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Registered number: 08404285
KENDAL ASSET LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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KENDAL ASSET LIMITED
COMPANY INFORMATION
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KENDAL ASSET LIMITED
CONTENTS
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Notes to the financial statements
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KENDAL ASSET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2017
The directors present their report and the unaudited financial statements for the year ended 31 March 2017.
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The directors who served during the year were:
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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This report was approved by the board and signed on its behalf.
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Mohammed Adnan Imam
Director
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Page 1
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KENDAL ASSET LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2017
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PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION
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Tax on profit/(loss) on ordinary activities
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PROFIT/(LOSS) FOR THE FINANCIAL YEAR
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The notes on pages 5 to 7 form part of these financial statements.
Page 2
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KENDAL ASSET LIMITED
REGISTERED NUMBER: 08404285
BALANCE SHEET
AS AT 31 MARCH 2017
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2017 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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 in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Page 3
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KENDAL ASSET LIMITED
BALANCE SHEET (continued)
AS AT 31 MARCH 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2018.
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Mohammed Adnan Imam
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The notes on pages 5 to 7 form part of these financial statements.
Page 4
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KENDAL ASSET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of residential property sales exclusive of Value Added Tax.
Revenue is recognised on the exchange of contracts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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2.TAXATION
There were no factors that affected the tax charge for the year/Period which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 20% (2016 - 20%).
There were no factors that may affect future tax charges.
3.TANGIBLE FIXED ASSETS
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At 1 April 2016 and 31 March 2017
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Page 5
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KENDAL ASSET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
4.STOCKS
Included within the stock figure is capitalised interest of £5,509 (2015 - £49,681).
5.DEBTORS
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Amounts owed by group undertakings
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6.CREDITORS:
Amounts falling due within one year
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Bank loans and overdrafts
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Amounts owed to group undertakings
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Included within creditors are secured creditors of £3,033,012 (2015 - £1,142,797).
7.SHARE CAPITAL
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Allotted, called up and fully paid
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Page 6
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KENDAL ASSET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
8.RESERVES
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Profit for the financial year
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9.RELATED PARTY TRANSACTIONS
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FRS8 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. Kendal Assets Limited and its fellow subsidiaries are part of a group wholly owned by the parent company.
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10.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ultimate parent undertaking is IPE Capital Limited and the ultimate controlling party is Mohammed Adnan Imam via his directorship and shareholding in IPE Capital Limited.
Page 7
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