For the year ended 23 December 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 00532759
K Scott Properties Ltd
For the year ended 23 December 2014
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
K Scott Properties Ltd
Accountants' Report
For the year ended 23 December 2014
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the
|
accounts of K Scott Properties Ltd for the year ended
23
December
2014
which comprise the Profit and Loss
|
Account
,
the Balance Sheet and the related notes from the company
'
s accounting records and from information
|
and explanations you have given us
.
|
As a practising firm of the Association of Chartered Certified Accountants
,
we are subject to its ethical and other
|
professional requirements which are detailed at http
://
rulebook
.
accaglobal
.
com
.
|
This report is made solely to the Board of Directors of K Scott Properties Ltd
,
as a body
,
in accordance with the
|
terms of our engagement letter dated
23
March
2000
.
Our work has been undertaken solely to prepare for your
|
approval the accounts of K Scott Properties Ltd and state those matters that we have agreed to state to the Board
|
of Directors of K Scott Properties Ltd
,
as a body
,
in this report in accordance with the requirements of the
|
Association of Chartered Certified Accountants and as detailed at http
://
www
.
accaglobal
.
com
/
factsheet
163
.
To the
|
fullest extent permitted by law
,
we do not accept or assume responsibility to anyone other than K Scott Properties
|
Ltd and its Board of Directors as a body for our work or for this report
.
|
It is your duty to ensure that K Scott Properties Ltd has kept adequate accounting records and to prepare statutory
|
accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of K Scott Properties Ltd
.
|
You consider that K Scott Properties Ltd is exempt from the statutory audit requirement for the year
.
|
John R Parkhouse FCCA
332 Hill Lane
Southampton
SO15 7NW
17 August 2015
1 of 4
Notes to the Abbreviated Financial Statements
|
K Scott Properties Ltd
For the year ended 23 December 2014
The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
|
The company is a parent company subject to the small companies
'
regime
.
The company and its subsidiary comprise
|
a small group
.
The company has
,
therefore
,
taken advantage of the option provided by section
398
of the Companies
|
Act
2006
not to prepare group accounts
.
|
Turnover represents rents receivable.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
|
by the shareholders prior to the balance sheet date
.
|
Tangible fixed assets consist only of freehold land and buildings. Any change in value is taken into account by the revaluation policy, below.
|
The company
'
s freehold properties were professionally valued in December
2011
.
Under the transitional provisions of
|
the Financial Reporting Standard for Smaller Entities
(
effective April
2008
)
the properties continue to be stated at that
|
valuation
.
|
The company
'
s freehold properties are revalued in full every five years
.
Interim valuations are carried out if it is likely
|
that there has been a material change in value
.
|
Investment properties are included in the balance sheet at their open market value at the balance sheet date
.
The
|
resulting aggregate surplus or deficit is transferred to a revaluation reserve
.
|
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities
(
effective
|
April
2008
)
,
it is a departure from the general requirement of the Companies Act
2006
for all tangible assets to be
|
depreciated
.
In the opinion of the directors compliance with the standard is necessary for the financial statements to
|
give a true and fair view
.
Depreciation or amortisation is only one of many factors reflected in the annual valuation
|
and the amount of this which might otherwise have been charged cannot be separately identified or quantified
.
|
Fixed asset investments are therefore stated at directors' valuation, as unlisted.
3 of 4
Notes to the Abbreviated Financial Statements
|
K Scott Properties Ltd
For the year ended 23 December 2014
Current asset investments
|
Current asset investments
,
the costs of the holdings in the subsidiaries
,
are stated at the lower of cost and net
|
realisable value
.
|
2
Fixed asset investments
|
8,291,784
8,291,784
8,291,784
8,291,784
4 of 4