014: £12,000). As a result, at 31 December 2015 a balance of

£663,419 (2014: £875,419) remained as owing by the company to P Kelly, included in other creditors. The

maximum liability owed during the year was £875,419 (2014: £887,419). 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.