KASS Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07107550 (England and Wales)

KASS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Accountants' Report

8

DIRECTORS:

A D Richardson

Mrs S E Richardson

S V Oakden

Mrs K Oakden

REGISTERED OFFICE:

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

BUSINESS ADDRESS:

Robur House

14 School Lane

Silk Willoughby

Sleaford

Lincolnshire

NG34 8PG

REGISTERED NUMBER:

07107550 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

FIXED ASSETS

Tangible assets

4

8,183

9,157

Investment property

5

260,360

260,360

268,543

269,517

CURRENT ASSETS

Debtors

6

4,474

6,740

Cash at bank

2,779

2,347

7,253

9,087

CREDITORS

Amounts falling due within one year

7

19,848

21,139

NET CURRENT LIABILITIES

(12,595

)

(12,052

)

TOTAL ASSETS LESS CURRENT LIABILITIES

255,948

257,465

CREDITORS

Amounts falling due after more than one year

8

(200,995

)

(203,389

)

PROVISIONS FOR LIABILITIES

10

(1,637

)

(2,751

)

NET ASSETS

53,316

51,325

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

53,216

51,225

SHAREHOLDERS' FUNDS

53,316

51,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2017 and were signed on its behalf by:

S V Oakden - Director

A D Richardson - Director

1.	STATUTORY INFORMATION

KASS Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has adopted FRS 102 Section 1A for the first time in the period ended 31 March 2017. Changes

to the reported financial position and financial performance for the previous period upon transition to FRS 102

Section 1A can be found at the end of these financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

20,747

Additions

471

At 31 March 2017

21,218

DEPRECIATION

At 1 April 2016

11,590

Charge for year

1,445

At 31 March 2017

13,035

NET BOOK VALUE

At 31 March 2017

8,183

At 31 March 2016

9,157

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

260,360

NET BOOK VALUE

At 31 March 2017

260,360

At 31 March 2016

260,360

The directors consider the revaluation of the property is fair and reasonable.

Fair value at 31 March 2017 is represented by:

£

Valuation in 2016

32,254

Cost

228,106

260,360

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

228,106

228,106

Investment property was valued on an open market basis on 31 March 2016 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

3,554

6,531

Other debtors

920

209

4,474

6,740

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

3,950

3,950

Trade creditors

447

128

Taxation and social security

369

2,457

Other creditors

15,082

14,604

19,848

21,139

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

38,419

41,013

Other creditors

162,576

162,376

200,995

203,389

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

26,568

29,162

26,568

29,162

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

42,369

44,963

Oakden loan

169,345

169,229

211,714

214,192

The Bank loan is secured against the company's freehold land and buildings.

The Oakden loan is secured against the company's freehold land and buildings.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

1,637

2,751

Deferred

tax

£

Balance at 1 April 2016

2,751

Credit to Income Statement during year

(1,114

)

Balance at 31 March 2017

1,637

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

50

A Ordinary

£1

50

50

50

B Ordinary

£1

50

50

100

100

12.

RESERVES

Retained

earnings

£

At 1 April 2016

51,225

Profit for the year

1,991

At 31 March 2017

53,216

Included within reserves is a revaluation gain of £32,254.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of KASS Properties Limited for the year ended 31 March 2017 which comprise the Income

Statement, Statement of Financial Position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that KASS Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KASS Properties Limited. You consider that KASS Properties 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 financial statements of KASS Properties 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 financial statements.

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

Date: .............................................