KSS (Olney) Limited - Period Ending 2016-12-31

Registration number: 08248526

KSS (Olney) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

KSS (Olney) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

KSS (Olney) Limited

Company Information

Directors

Mr Shayne Johnstone Mrs Helen Anderson

Registered office

13 Osier Way Olney Office Park Olney Buckinghamshire MK46 5FP

Accountants

Michael J Emery & Co Limited 22 St John Street Newport Pagnell Buckinghamshire MK16 8HJ

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
KSS (Olney) Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KSS (Olney) Limited for the year ended 31 December 2016 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of KSS (Olney) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of KSS (Olney) Limited and state those matters that we have agreed to state to the Board of Directors of KSS (Olney) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KSS (Olney) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that KSS (Olney) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KSS (Olney) Limited. You consider that KSS (Olney) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of KSS (Olney) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

7 July 2017

Page 2

KSS (Olney) Limited

(Registration number: 08248526)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Investments	3	417,541	417,541
Current assets
Cash at bank and in hand		169	169
Creditors: Amounts falling due within one year	4	(172,487)	(177,121)
Net current liabilities		(172,318)	(176,952)
Net assets		245,223	240,589
Capital and reserves
Called up share capital		300	300
Share premium reserve		241,028	241,028
Profit and loss account		3,895	(739)
Total equity		245,223	240,589

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

KSS (Olney) Limited

(Registration number: 08248526)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 7 July 2017 and signed on its behalf by:
 

.........................................

Mr Shayne Johnstone

Director

.........................................

Mrs Helen Anderson

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

KSS (Olney) Limited

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

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 January 2016	300	241,028	(739)	240,589
Profit for the year	-	-	83,634	83,634
Total comprehensive income	-	-	83,634	83,634
Dividends	-	-	(79,000)	(79,000)
At 31 December 2016	300	241,028	3,895	245,223

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 January 2015	300	241,028	(379)	240,949
Profit for the year	-	-	83,640	83,640
Total comprehensive income	-	-	83,640	83,640
Dividends	-	-	(84,000)	(84,000)
At 31 December 2015	300	241,028	(739)	240,589

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

KSS (Olney) 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 England and Wales.

The address of its registered office is:
13 Osier Way
Olney Office Park
Olney
Buckinghamshire
MK46 5FP
United Kingdom

These financial statements were authorised for issue by the Board on 7 July 2017.

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 have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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 specific criteria have been met for each of the company's activities.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 6

KSS (Olney) Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments in the ordinary share capital of subsidiaries, associates and joint ventures are measured at cost less accumulated impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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

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.

Page 7

KSS (Olney) Limited

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

3	Investments

	2016 £	2015 £
Investments in subsidiaries	417,541	417,541

Subsidiaries	£
Cost or valuation
At 1 January 2016	417,541
Provision
Carrying amount
At 31 December 2016	417,541
At 31 December 2015	417,541

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:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2016	2015
Subsidiary undertakings
KSS (Communications) Limited	13 Osier Way, Olney Office Park, Olney, Buckinghamshire, MK46 5FP	Ordinary	100%	100%
	England

The principal activity of KSS (Communications) Limited is the provision of management services in connection with the computer industry.

The profit for the financial period of KSS (Communications) Limited was £125,817 and the aggregate amount of capital and reserves at the end of the period was £554,736.

4

Creditors

	Note	2016 £	2015 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6	172,127	176,767
Accruals		360	354
		172,487	177,121

Page 8

KSS (Olney) Limited

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

5

Dividends

	2016	2015
	£	£

Interim dividends paid

	2016 £	2015 £
Interim dividend of £6.99 (2015 - £8.12) per each Ordinary B share	43,400.00	50,400.00
Interim dividend of £8.33 (2015 - £8.86) per each Ordinary C share	31,600.00	33,600.00
	75,000	84,000

6	Related party transactions

Transactions with directors

Dividends paid to directors

	2016 £	2015 £
Mr Shayne Johnstone
Interim	43,400	50,400
Mrs Helen Anderson
Interim	31,600	33,600

Page 9

KSS (Olney) Limited

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

Summary of transactions with subsidiaries

During the year the company received dividends totalling £84,000 (2015: £84,000) from KSS (Communications) Limited.
 

Loans from related parties

2016	Subsidiary £
At start of period	156,229
Advanced	360
At end of period	156,589

2015	Subsidiary £
At start of period	155,875
Advanced	354
At end of period	156,229

Terms of loans from related parties

There are no specific conditions or repayment terms attached to the loans owing to subsidiaries.
 

7	Transition to FRS 102

There are no fundamental differences between the accounting policies applied under FRS 102 and the previous financial reporting framework (UK GAAP). In accordance with the transitional provisioons of FRS 102, no material adjustments are required to the comparative financial statements or the opening balance sheet / equity position at the date of transition (1 January 2015).

Page 10