Registration number:
Montrose Kingsland Estate Limited
for the Year Ended 31 December 2017
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
Montrose Kingsland Estate Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Montrose Kingsland Estate Limited
Company Information
Director |
Mr P K Churchley |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Montrose Kingsland Estate Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Montrose Kingsland Estate Limited for the year ended 31 December 2017 as set out on pages 3 to 6 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 Montrose Kingsland Estate Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Montrose Kingsland Estate Limited and state those matters that we have agreed to state to the Board of Directors of Montrose Kingsland Estate 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 Montrose Kingsland Estate Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Montrose Kingsland Estate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and surplus of Montrose Kingsland Estate Limited. You consider that Montrose Kingsland Estate 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 accounts of Montrose Kingsland Estate 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 accounts.
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Chartered Accountants
Knoll Road
Camberley
Surrey
GU15 3SY
Page 2 |
Montrose Kingsland Estate Limited
(Registration number: 09822898)
Statement of Financial Position as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Income and expenditure account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Mr P K Churchley
Director
Page 3 |
Montrose Kingsland Estate Limited
Statement of Changes in Equity for the Year Ended 31 December 2017
Share capital |
Share premium |
Profit and loss account |
Total |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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New share capital subscribed |
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- |
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At 31 December 2016 |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 January 2017 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 December 2017 |
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Page 4 |
Montrose Kingsland Estate Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepares in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of the ground rent due from the non-participating flat.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
Not depreciated - land only |
Page 5 |
Montrose Kingsland Estate Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Freehold property |
Total |
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Cost or valuation |
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At 1 January 2017 |
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At 31 December 2017 |
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Depreciation |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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The freehold land was purchased in 2016 at a value of £88,596. The 9 flats which contributed to the purchase of the freehold have suspended their liability to payment of ground rent.
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Page 6 |