Abbreviated Company Accounts - KINORA LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

Compliance with accounting standards
The financial statements have been prepared on the going concern basis under the historical cost convention and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principle accounting policies, which have been applied consistently throughout the year, are set out below.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets include investment properties professionally valued by Chartered Surveyors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment - 50% straight line

Other accounting policies
Investments
Fixed asset investments are stated at the latest valuation.

Stock and work in progress
Stock is valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes the costs of bringing stocks to their present location and condition. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolescent, slow moving and defective stock.

Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance had not been discounted.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

3Fixed assets Investments
The company holds 100% of the ordinary share capital of QCS Contract Cleaning Ltd incorporated in Northern Ireland.
The aggregate amount of capital and reserve of QCS Contract Cleaning Ltd and the results of these undertakings for the last relevant financial year were as follows:
Capital and Reserves for the year 2014 £238,906
Profit / (loss) for the year 2014 £152,323

Net book value of investments at 31 March 2014 £1,679,285 / Net book value of investments at 31 March 2013 £1,655,270

Other transactions
During the year the following related party transactions took place:

1. The company invoiced QCS Contract Cleaning Limited for management and consultancy fees of £42,000. The amount due from QCS Contract Cleaning Limited at the year end was £54,600.

2. The company invoiced Synergy Promotions Limited £143,397 for management, consultancy fees and expenses. The amount due from Synergy Promotions Limited at the year end was £231,850. John Elliott is a 50% shareholder and a director of Synergy Promotions Limited.

3. The director's current account was in credit at the year end.