Accounts filed on 30-11-2016
Accounts filed on 30-11-2016
trueKMJ Estates Limited087709562016-11-3021744122062184312305999921843123052184312305-350941-36047945077538659999834261206000003983426120372784372784372784372784Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents rents received during the period.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or
its reversal, on an individual investment property is expected to be permanent, in which case it
is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime
importance. The departure from the provisions of the Act is required in order to give a true and fair view.Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
372784372784The directors confirm that there has been no material change in the market value of the investment property since its purchase on 24 March 2014. 372784372784
The directors confirm that there has been no material change in the market value of the investment property since its purchase on 24 March 2014.
Ordinary9919999Ordinary1999999Ordinary1999999At the balance sheet date the company owed its director, J Langrish-Smith, £444,558 (2015:£381,166). This amount is interest free and repayable on demand.
Included in other debtors is a loan to Junction Holdings Limited, a company in which the director has a material interest. This is repayable 5 years from 25 November 2016 and interest is charged at 5% per annum.2017-03-14J Langrish-Smithtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureKMJ Estates Limited2015-12-012016-11-30KMJ Estates Limited2014-12-012015-11-30KMJ Estates Limited2014-11-30KMJ Estates Limited2015-11-30KMJ Estates Limited2015-11-30KMJ Estates Limited2016-11-30 2017-03-17
