Portland Kingsley Estates Limited - Period Ending 2017-04-30
Portland Kingsley Estates Limited - Period Ending 2017-04-30
Registration number:
for the Year Ended
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG
Portland Kingsley Estates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Portland Kingsley Estates Limited
Company Information
Directors |
S Marsh A V Clark |
Registered office |
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Accountants |
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Portland Kingsley Estates Limited
(Registration number: 02998340)
Balance Sheet as at 30 April 2017
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2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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Portland Kingsley Estates Limited
(Registration number: 02998340)
Balance Sheet as at 30 April 2017
For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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As permitted by s444(5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account. |
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.
Approved and authorised by the
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S Marsh
Director
Portland Kingsley Estates Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
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.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Portland Kingsley Estates Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
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 |
Investment properties |
Not depreciated |
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 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.
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.
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.
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.
Portland Kingsley Estates Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Land and buildings |
Tangible assets |
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Cost or valuation |
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At 1 May 2016 |
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At 30 April 2017 |
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Depreciation |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Revaluation
The fair value of the company's investment properties was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
The directors confirm that no changes are required to the valuation of the investment properties as at 30 April 2017.
Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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464,329 |
479,903 |
Portland Kingsley Estates Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Financial commitments, guarantees and contingencies |
The total amount of contingencies not included in the balance sheet is £35,000 (2016 - £35,000). The company has a potential liability dependent on the future development of part of the company's property. If this land is developed, the company is required to pay an amount of not less than £35,000 to Grenco Limited, the building contractor. The maximum potential liability is dependent on the sales value of the development.