ACCOUNTS - Final Accounts

KINGSTANDING PROPERTIES LIMITED - Company Information

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Registered number: 00755397

KINGSTANDING PROPERTIES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

KINGSTANDING PROPERTIES LIMITED

REGISTERED NUMBER: 00755397

BALANCE SHEET

AS AT 31 MARCH 2018

		2018		2017
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	-		242,500
Cash at bank and in hand	6	292,570		55,144
		292,570		297,644
Creditors: amounts falling due within one year	7	(9,332)		(11,703)
Net current assets			283,238		285,941

Net assets			283,238		285,941

Capital and reserves
Called up share capital	400	400
Profit and loss account	282,838	285,541
	283,238	285,941

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 December 2018.

J V Bratt

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

KINGSTANDING PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

Kingstanding Properties Limited is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office is 10 Thistledown Close, Streetly, Sutton Coldfield, West Midlands, B74 3EE. The principal activity of the company was that of property investors.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

KINGSTANDING PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

This is retained in the balance sheet at nominal value only

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.6

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.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. 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.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017 -1).

Page 3

KINGSTANDING PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 April 2017	507
	At 31 March 2018	507
	Depreciation
	At 1 April 2017	507
	At 31 March 2018	507
	Net book value
	At 31 March 2018	-
	At 31 March 2017	-

Debtors

					2018	2017
					£	£


Other debtors	-	242,500

6.	Cash and cash equivalents
		2018	2017
		£	£

	Cash at bank and in hand	292,570	55,144

Page 4

KINGSTANDING PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Other creditors	6,962	9,962
Accruals and deferred income	2,370	1,741
	9,332	11,703

Page 5