Company Registration No. 04103278 (England and Wales)
KAIKOURA (SWANSEA) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
KAIKOURA (SWANSEA) LIMITED
COMPANY INFORMATION
Directors
Mrs H M R Brake
Miss J Hughes
Company number
04103278
Registered office
11 Quiet Street
Bath
BA1 2LB
Accountants
Westbury Incorporating KC Partners
2nd Floor
145-157 St John Street
London
EC1V 4PY
Bankers
Lloyds TSB
47 Milsom Street
Bath
BA1 1DN
KAIKOURA (SWANSEA) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KAIKOURA (SWANSEA) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
2,800,000
2,800,000
Current assets
Debtors
3
7,148
6,167
Cash at bank and in hand
21,848
7,159
28,996
13,326
Creditors: amounts falling due within one year
4
(58,021)
(62,876)
Net current liabilities
(29,025)
(49,550)
Total assets less current liabilities
2,770,975
2,750,450
Creditors: amounts falling due after more than one year
5
(2,734,306)
(2,650,669)
Provisions for liabilities
72,482
59,860
Net assets
109,151
159,641
Capital and reserves
Called up share capital
6
1
1
Revaluation reserve
7
393,466
393,466
Profit and loss reserves
(284,316)
(233,826)
Total equity
109,151
159,641
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
KAIKOURA (SWANSEA) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 May 2017 and are signed on its behalf by:
Mrs H M R Brake
Miss J Hughes
Director
Director
Company Registration No. 04103278
KAIKOURA (SWANSEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Kaikoura (Swansea) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
11 Quiet Street, Bath, BA1 2LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Kaikoura (Swansea) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents rental income, excluding value added tax.
rental income, excluding value added tax.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
KAIKOURA (SWANSEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KAIKOURA (SWANSEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Investment property
2017
£
Fair value
At 1 April 2016 and 31 March 2017
2,800,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2015 by R Brake (a director of the parent company), The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,614
-
Other debtors
4,534
6,167
7,148
6,167
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
40,000
40,000
Trade creditors
8,032
12,165
Other creditors
9,989
10,711
58,021
62,876
KAIKOURA (SWANSEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
851,489
877,867
Other creditors
1,882,817
1,772,802
2,734,306
2,650,669
Amounts included above which fall due after five years are as follows:
Payable by instalments
691,488
717,867
Payable other than by instalments
1,882,816
1,772,802
2,574,304
2,490,669
The long-term loans are secured by fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
7
Revaluation reserve
2017
2016
£
£
At beginning of year
393,466
293,466
Revaluation surplus arising in the year
-
100,000
At end of year
393,466
393,466
8
Parent company
The ultimate controlling party is Kaikoura Investments Limited, a company incorporated in the United Kingdom.