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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2018 TO 31 MARCH 2019 |
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SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED |
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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2018 TO 31 MARCH 2019 |
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FOR |
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SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED |
SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED (REGISTERED NUMBER: 02015762) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 July 2018 to 31 March 2019 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED |
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COMPANY INFORMATION |
for the period 1 July 2018 to 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED (REGISTERED NUMBER: 02015762) |
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ABRIDGED BALANCE SHEET |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 5 |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
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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. |
SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED (REGISTERED NUMBER: 02015762) |
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ABRIDGED BALANCE SHEET - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED (REGISTERED NUMBER: 02015762) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 July 2018 to 31 March 2019 |
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1. | STATUTORY INFORMATION |
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South Kensington Property Company Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and |
remain unchanged from the previous year. |
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Related party exemption |
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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Change in reporting period |
The company has shortened its reporting period to 9 months in order to change its year end date to be in line with |
its related parties. Consequently the comparative amounts presented in the financial statements are not entirely |
comparable. |
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Turnover |
Turnover comprises rents receivable net of value added tax. |
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Tangible fixed assets |
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Furniture and equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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The directors have determined the fair value of the investment properties based on prices for similar properties |
available in the local market. |
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Financial instruments |
Loans and borrowings are initially recognised at the transition price including transaction costs. Subsequently, |
financial instruments are measured at amortised cost using the effective interest rate method, less impairment. |
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Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the income statement. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED (REGISTERED NUMBER: 02015762) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 period end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 July 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 30 June 2018 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 July 2018 |
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Revaluations | 630,000 |
At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 30 June 2018 |
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Fair value at 31 March 2019 is represented by: |
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£ |
Valuation in 2019 | 2,746,643 |
Cost | 553,357 |
3,300,000 |
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The properties have been valued by the directors based on their assessment of values achievable on an open |
market sale. |
SOUTH KENSINGTON PROPERTY COMPANY |
LIMITED (REGISTERED NUMBER: 02015762) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 March 2019 |
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5. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2018 |
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Reserve transfers | 515,035 |
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At 31 March 2019 |
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Deferred tax recognised on movements in fair value is allocated to the fair value reserve. |
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6. | ULTIMATE CONTROLLING PARTY |
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The directors regard the ultimate controlling party as Link Administration Holdings Limited, a company |
incorporated in Australia, and acting as trustees of the Brian Vessa 'K' Settlement. |