Kingsway Pension Trust Limited - Accounts to registrar (filleted) - small 18.2

KINGSWAY PENSION TRUST LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S J Lousada

S C Lousada

SECRETARY:

S A Hunt

REGISTERED OFFICE:

The Estate Office

Oakley House

Oakley

Bedfordshire

MK43 7ST

REGISTERED NUMBER:

01139949 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

BANKERS:

Nat West Bank plc

81 High Street

Bedford

Bedfordshire

MK40 1YN

FIXED ASSETS

Investment property

3

900,000

900,000

CURRENT ASSETS

Debtors

4

388,790

361,098

Cash at bank

30,284

15,410

419,074

376,508

CREDITORS

Amounts falling due within one year

5

29,815

29,963

NET CURRENT ASSETS

389,259

346,545

TOTAL ASSETS LESS CURRENT LIABILITIES

1,289,259

1,246,545

PROVISIONS FOR LIABILITIES

171,000

171,000

NET ASSETS

1,118,259

1,075,545

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Fair value reserve

6

728,999

728,999

Retained earnings

379,260

336,546

SHAREHOLDERS' FUNDS

1,118,259

1,075,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 30th January 2019 and were signed on its behalf by:

S C Lousada - Director

1.	STATUTORY INFORMATION

Kingsway Pension Trust 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below.

These policies have been consistently applied to al periods presented unless otherwise stated.

Turnover

Turnover represents rents received from tenants of investment properties, stated net of value added tax.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at

fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has

taken place during the year by a professional independent valuer. The current fair value is based on a recognised

valuation model.

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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st October 2017

and 30th September 2018

900,000

NET BOOK VALUE

At 30th September 2018

900,000

At 30th September 2017

900,000

Lousada plc holds a 50% equity interest in the company's investment property at Battersea.

The company only recognises its proportion of the revaluation of the property. The fair value of the whole

property in the opinion of the director, net of selling costs, is £1,800,000 at 30th September 2018.

No formal independent valuation was carried out in the year.

Fair value at 30th September 2018 is represented by:

£

Valuation in 2012

225,000

Valuation in 2015

75,000

Valuation in 2017

250,000

Cost

350,000

900,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

£

£

Trade debtors

-

32,308

Amounts owed by group undertakings

368,543

308,543

Amounts owed by related companies

20,247

20,247

388,790

361,098

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

£

£

Corporation tax

10,019

10,205

VAT

5,385

5,398

Accruals and deferred income

14,411

14,360

29,815

29,963

6.

RESERVES

Fair

value

reserve

£

At 1st October 2017

and 30th September 2018

728,999

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S C Lousada.

8.	ULTIMATE PARENT COMPANY

The ultimate parent company at the balance sheet date was Lousada Investment Holdings Limited. Their

registered office is Estate Office, Oakley House, Oakley, Bedfordshire MK43 7ST.

Copies of the consolidated financial statements of Lousada Investment Holdings Limited are available from

Companies House.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kingsway Pension Trust Limited for the year ended 30th September 2018 which comprise the

Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kingsway Pension Trust Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kingsway Pension Trust Limited and state those matters that we have agreed to state to the Board of Directors of Kingsway Pension Trust Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingsway Pension Trust Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kingsway Pension Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kingsway Pension Trust Limited. You consider that Kingsway Pension Trust Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kingsway Pension Trust Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

8th February 2019