| Kings Court Investments Limited |
| Registered number: |
05585126 |
| Balance Sheet |
| as at 30 June 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,262,701 |
|
|
1,253,592 |
|
| Current assets |
| Debtors |
4 |
|
22,043 |
|
|
2,341 |
|
| Creditors: amounts falling due within one year |
5 |
|
(523,225) |
|
|
(471,403) |
|
| Net current liabilities |
|
|
|
(501,182) |
|
|
(469,062) |
|
| Total assets less current liabilities |
|
|
|
761,519 |
|
|
784,530 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(457,546) |
|
|
(513,518) |
|
|
|
| Net assets |
|
|
|
303,973 |
|
|
271,012 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
303,873 |
|
|
270,912 |
|
| Shareholders' funds |
|
|
|
303,973 |
|
|
271,012 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit 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 the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Roger King |
| Director |
| Approved by the board on 28 September 2018 |
|
| Kings Court Investments Limited |
| Notes to the Accounts |
| for the period from 1 April 2017 to 30 June 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold Land & Buildings |
Land 0% Buildings 0.5% straight line |
|
Leasehold land and buildings |
0% (more than 20 years left on Lease) |
|
Fixtures, fittings, and Equipment |
25% straight line |
|
|
Investment Property |
|
Investment Properties are properties held to earn rentals and/or for capital appreciation. Investment Properties are initially measured at cost, including transaction costs. The determination of "fair value" of these properties cannot be reliably measured without undue cost and effort. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings Freehold |
|
Land and buildings Leasehold |
|
Fixtures, fittings and equipment |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2017 |
1,276,574 |
|
157,148 |
|
10,836 |
|
1,444,558 |
|
Additions |
7,886 |
|
- |
|
12,533 |
|
20,419 |
|
At 30 June 2018 |
1,284,460 |
|
157,148 |
|
23,369 |
|
1,464,977 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2017 |
142,029 |
|
38,101 |
|
10,836 |
|
190,966 |
|
Charge for the period |
7,393 |
|
- |
|
3,917 |
|
11,310 |
|
At 30 June 2018 |
149,422 |
|
38,101 |
|
14,753 |
|
202,276 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2018 |
1,135,038 |
|
119,047 |
|
8,616 |
|
1,262,701 |
|
At 31 March 2017 |
1,134,545 |
|
119,047 |
|
- |
|
1,253,592 |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
20,002 |
|
2,341 |
|
Other debtors |
2,041 |
|
- |
|
|
|
|
|
|
22,043 |
|
2,341 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
52,022 |
|
47,657 |
|
Trade creditors |
10,719 |
|
15,643 |
|
Directors Loan account |
|
379,517 |
|
341,754 |
|
Corporation Tax |
|
|
|
|
7,868 |
|
22,431 |
|
Taxation and social security costs |
- |
|
346 |
|
Accruals and Deferred Income |
11,261 |
|
4,452 |
|
Other creditors |
61,838 |
|
39,120 |
|
|
|
|
|
|
523,225 |
|
471,403 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
457,546 |
|
513,518 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
188,865 |
|
246,894 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
During the year the Company paid £0 (last year £2060) to Kings of Lichfield Limited Ltd in respect of management services. It is a company controlled by Adam King.
At the year end the Company owed Roger King £ 379,517 (last Year £335735) which is shown in short term creditors and is interest free.The loan is measured at transaction price as it is a loan from a Director who is a natural person and a shareholder.
At the year end the Company owed Adam King £0 (last Year £ 6018) which is shown in short term creditors and is interest free. The loan is measured at transaction price as it is a loan from a Director who is a natural person and a shareholder. |
|
|
| 9 |
Other information |
|
|
Kings Court Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
17 School Road |
|
Hall Green |
|
Birmingham |
|
West Midlands |
|
B28 8JG |
|
|
|
The current period is of 15 months duration (1st April 2017 to 30th June 2018) |
|
The comparison period is of 12 months duration (1st April 2016 to 31st March 2017) |
