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KENDAL ASSET LIMITED
REGISTERED NUMBER: 08404285
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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NET CURRENT (LIABILITIES)/ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the Period in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its loss for the Period in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 27 September 2016.
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Mohammed Adnan Imam
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The notes on page 2 form part of these financial statements.
Page 1
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KENDAL ASSET LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of residential property sales exclusive of Value Added Tax.
Revenue is recognised on the exchange of contracts.
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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2.CREDITORS:
Amounts falling due within one year
Included within creditors are secured creditors of £3,033,012 (2015 - £1,142,797).
3.SHARE CAPITAL
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Allotted, called up and fully paid
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4.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ultimate parent undertaking is IPE Capital Limited and the ultimate controlling party is Mohammed Adnan Imam via his directorship and shareholding in IPE Capital Limited.
Page 2
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