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

REGISTERED NUMBER: 03176322 (England and Wales)

KMW Properties Limited

Unaudited Financial Statements for the Year Ended 30 June 2017

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

5

DIRECTORS:

P A Edwards

Mrs F K A Edwards

J L Muggleton

Mrs S Muggleton

REGISTERED OFFICE:

Keynsham Manor West

Manor Road

Saltford

Bristol

BS18 3AF

REGISTERED NUMBER:

03176322 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

HSBC Bank plc

30 High Street

Weston-super-Mare

North Somerset

BS23 1JE

FIXED ASSETS

Tangible assets

5

2,223

1,965

Investment property

6

7,520,000

6,217,837

7,522,223

6,219,802

CURRENT ASSETS

Stocks

617,124

1,358,514

Debtors

1,569,348

678,845

Cash at bank

160,782

642,420

2,347,254

2,679,779

CREDITORS

Amounts falling due within one year

1,377,543

1,451,915

NET CURRENT ASSETS

969,711

1,227,864

TOTAL ASSETS LESS CURRENT LIABILITIES

8,491,934

7,447,666

CREDITORS

Amounts falling due after more than one year

7

(2,489,072

)

(2,750,804

)

PROVISIONS FOR LIABILITIES

(116,131

)

(86,522

)

NET ASSETS

5,886,731

4,610,340

CAPITAL AND RESERVES

Called up share capital

100

100

Investment property

revaluation reserve

9

2,174,517

1,306,036

Retained earnings

3,712,114

3,304,204

SHAREHOLDERS' FUNDS

5,886,731

4,610,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 January 2018 and were signed on its behalf by:

J L Muggleton - Director

1.	STATUTORY INFORMATION

KMW 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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

-

33% on cost, 33% on reducing balance and 25% 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.

Investment property is included as fair value. Where applicable, gains and losses are recognised within the

income statement and recognised in a separate non-distributable reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

18,750

Additions

1,000

At 30 June 2017

19,750

DEPRECIATION

At 1 July 2016

16,785

Charge for year

742

At 30 June 2017

17,527

NET BOOK VALUE

At 30 June 2017

2,223

At 30 June 2016

1,965

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

6,217,837

Additions

404,073

Revaluations

898,090

At 30 June 2017

7,520,000

NET BOOK VALUE

At 30 June 2017

7,520,000

At 30 June 2016

6,217,837

Fair value at 30 June 2017 is represented by:

£

Valuation in 2001

12,349

Valuation in 2007

657,000

Valuation in 2008

1,491,565

Valuation in 2012

(1,513,356

)

Valuation in 2015

745,000

Valuation in 2017

898,090

Cost

5,229,352

7,520,000

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

30.6.17

30.6.16

£

£

Cost

5,229,352

4,825,279

Investment properties were valued on an open market basis on 30 June 2017 by the directors, with the benefit of

professional advice.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.6.17

30.6.16

£

£

Repayable by instalments

Bank loans

1,442,144

1,703,876

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.17

30.6.16

£

£

Bank loans

2,750,804

3,012,536

The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company.

9.

RESERVES

Investment

property

revaluation

reserve

£

At 1 July 2016

1,306,036

Surplus on revaluation

868,481

At 30 June 2017

2,174,517

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J L Muggleton, Mrs S Muggleton, P A Edwards and Mrs F K A Edwards.

The company was controlled throughout the current and previous period by its directors by virtue of the fact that

they own all of the company's ordinary share capital.