Company Registration No. 09224264 (England and Wales)
KBS (CAPITAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
KBS (CAPITAL) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 8
KBS (CAPITAL) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KBS (CAPITAL) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KBS (Capital) Limited for the year ended 31 December 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
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 at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of KBS (Capital) Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of KBS (Capital) Limited
and state those matters that we have agreed to state to the Board of Directors of KBS (Capital) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KBS (Capital) Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that KBS (Capital) 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 KBS (Capital) Limited. You consider that KBS (Capital) Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KBS (Capital) 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.
MHA Carpenter Box
12 July 2018
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
KBS (CAPITAL) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,167
9,589
Current assets
Debtors
4
246,017
57,803
Cash at bank and in hand
294,980
306,999
540,997
364,802
Creditors: amounts falling due within one year
5
(455,854)
(280,248)
Net current assets
85,143
84,554
Total assets less current liabilities
92,310
94,143
Provisions for liabilities
(1,362)
(1,918)
Net assets
90,948
92,225
Capital and reserves
Called up share capital
6
10
10
Profit and loss reserves
90,938
92,215
Total equity
90,948
92,225
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 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
KBS (CAPITAL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 July 2018 and are signed on its behalf by:
Mr A F Chantrill
Mr D Ashe
Director
Director
Company Registration No. 09224264
KBS (CAPITAL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2016
10
16,702
16,712
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
75,513
75,513
Balance at 31 December 2016
10
92,215
92,225
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
15,390
15,390
Dividends
-
(16,667)
(16,667)
Balance at 31 December 2017
10
90,938
90,948
KBS (CAPITAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
1
Accounting policies
Company information
KBS (Capital) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 New Concordia Wharf, Mill Street, London, SE1 2BB.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office furniture and equipment
25% diminishing balance method
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
KBS (CAPITAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
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
.
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.
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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2016 - 7).
KBS (CAPITAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
3
Tangible fixed assets
Office furniture and equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2017
3,394
8,883
12,277
Additions
531
795
1,326
At 31 December 2017
3,925
9,678
13,603
Depreciation and impairment
At 1 January 2017
762
1,926
2,688
Depreciation charged in the year
713
3,035
3,748
At 31 December 2017
1,475
4,961
6,436
Carrying amount
At 31 December 2017
2,450
4,717
7,167
At 31 December 2016
2,632
6,957
9,589
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
229,865
40,120
Other debtors
16,152
17,683
246,017
57,803
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
72,037
15,658
Other taxation and social security
58,379
48,086
Other creditors
325,438
216,504
455,854
280,248
KBS (CAPITAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
10
10
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
46,042
44,087