KIRKBY_HOMES_(FREEHOLDS)_ - Accounts

The directors present their report and financial statements for the year ended 31 December 2016.

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Investment property have been disclosed at open market value by the directors, in consultation with CNC Property Fund Management Limited, a firm regulated by RICS.  No depreciation is provided in respect of these properties..

On a historical cost basis these would have been included at an original cost of £48,000.

The immediate parent undertaking and controlling party is Kirkby Homes (Sunningdale) Limited, a company incorporated in England & Wales.

The ultimate parent undertaking is The David Kirch Charitable Trust, situated in Jersey. The David Kirch Charitable Trust is controlled by the board of trustees.

The David Kirch Charitable Trust prepares group financial statements and copies can be obtained by writing to The Octagon, Le Mont De Gouray, St. Martin, Jersey, JE3 6ET.

At 31 December 2016 the parent company was owed £47,999.  This loan is interest free and has no set payment terms except that it will not be demanded within 12 months of the date that these accounts are approved.