Kiwi Estates Ltd - Accounts to registrar (filleted) - small 18.1

Kiwi Estates Ltd - Accounts to registrar (filleted) - small 18.1

KIWI ESTATES LIMITED - Company Information

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REGISTERED NUMBER: 04607893 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

KIWI ESTATES LTD
KIWI ESTATES LTD (REGISTERED NUMBER: 04607893)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KIWI ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2017







DIRECTOR: Mr J J Devereux





REGISTERED OFFICE: Solar House
282 Chase Road
London
N14 6NZ





REGISTERED NUMBER: 04607893 (England and Wales)





ACCOUNTANTS: Freemans Partnership LLP
Chartered Certified Accountants
Solar House
282 Chase Road
London
N14 6NZ
Page 1
KIWI ESTATES LTD (REGISTERED NUMBER: 04607893)

BALANCE SHEET
31 DECEMBER 2017

31.12.17 31.12.16
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,491,277 6,685,350

CURRENT ASSETS
Stocks 5 824,170 526,903
Debtors 6 800,842 507,395
Cash at bank 63,239 345,783
1,688,251 1,380,081
CREDITORS
Amounts falling due within one year 7 329,156 182,798
NET CURRENT ASSETS 1,359,095 1,197,283
TOTAL ASSETS LESS CURRENT
LIABILITIES
7,850,372
7,882,633

CREDITORS
Amounts falling due after more than one
year
8
(3,312,147
)
(3,636,041
)

PROVISIONS FOR LIABILITIES 9 (242,673 ) -
NET ASSETS 4,295,552 4,246,592

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 4,295,452 4,246,492
SHAREHOLDERS' FUNDS 4,295,552 4,246,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
KIWI ESTATES LTD (REGISTERED NUMBER: 04607893)

BALANCE SHEET - continued
31 DECEMBER 2017


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 21 May 2018 and were signed by:





Mr J J Devereux - Director


The notes form part of these financial statements

Page 3
KIWI ESTATES LTD (REGISTERED NUMBER: 04607893)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017


1. STATUTORY INFORMATION

Kiwi Estates Ltd 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. 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts derived from the sale of development properties to customers during the year and is
recognised at the date the risks and rewards of ownership of goods were transferred to the customer.

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.

Stocks - work in progress
Work in progress (WIP) is stated at the lower of cost and net realisable value, being the estimated selling price
less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Costs include
include labour and attributable overheads.

At each reporting date, WIP is assessed for impairment. If an impairment is identified, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in
profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet 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.

3. EMPLOYEES AND DIRECTORS

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

Page 4 continued...
KIWI ESTATES LTD (REGISTERED NUMBER: 04607893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2017 6,685,350
Disposals (70,000 )
Revaluations 131,277
Reclassification/transfer (255,350 )
At 31 December 2017 6,491,277
NET BOOK VALUE
At 31 December 2017 6,491,277
At 31 December 2016 6,685,350

Fair value at 31 December 2017 is represented by:

£   
Valuation in 2010 701,027
Valuation in 2014 1,701,669
Valuation in 2016 (25,000 )
Valuation in 2017 131,277
Cost 3,982,304
6,491,277

5. STOCKS
31.12.17 31.12.16
£    £   
Work-in-progress 824,170 526,903

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Debtors 800,842 507,395

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade creditors 15,007 13,703
Tax 38,992 82,009
VAT 2,350 2,000
Other creditors 230,589 30,589
Directors' current accounts 32,018 44,297
Accrued expenses 10,200 10,200
329,156 182,798

Page 5 continued...
KIWI ESTATES LTD (REGISTERED NUMBER: 04607893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.17 31.12.16
£    £   
Amounts owed to ultimate
controlling party 2,790,989 2,433,807
Bank loans - 2-5 years 521,158 1,202,234
3,312,147 3,636,041

The bank loans are secured by first legal charges on some of the company's properties.

9. PROVISIONS FOR LIABILITIES
31.12.17 31.12.16
£    £   
Deferred tax 242,673 -

Deferred
tax
£   
Provided during year 242,673
Balance at 31 December 2017 242,673

10. RESERVES


£

Distributable reserves2,028,837
Non-distributable reserves2,266,300
At 31 December 20174,295,137

11. RELATED PARTY DISCLOSURES

The Director has also provided a long term interest free loan of £1,645,989 to the company.

The Director's wife and major shareholder Mrs E Devereux has provided a long term interest free loan of
£1,145,000 to the company.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J J Devereux, the managing director, as a result of controlling directly or
indirectly 100 % of the issued ordinary share capital.

Page 6