REGISTERED NUMBER:
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KILBRACKEN PROPERTY SERVICES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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KILBRACKEN PROPERTY SERVICES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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KILBRACKEN PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 01867548) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 7 |
KILBRACKEN PROPERTY SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Tax Advisors |
26 Main Avenue |
Moor Park |
HA6 2HJ |
KILBRACKEN PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 01867548) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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KILBRACKEN PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 01867548) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Kilbracken Property Services Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
When preparing financial statements, director(s) shall make an assessment of the company's ability to continue as a going concern. Financial statements shall be prepared on a going concern basis unless the directors either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. The directors have formed the judgement, at the time of approving the financial statements, that the company has sufficient access to financial resources which, together with internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current operations including its contractual and commercial commitments; taken to be 12 months from signing the financial statements. |
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For reasons mentioned, the directors continue to adopt the going concern basis in preparing the financial statements. |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires the Board of Directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. |
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The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: |
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Investments in subsidiaries |
Investments are held at cost less accumulated impairment losses. |
KILBRACKEN PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 01867548) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments 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. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial instruments |
a) debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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b) cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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. |
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c) creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Taxation |
The tax expense for the year comprises current and deferred tax. |
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Tax is recognised in profit or loss except that a change 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. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- | the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- | any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
KILBRACKEN PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 01867548) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2019 |
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Disposals | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS |
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank overdraft |
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Amount owed to group undertaking |
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Other creditors |
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7. | CONTINGENT LIABILITIES |
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Any bank debt existing in Kilbracken Property Services Limited is secured by a composite cross guarantee between the following companies: Kilbracken Property Services Limited, Kilbracken Properties (Brighton) Limited, Kilbracken Properties (Chichester) Limited and Kilbracken Properties (Midhurst) Limited. |
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The companies listed above are related through the company directors; either by common directorships and/or equity interests. |
KILBRACKEN PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 01867548) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2019 and 31 December 2018: |
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31.12.19 | 31.12.18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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At the reporting date, outstanding amounts are unsecured, attracts no interest, have no fixed terms of payment and considered repayable on demand. |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Kilbracken Properties (Brighton) Limited - director has an equity interest |
At the reporting date, the amount due from the related party was £615,640 (2018: £37,335 due to). |
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Kilbracken Properties (Chichester) Limited - director has an equity interest |
At the reporting date, the amount due from the related party was £nil (2018: £186,065). |
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At the reporting date, outstanding amounts are unsecured, attract no interest, have no fixed terms of payment and considered payable on demand. |
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10. | ULTIMATE CONTROLLING PARTY |
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At the reporting date, in the opinion of the directors, there is no individual controlling party. There has been no change between the reporting date and date of approval of the financial statements. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
KILBRACKEN PROPERTY SERVICES LIMITED |
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The following reproduces the text of the report prepared for the director 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 Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kilbracken Property Services Limited for the year ended 31 December 2019 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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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. |
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This report is made solely to the director of Kilbracken Property Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kilbracken Property Services Limited and state those matters that we have agreed to state to the director of Kilbracken Property Services Limited 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 Kilbracken Property Services Limited and its director for our work or for this report. |
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It is your duty to ensure that Kilbracken Property Services 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 Kilbracken Property Services Limited. You consider that Kilbracken Property Services Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Kilbracken Property Services 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. |
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Chartered Accountants and Tax Advisors |
26 Main Avenue |
Moor Park |
HA6 2HJ |
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