Kavells Mushroom Company Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00715604 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Kavells Mushroom Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Mehigan

D W Mehigan

REGISTERED OFFICE:

Bottesford Lane

Orston

Nottingham

Nottinghamshire

NG13 9NX

REGISTERED NUMBER:

00715604 (England and Wales)

ACCOUNTANTS:

bostockwhite Limited

Chartered Accountants

Cabourn House

Station Street

Bingham

Nottinghamshire

NG13 8AQ

BANKERS:

National Westminster Bank plc

Nottingham City Branch

148-149 Victoria Centre

Nottingham

NG1 3QT

FIXED ASSETS

Intangible assets

4

832

1,603

Tangible assets

5

14,423

15,051

Investment property

6

2,235,658

2,235,658

2,250,913

2,252,312

CURRENT ASSETS

Debtors

7

35,797

39,133

Cash at bank

61,263

47,928

97,060

87,061

CREDITORS

Amounts falling due within one year

8

1,005,727

1,032,509

NET CURRENT LIABILITIES

(908,667

)

(945,448

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,342,246

1,306,864

CREDITORS

Amounts falling due after more than one year

9

(212,740

)

(240,139

)

PROVISIONS FOR LIABILITIES

(2,266

)

(2,402

)

NET ASSETS

1,127,240

1,064,323

CAPITAL AND RESERVES

Called up share capital

3,500

3,500

Investment Property

Revaluation

11

454,819

454,819

Retained earnings

668,921

606,004

SHAREHOLDERS' FUNDS

1,127,240

1,064,323

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:

D Mehigan - Director

1.	STATUTORY INFORMATION

Kavells Mushroom Company 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.

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.

Turnover

Turnover represents net invoiced rental income, excluding value added tax.

Where the rental period straddles the financial year end, the proportion that relates to the following year is deferred.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 cost

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised

in the income statement. Deferred taxation is provided on these gains or losses, to the extent that they are recoverable,

at the rate expected to apply when the property is sold.

Movements in these fair values are transferred to the revaluation reserve for a clear separation of realised and unrealised

gains and losses.

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 balance sheet date.

Deferred tax

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

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.

True and fair view override

Property treated as investment property are not depreciated in accordance with the requirements of Accounting

Standards.This is a departure from the general requirement of the Companies Act that all buildings are depreciated over

their useful economic life. It is considered that for proper understanding of the financial position of accounts containing

investment properties that such properties be included in the Balance Sheet at current value rather than applying a

calculation of systematic depreciation. This treatment has been adopted by the directors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2016

and 31 March 2017

7,713

AMORTISATION

At 1 April 2016

6,110

Amortisation for year

771

At 31 March 2017

6,881

NET BOOK VALUE

At 31 March 2017

832

At 31 March 2016

1,603

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2016

128,580

Additions

5,174

At 31 March 2017

133,754

DEPRECIATION

At 1 April 2016

113,529

Charge for year

5,802

At 31 March 2017

119,331

NET BOOK VALUE

At 31 March 2017

14,423

At 31 March 2016

15,051

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

2,235,658

NET BOOK VALUE

At 31 March 2017

2,235,658

At 31 March 2016

2,235,658

Fair value at 31 March 2017 is represented by:

£

Valuation in 2014

2,100,000

Cost

135,658

2,235,658

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.17

31.3.16

£

£

Cost

1,884,283

1,884,283

Investment properties were valued on open market basis on 29 April 2014 by Innes England Limited .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

35,690

39,026

Other debtors

107

107

35,797

39,133

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

35,245

35,245

Trade creditors

6,449

15,025

Taxation and social security

42,521

40,203

Other creditors

921,512

942,036

1,005,727

1,032,509

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

212,740

240,139

31.3.17

31.3.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

71,760

99,159

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

247,985

275,384

The bank loan is secured by a legal mortgage dated 4/2/01 over the land at Bottesford and also an unscheduled mortgage

debenture dated 4/2/01 incorporating a fixed and floating charge over all current and future assets of the company.

11.

RESERVES

Investment

Property

Revaluation

£

At 1 April 2016

and 31 March 2017

454,819

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Mehigan.

13.	FIRST YEAR ADOPTION

This is the first financial year that the Company has presented its financial statements in accordance with FRS 102 'The

Financial Reporting Framework Applicable in the UK and Republic of Ireland' (FRS 102). For financial years up to and

including the year ended 31 March 2016, the company prepared its financial statements in accordance with old UK GAAP.

The Company's date of transition is therefore 1 April 2015. The Company has had no transitional adjustments which have

impacted on the opening equity position as at 1 April 2015. There is one minor change in accounting policy detailed

below.

Investment Property

In accordance with FRS 102, movements in fair values of investment property are now recognised in the income

statement, as opposed to the Statement of Total Recognised Gains and Losses (STRGL) where it was under old UK

GAAP.

It is the accounting policy of the Company to transfer these unrealised gains/losses out of retained earnings and into an

investment property revaluation reserve. For this reason, the reserves of the company remain unchanged as a result of

the transition.