Keeler Realisations Limited - Period Ending 2016-12-31

Company registration number: 09211720

Keeler Realisations Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Keeler Realisations Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 11

Keeler Realisations Limited

(Registration number: 09211720)
Balance Sheet as at 31 December 2016

	Note	31 December 2016  £	31 December 2015  £
Fixed assets
Tangible assets	4	734	28,751
Investments	5	50	-
		784	28,751
Current assets
Debtors	6	245,647	528,192
Cash at bank and in hand		81,630	45,493
		327,277	573,685
Creditors: Amounts falling due within one year	7	(79,821)	(168,030)
Net current assets		247,456	405,655
Total assets less current liabilities		248,240	434,406
Provisions for liabilities
Deferred tax liabilities		-	(5,813)
Net assets		248,240	428,593
Capital and reserves
Called up share capital		120	120
Profit and loss reserve		248,120	428,473
Total equity		248,240	428,593

Page 1

Keeler Realisations Limited

(Registration number: 09211720)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 8 June 2017 and signed on its behalf by:
 

N L R Keeler Director

Page 2

Keeler Realisations Limited

Statement of Changes in Equity
for the Year Ended 31 December 2016

	Share capital £	Profit and loss reserve £	Total £
At 1 January 2016	120	428,473	428,593
Movement in year :
Profit for the year	-	219,455	219,455
Total comprehensive income	-	219,455	219,455
Dividends	-	(399,808)	(399,808)
Total movement for the year	-	(180,353)	(180,353)
At 31 December 2016	120	248,120	248,240

	Share capital £	Profit and loss reserve £	Total £
Movement in year :
Profit for the year	-	491,283	491,283
Total comprehensive income	-	491,283	491,283
Dividends	-	(62,790)	(62,790)
New share capital subscribed	120	(20)	100
At 31 December 2015	120	428,473	428,593

Page 3

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Coombe Farm
Crewkerne
Somerset
TA18 8RR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and consultancy services have been provided to the customer.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% Straight Line

Page 4

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors are measured at transaction price less any impairment.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 5

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2015 - 1).

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation

Page 6

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

	Motor vehicles  £	Total £
At 1 January 2016	35,938	35,938
Disposals	(34,716)	(34,716)
At 31 December 2016	1,222	1,222
Depreciation
At 1 January 2016	7,187	7,187
Charge for the period	244	244
Eliminated on disposal	(6,943)	(6,943)
At 31 December 2016	488	488
Carrying amount
At 31 December 2016	734	734
At 31 December 2015	28,751	28,751

Page 7

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

5	Investments

	2016 £	2015 £
Investments in associates	50	-

Associates	£
Cost
Additions	50
Provision
Carrying amount
At 31 December 2016	50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Associates
DAL Property Limited	Bartons, Suite 103 First Floor Qc30, 30 Queen Charlotte Street, Bristol, United Kingdom, BS1 4HJ	Ordinary	50%	0%
	England

Its financial period end is 30 September.

Page 8

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

6

Debtors

	Note	31 December 2016  £	31 December 2015  £
Trade debtors		80,689	10,066
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	161,370	-
Other debtors		3,588	518,126
Total current trade and other debtors		245,647	528,192

7

Creditors

	Note	2016 £	2015 £
Due within one year
Loans and borrowings	8	-	34,245
Trade creditors		237	5,705
Taxation and social security		2,817	2,621
Corporation tax		62,644	118,909
Other creditors		14,123	6,550
		79,821	168,030

8	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Obligations under finance leases and hire purchase contracts	-	24,245
Other borrowings	-	10,000
	-	34,245

Page 9

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

9	Related party transactions

Transactions with directors

Directors' remuneration

The director's remuneration for the year was as follows:

	2016 £	2015 £
Remuneration	14,196	-

Other transactions with directors

During the year the director received dividends totalling £283,608 (2015 - £38,790). The director has a loan with the company on which interest of £2,588 (2015 - £9,257) has been charged and for which the balance is due on demand. Amounts advanced to the director for the year totalled £234,499 (2015 - £542,268) and repayments made by the director totalled £543,368 (2015 - £233,399). At the year end the company owed the director £6,174, which is included within other creditors.

Summary of transactions with associates

During the year the company advanced £161,370 to DAL Property Limited, a company in which Keeler Realisations owns 50% of its share capital. At the balance sheet date the amount due from DAL Property Limited was £161,370 (2015 - £nil), which is due on demand and included within debtors as amounts due from participating interests.
 

Summary of transactions with other related parties

Solar South West Limited, a company in which N Keeler is a director.

During the year the company provided services to the value of £101,043 (2015 - £104,544) to Solar South West Limited. In 2015 Solar South West Limited advanced £10,000 to the company and advanced a further £15,000 during the current year on which interest of £894 has been charged. These advances have been repaid during the year. At the balance sheet date the amount due from Solar South West Limited was £7,721 (2015 - £66), which is included within trade debtors.


KWTN Solar Limited, a company in which N Keeler is a director.

During the year the company provided services to the value of £233,675 (2015 - £365,000) to KWTN Solar Limited. At the balance sheet date the amount due from KWTN Solar Limited was £72,731 (2015 - £200,000), which is included within trade debtors.


P Keeler and G Keeler, daughters of N Keeler.

During the year dividends totalling £58,100 (2015 - £12,000) and £58,100 (2015 - £12,000) were paid to P Keeler and G Keeler respectively.
 

Page 10

Keeler Realisations Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

10

Control

The company is controlled by the directors.

 

Page 11