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Unaudited Financial Statements for the Year Ended 31 October 2020 |
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Kenninghall Barking Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2020 |
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for |
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Kenninghall Barking Limited |
Kenninghall Barking Limited (Registered number: 05697289) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Kenninghall Barking Limited (Registered number: 05697289) |
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Balance Sheet |
31 October 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Fair value reserve | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Kenninghall Barking Limited (Registered number: 05697289) |
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Balance Sheet - continued |
31 October 2020 |
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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 Board of Directors and authorised for issue on
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Kenninghall Barking Limited (Registered number: 05697289) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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Kenninghall Barking Limited is a
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Registered number: | 05697289 |
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Registered office: | The Kelling Estate Office |
Kelling |
Norfolk |
NR25 7EW |
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2. | ACCOUNTING POLICIES |
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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. |
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Turnover |
Turnover represents rent and service charges receivable during the year net of value added tax in accordance with applicable accounting standards. Lease incentives income from operating leases are spread over the lease term. |
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Investment property |
Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account , 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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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 year 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. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Kenninghall Barking Limited (Registered number: 05697289) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2019 |
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Revaluations | 525,000 |
At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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Fair value at 31 October 2020 is represented by: |
£ |
Valuation in 2010 | (1,650,000 | ) |
Valuation in 2016 | 4,050,000 |
Valuation in 2017 | 420,000 |
Valuation in 2018 | 441,000 |
Valuation in 2019 | 864,000 |
Valuation in 2020 | 525,000 |
Cost | 6,000,000 |
10,650,000 |
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The investment property was valued on a fair value basis on 31 October 2020 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 November 2019 |
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Fair value adjustment | 525,000 |
Deferred tax | (99,750 | ) |
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At 31 October 2020 |
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Kenninghall Barking Limited (Registered number: 05697289) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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8. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate parent is Kenninghall Group Limited, a company incorporated in Great Britain and |
registered in England and Wales. |