Company Registration No. 09484553 (England and Wales)
Kenningoak Ltd
Unaudited filleted accounts
for the year ended 31 March 2017
Kenningoak Ltd
Unaudited filleted accounts
Contents
Kenningoak Ltd
Company Information
for the year ended 31 March 2017
Director
Mrs Chane Greenfield
Company Number
09484553 (England and Wales)
Registered Office
136-144 Golders Green Road
London
NW11 8HB
United Kingdom
Accountants
DAS Accounting Services Ltd
136-144 Golders Green Road
London
NW11 8HB
Kenningoak Ltd
Statement of financial position
as at 31 March 2017
Investment property
925,000
725,000
Cash at bank and in hand
47,070
100
Creditors: amounts falling due within one year
(15,796)
(555,938)
Net current assets/(liabilities)
98,596
(555,838)
Total assets less current liabilities
1,023,596
169,162
Creditors: amounts falling due after more than one year
(731,191)
-
Provisions for liabilities
Deferred tax
(58,098)
(30,076)
Net assets
234,307
139,086
Called up share capital
100
100
Profit and loss account
234,207
138,986
Shareholders' funds
234,307
139,086
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 March 2018.
Mrs Chane Greenfield
Director
Company Registration No. 09484553
Kenningoak Ltd
Notes to the Accounts
for the year ended 31 March 2017
Kenningoak Ltd is a private company, limited by shares, registered in England and Wales, registration number 09484553. The registered office is 136-144 Golders Green Road, London, NW11 8HB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
12 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Kenningoak Ltd
Notes to the Accounts
for the year ended 31 March 2017
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Fair value at 1 April 2016
725,000
Net gain from fair value adjustments
192,500
Investment property is stated at director's estimation of open market value. The historical cost of the investment property was £559,853 (2016: £552,353).
Accrued income and prepayments
20,785
-
6
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
-
545,593
Loans from directors
12,595
8,363
7
Creditors: amounts falling due after more than one year
2017
2016
Bank loans are secured on the company's investment property.
8
Deferred taxation
2017
2016
Revaluation of investment property
58,098
30,076
Provision at start of year
30,076
-
Charged to the profit and loss account
28,022
30,076
Provision at end of year
58,098
30,076
Kenningoak Ltd
Notes to the Accounts
for the year ended 31 March 2017
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
The company was controlled throughout the current and previous years by the director, Mrs C Greenfield, by virtue of her ownership of the entire issued share capital.
11
Average number of employees
During the year the average number of employees was 1 (2016: 0).
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2015
31 March 2016
Capital and reserves (as previously stated)
-
(3,485)
Gain on revaluation of investment property
-
172,647
Provision for deferred tax
-
(30,076)
Capital and reserves (as restated)
-
139,086
The following were changes in accounting policies from the transition to FRS 102:
(a) Investments property
Previously, the company's investment property was held at cost. Under FRS 102, investment property is held at fair value, with changes in fair value being recorded in the profit and loss account.
(b) Deferred tax on unrealised investment property gains and losses
Previously, no deferred tax arose on the company`s properties as there were no timing differences between the accounting and tax treatment of any movements in carrying value. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company`s investment properties, with movements recorded in the profit and loss account.
