Keith Pople Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00501655 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2018

for

KEITH POPLE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Pople

R C Pople

D J Pople

C J Pople

REGISTERED OFFICE:

Suite 302

179 Whiteladies Road

Clifton

Bristol

BS8 2AG

REGISTERED NUMBER:

00501655 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

107,669

130,226

Investment property

5

1,896,000

5,888,000

2,003,669

6,018,226

CURRENT ASSETS

Debtors

6

45,051

58,691

Investments

7

8,223,353

4,599,455

Cash at bank and in hand

377,970

111,650

8,646,374

4,769,796

CREDITORS

Amounts falling due within one year

8

331,945

259,452

NET CURRENT ASSETS

8,314,429

4,510,344

TOTAL ASSETS LESS CURRENT LIABILITIES

10,318,098

10,528,570

CREDITORS

Amounts falling due after more than one year

9

(100,000

)

(125,000

)

PROVISIONS FOR LIABILITIES

(343,705

)

(535,449

)

NET ASSETS

9,874,393

9,868,121

CAPITAL AND RESERVES

Called up share capital

10

110,000

110,000

Investment property fair value reserve

1,458,767

3,381,953

Investments fair value reserve

954,258

574,684

Retained earnings

7,351,368

5,801,484

SHAREHOLDERS' FUNDS

9,874,393

9,868,121

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 3 August 2018 and were signed on its behalf by:

D J Pople - Director

1.	COMPANY INFORMATION

Keith Pople 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.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

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" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies

adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

Estimates and judgements are inherent in the preparation of financial statements. The directors consider that in

respect of these financial statements, the valuations of the company's properties and the estimate of the future

cost of dilapidations are the most significant.

Turnover

Turnover represents income receivable from the tourism business and the letting of commercial and residential

properties, net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold investment property

-

in accordance with the property

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred

taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets

and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and

bank balances, are initially measured at transaction price including transaction costs and are subsequently carried

at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the

asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and

rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but

control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third

party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially

recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt

instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are

recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to the profit

and loss account, except when it relates to items charged or credited to other comprehensive income or equity,

when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive

income, or equity. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities

are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to

settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates

that have been enacted or substantively enacted by the reporting period.

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

sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay

less tax in the future have occurred at the balance sheet date. Timing differences between the company's taxable

profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax

assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing

differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted

by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit or loss account in the period to which they relate.

Investments

Investments in shares are included at fair value. Gains are recognised in the profit and loss account. Deferred

taxation is provided on these gains at the rate expected to apply when the investments are sold.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Short

leasehold

Fixtures

investment

and

property

fittings

Totals

£

£

£

COST

At 1 February 2017

and 31 January 2018

120,000

457,241

577,241

DEPRECIATION

At 1 February 2017

-

447,015

447,015

Charge for year

20,000

2,557

22,557

At 31 January 2018

20,000

449,572

469,572

NET BOOK VALUE

At 31 January 2018

100,000

7,669

107,669

At 31 January 2017

120,000

10,226

130,226

The short leasehold investment properties were valued by the directors at 31 January 2018.

The original historical cost of the leasehold investment properties held at 31 January 2018 was £60,514 (2017 -

£60,514).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2017

5,888,000

Disposals

(3,960,000

)

Fair value adjustment

(32,000

)

At 31 January 2018

1,896,000

NET BOOK VALUE

At 31 January 2018

1,896,000

At 31 January 2017

5,888,000

The investment properties were valued by the directors at 31 January 2018 on the basis of open market value. In

view of current market conditions, the directors consider that the market value of the investment properties is

£1,896,000 (2017: £5,888,000).

The original historical cost of investment properties held at 31 January 2018 was £253,861 (2017 - £2,194,435).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

25,991

55,997

Other debtors

750

750

VAT

16,564

-

Prepayments and accrued income

1,746

1,944

45,051

58,691

7.	CURRENT ASSET INVESTMENTS

2018

2017

£

£

Listed investments

8,223,353

4,599,455

The historical value of the listed investments at 31 January 2018 was £7,149,172 (2017 - £3,907,705).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Tax

205,158

49,480

VAT

-

10,916

Other creditors

27,592

99,294

Unsecured loan notes

25,000

25,000

Accrued expenses

74,195

74,762

331,945

259,452

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Unsecured loan notes

100,000

125,000

Included within creditors falling due after more than one year is an amount of £Nil (2017 - £25,000) in respect of

liabilities which fall due for payment after more than five years from the balance sheet date.

The unsecured loan notes bear interest at 5% gross per annum. The loan notes have redemption dates which

range from 24 June 2018 to 15 November 2022.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

110,000

Ordinary

£1

110,000

110,000

11.	OTHER FINANCIAL COMMITMENTS

The total future minimum lease payments under non-cancellable operating leases are £2,800 (2017: £Nil).