ACCOUNTS - Final Accounts

KINGSLAND RECEIVABLES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseDebt recoveryfalse2016-01-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account. 08316583 2016-01-01 2016-12-31 08316583 2015-01-01 2015-12-31 08316583 2016-12-31 08316583 2015-12-31 08316583 c:Director1 2016-01-01 2016-12-31 08316583 d:CurrentFinancialInstruments 2016-12-31 08316583 d:CurrentFinancialInstruments 2015-12-31 08316583 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 08316583 d:CurrentFinancialInstruments d:WithinOneYear 2015-12-31 08316583 d:ShareCapital 2016-12-31 08316583 d:ShareCapital 2015-12-31 08316583 d:RetainedEarningsAccumulatedLosses 2016-12-31 08316583 d:RetainedEarningsAccumulatedLosses 2015-12-31 08316583 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-12-31 08316583 c:FRS102 2016-01-01 2016-12-31 08316583 c:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 08316583 c:FullAccounts 2016-01-01 2016-12-31 08316583 c:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 iso4217:GBP xbrli:pure

Registered number: 08316583

KINGSLAND RECEIVABLES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

KINGSLAND RECEIVABLES LIMITED

REGISTERED NUMBER: 08316583

BALANCE SHEET

AS AT 31 DECEMBER 2016

		2016		2015
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	3,153		100
Cash at bank and in hand	5	1,773		-
		4,926		100
Creditors: amounts falling due within one year	6	(28,062)		(6,802)
Net current liabilities			(23,136)		(6,702)
Total assets less current liabilities			(23,136)		(6,702)

Net liabilities			(23,136)		(6,702)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(23,236)	(6,802)
	(23,136)	(6,702)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Rehan Ahmed

Director

Date: 28 September 2017

The notes on pages 2 to 4 form part of these financial statements.

Page 1

KINGSLAND RECEIVABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.	General information

Kingsland Receivables Limited is a company domiciled in England and Wales, registration number 08316583. The registered office is Bolton House, 18 Bolton Road, Bradford, West Yorkshire, BD1 4DA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans

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KINGSLAND RECEIVABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.5

Financial instruments (continued)

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2015 - 1).

Debtors

					2016	2015
					£	£


Trade debtors	3,053	-
Other debtors	100	100
	3,153	100

5.	Cash and cash equivalents
		2016	2015
		£	£

Cash at bank and in hand	1,773	-
	1,773	-

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KINGSLAND RECEIVABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

6.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Trade creditors	60	-
Other creditors	27,582	6,382
Accruals and deferred income	420	420
	28,062	6,802

7.	Financial instruments
		2016	2015
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	1,773	-
	1,773	-

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

8.	Related party transactions
	During the year KL Business Solutions Ltd, a company which the director Rehan Ahmed has a 39% share in, loaned the company £21,200. At the balance sheet date other creditors included £27,582 as amounts owed to KL Business Solutions Ltd (2015: £6,382).

9.	Controlling party

There is no controlling party.

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