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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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KYRLE PROPERTIES LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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FOR |
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KYRLE PROPERTIES LTD |
KYRLE PROPERTIES LTD (REGISTERED NUMBER: 06829627) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
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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 | 6 |
KYRLE PROPERTIES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2017 |
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DIRECTORS: |
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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 |
Chilworth Point |
1 Chilworth Road |
Southampton |
SO16 7JQ |
KYRLE PROPERTIES LTD (REGISTERED NUMBER: 06829627) |
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BALANCE SHEET |
31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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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Share premium |
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Fair value reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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KYRLE PROPERTIES LTD (REGISTERED NUMBER: 06829627) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
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1. | STATUTORY INFORMATION |
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Kyrle Properties Ltd is a
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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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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Inherent in the application of many of the accounting policies used in preparing the financial statements is the |
need for directors to make judgements, estimates and assumptions that affect the reported amount of assets |
and liabilities at the date of the financial statement and the reporting amounts of revenues and expenses during |
the year. Actual outcomes could differ from those estimates and assumptions used. The accounting judgements |
and estimates that could have significant impact on the results of the company are set out below and should be |
read in conjunction with the information provided in the Notes to the financial statements: |
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Critical Judgements |
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Management determine whether financial instruments are basic or advanced and when to deal with
recognising, derecognising, measuring and disclosing financial instruments. These decisions depend on an assessment made of the accounting standards. |
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The management determine the point of recognition of revenue. Factors taken into consideration in
reaching such a decision include an assessment of whether the risks and rewards of ownership have been transferred to the customer. |
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The investment property is valued by the members and as such there will inevitably be a degree of
judgement involved in that each property is unique and the value can only ultimately be reliably tested using factors based on the overall market. |
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Significant Estimates |
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Where there are indications of impairment to trade debtors, management perform an impairment test.
The amount of the loss is determined by looking at the carrying value of the trade debtor and comparing it with the present value of the estimated cash flows discounted at the effective interest rate. |
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To determine whether there are indicators of impairment of the company's tangible assets. Factors taken
into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
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REVENUE RECOGNITION |
Turnover represents the amounts receivable by the company, for property letting services provided during the |
year and is recognised on an accruals basis. Turnover is recognised upon invoicing the tenant of the properties. |
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TANGIBLE FIXED ASSETS |
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Fixtures and fittings | - |
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Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the |
location and condition necessary for it to be capable of operating in the manner intended by management. |
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The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted |
if there is an indication of a significant change the last reporting date. |
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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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Investment properties are included at a valuation of £1,920,990 at 31 July 2017 (2016: £1,270,000). This |
valuation is based on assessment of open market value of the property as determined by the directors based on |
a review of local property trends. |
KYRLE PROPERTIES LTD (REGISTERED NUMBER: 06829627) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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OPERATING LEASES |
Rentals receivable under operating leases are charged to the profit and loss account on an accruals basis over |
the term of the lease. |
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SHORT-TERM DEBTORS AND CREDITORS |
Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price |
whether or not a rate of interest is charged on the balance. |
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TRANSITION |
In preparing the accounts, the directors have considered that in applying the accounting policies required by |
Section 1A "Small Entities" of Financial Reporting Standard 102 that no subsequent restatement of items has |
been required in making the transition. The transition date was 1 August 2015. |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
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fittings |
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COST |
Additions |
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At 31 July 2017 |
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DEPRECIATION |
Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 August 2016 |
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Additions |
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Revaluations |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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Investment properties are included it valuation of £1,550,000 at 31 July 2017 (2016: £1,270,000). This valuation |
is based on assessment of open market value of the property as determined by the partners based on a review |
of local property trends. |
KYRLE PROPERTIES LTD (REGISTERED NUMBER: 06829627) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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Directors' current accounts |
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Deferred tax asset |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Directors' current accounts |
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Deferred income |
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Accrued expenses |
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8. | RESERVES |
Fair |
value |
reserve |
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At 1 August 2016 |
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Revaluation in year |
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At 31 July 2017 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the beginning of the year the Directors owed the company £44. During the year the Directors introduced |
capital of £978 and after withdrawing the sum of £737, an amount of £197 was owed by the company at the |
balance sheet date. The loan is repayable on demand, no interest is being charged on the loan and no security |
has been provided on this balance. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
KYRLE PROPERTIES LTD |
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The following reproduces the text of the report prepared for the directors 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 Directors 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 Kyrle Properties Ltd for the year ended 31 July 2017 which comprise the Income Statement, |
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 Board of Directors of Kyrle Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kyrle Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Kyrle Properties Ltd, as a body, 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 Kyrle Properties Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Kyrle Properties Ltd 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 Kyrle Properties Ltd. You consider that Kyrle Properties Ltd 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 Kyrle Properties Ltd. 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 |
Chilworth Point |
1 Chilworth Road |
Southampton |
SO16 7JQ |
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Date: ............................................. |