Kit Martin (Historic Houses Rescue) Limited Filleted accounts for Companies House (small and micro)

KIT MARTIN (HISTORIC HOUSES RESCUE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01161709

Kit Martin (Historic Houses Rescue) Limited

Filleted Unaudited Financial Statements

5 April 2018

Kit Martin (Historic Houses Rescue) Limited

Statement of Financial Position

5 April 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		173,905	84,731

Current assets

Debtors	6	833	558
Cash at bank and in hand		183	79
		-------	----
		1,016	637

Prepayments and accrued income	26,046		24,814

Creditors: amounts falling due within one year	7	272,654		269,009
		---------		---------
Net current liabilities			245,592	243,558
			---------	---------
Total assets less current liabilities			( 71,687)	( 158,827)

Creditors: amounts falling due after more than one year	8		23,833	23,833

Provisions

Taxation including deferred tax		15,684	–

Accruals and deferred income	14,707	14,640
	---------	---------
Net liabilities	( 125,911)	( 197,300)
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 126,011)	( 197,400)
	---------	---------
Shareholders deficit	( 125,911)	( 197,300)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 5 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Kit Martin (Historic Houses Rescue) Limited

Statement of Financial Position (continued)

5 April 2018

These financial statements were approved by the board of directors and authorised for issue on 19 September 2018 , and are signed on behalf of the board by:

C Martin
Director

Company registration number: 01161709

Kit Martin (Historic Houses Rescue) Limited

Accounting Policies

Year ended 5 April 2018

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Debtors

Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at transaction price less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover represents fees, net of value added tax, for project management which are recognised as the company earns the right to them by satisfying its obligations under contracts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buildings	-	10% straight line
Fixtures & Fittings	-	33% straight line
Office Equipment	-	15% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Kit Martin (Historic Houses Rescue) Limited

Notes to the Financial Statements

Year ended 5 April 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park Farm, Gunton Park, Hanworth, Norwich, NR11 7HL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

4. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost or valuation
At 6 April 2017	175,134	385	4,269	179,788
Additions	–	–	374	374
Revaluations	89,073	–	–	89,073
	---------	----	-------	---------
At 5 April 2018	264,207	385	4,643	269,235
	---------	----	-------	---------
Depreciation
At 6 April 2017	91,920	385	2,752	95,057
Charge for the year	–	–	273	273
	---------	----	-------	---------
At 5 April 2018	91,920	385	3,025	95,330
	---------	----	-------	---------
Carrying amount
At 5 April 2018	172,287	–	1,618	173,905
	---------	----	-------	---------
At 5 April 2017	83,214	–	1,517	84,731
	---------	----	-------	---------

Included within the above is investment property as follows:

	£
At 6 April 2017	80,928
Fair value adjustments	89,072
	---------
At 5 April 2018	170,000
	---------

The fair value of the investment property at April 2018 has been arrived at on the basis of a valuation carried out by the director who is not a professionally qualified valuer. The valuation has been arrived at by reference to the amount which the property is being actively marketed.

5. Policy change to investment property

There has been a change in policy relating to investment property in order to comply with FRS 102. This change has been made because the market value of the property is now available, since it is being actively marketed. Previously the property was held at cost since it's fair value could not be determined without undue cost and effort.

6. Debtors

	2018	2017
	£	£
Trade debtors	421	558
Corporation tax repayable	412	–
	----	----
	833	558
	----	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	7,216	15,980
Corporation tax	–	476
Social security and other taxes	518	1,210
Director loan accounts	264,920	251,343
	---------	---------
	272,654	269,009
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	23,833	23,833
	--------	--------

During a previous year £43,833 of grants received for the renovation of properties became repayable to Angus Council. One property was sold and £20,000 was repaid. £23,833 remains outstanding and becomes repayable within 42 months after this sale or upon the sale of the remaining property, whichever is earlier.