Kinohill Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 01465802

Kinohill Limited

Filleted Unaudited Financial Statements

for the year ended

31 March 2017

Kinohill Limited

Financial Statements

year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Kinohill Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		4,102,329	4,102,329

Current assets

Debtors	5	12,138	5,190
Cash at bank and in hand		35,837	96,726
		--------	---------
		47,975	101,916

Creditors: amounts falling due within one year	6	176,933		148,178
		---------		---------
Net current liabilities			128,958	46,262
			------------	------------
Total assets less current liabilities			3,973,371	4,056,067

Creditors: amounts falling due after more than one year	7	3,365,480	3,632,252
		------------	------------
Net assets		607,891	423,815
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	607,791	423,715
	---------	---------
Members funds	607,891	423,815
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Kinohill Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 9 October 2017 , and are signed on behalf of the board by:

M A Ford
Director

Company registration number: 01465802

Kinohill Limited

Notes to the Financial Statements

year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 89A Boundary Road, Hove, East Sussex, BN3 7GA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. Tangible assets

	Investment properties land and buildings
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	4,102,329
	------------
Depreciation
At 1 Apr 2016 and 31 Mar 2017	–
	------------
Carrying amount
At 31 March 2017	4,102,329
	------------

Included within the above is investment property as follows:

	£
	------------
At 1 April 2016 and 31 March 2017	4,102,329
	------------

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The investment property has been measured at fair value which is the open market value of the property. When arising, the fair value adjustment is taken through the profit and loss account.

5. Debtors

	2017	2016
	£	£
Trade debtors	10,569	5,190
Other debtors	1,569	–
	--------	-------
	12,138	5,190
	--------	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	30,665	22,634
Corporation tax	46,019	42,775
Social security and other taxes	26,043	23,711
Other creditors	74,206	59,058
	---------	---------
	176,933	148,178
	---------	---------

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	3,365,480	3,632,252
	------------	------------

8. Related party transactions

Included in other creditors is an amount due to Downsview Developments Limited of £1,196,751 (2016: £1,328,462). Downsview Developments Limited is a company in which the director has a common interest.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.