Kimo Property Investments Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08821546 (England and Wales)

KIMO PROPERTY

INVESTMENTS 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

DIRECTORS:

G L James

Mrs S L James

A L James

B E Pritchard

REGISTERED OFFICE:

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

REGISTERED NUMBER:

08821546 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

3

564

846

Investment property

4

970,000

970,564

970,846

CURRENT ASSETS

Debtors

5

131,435

106,877

Cash at bank

21,901

27,737

153,336

134,614

CREDITORS

Amounts falling due within one year

6

35,177

51,279

NET CURRENT ASSETS

118,159

83,335

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,088,723

1,054,181

CAPITAL AND RESERVES

Called up share capital

200

Share premium

996,166

Retained earnings

92,357

57,815

SHAREHOLDERS' FUNDS

1,088,723

1,054,181

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 22 December 2017 and were signed on
its behalf by:

G L James - Director

1.	STATUTORY INFORMATION

Kimo Property Investments 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.

Turnover

Turnover represents rental and insurance income, which fall within the company's ordinary activities.

Revenue recognition

Revenue relating to rental and insurance income is recognised evenly over the period to which it

relates.

Tangible fixed assets

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

20% per annum on a straight line basis

Investment property

Investment properties are stated at market value. Fluctuations in the valuation of investment properties

are recognised in profit or loss. Deferred tax has been provided on the uplift in value from cost and

adjusted annually for the movement at the balance sheet date.

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.

Taxation

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.

Employee ownership trust

In accordance with UIFT abstract 32 "Employee Benefit Trusts and other intermediate payment

arrangements," the company does not include the assets and liabilities of the Trust on its balance

sheet to the extent that it considers that it will not retain any economic benefit from the assets of the

Trust and will not have control of the rights or other access to those present econmic benefits.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

1,410

DEPRECIATION

At 1 April 2016

564

Charge for year

282

At 31 March 2017

846

NET BOOK VALUE

At 31 March 2017

564

At 31 March 2016

846

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

970,000

NET BOOK VALUE

At 31 March 2017

970,000

At 31 March 2016

970,000

Investment property was valued by the directors at 31 March 2017 on an open market basis. Due to

current market conditions, the directors consider that there has been no change in value during this

financial year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Other debtors

131,435

106,877

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

1,651

309

Taxation and social security

8,732

11,936

Other creditors

24,794

39,034

35,177

51,279

7.	RELATED PARTY DISCLOSURES

A Supply of Services Agreement was executed on 14 March 2014 between Kimo Properties LLP and

Kimo Property Investments Limited contracting the management of the properties owned by Kimo

Property Investments Limited to Kimo Properties LLP.

Rental income received in the period of £96,173 (2016 - £102,595) is in respect of amounts collected by Kimo Properties LLP on behalf of Kimo Property Investments Limited.

Property management fees totalling £18,955 (2016 - £19,086) were paid in the period by Kimo Property Investments Limited to Kimo Properties LLP , in respect of the collection of rents.

The balance due to Kimo Property Investments Limited from Kimo Properties LLP at the balance sheet
date was £126,389 (2016 - £99,187) which is included in other debtors. The balance is interest-free and repayable on demand.

During the period, a loan of £5,000 (2016 - £5,000) was made to Vicarage Ballistics Limited, a company of which Mr G L James and Mrs C L James are directors and shareholders.

A balance of £5,000 (2016 - £2,500) was outstanding at the year end.

Other creditors include directors' loan balances amounting to £21,844 (2016 - £21,844). The balances
are interest free and repayable on demand.

8.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under the Financial

Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting

Council.

The following disclosures are required in the year of transition. The last financial statements under the

previous Financial Reporting Standard for Smaller Entities (effective January 2015) (under UK GAAP

for Smaller Entities) were for the year ended 31 March 2016 and the date of transition to FRS 102 1A

was therefore 1 April 2015. No adjustments have been made as a result of the transition.

Kimo Property Investments Limited - Accounts to registrar (filleted) - small 17.3

Kimo Property Investments Limited - Accounts to registrar (filleted) - small 17.3