|
|
|
KILKENNY PROPERTIES LIMITED
REGISTERED NUMBER:
SC328136
|
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS:
amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
CREDITORS:
amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
|
|
|
|
KILKENNY PROPERTIES LIMITED
|
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 DECEMBER 2015
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 4 form part of these financial statements.
Page 2
|
|
|
|
KILKENNY PROPERTIES LIMITED
|
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
The directors, having made due and careful enquiry are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. At 31 December 2015 the company had net current liabilities of £1,572,514. Included within these current liabilities are amounts due to related parties of £1,451,127 and a bank loan of £101,472. The financial statements are prepared on a going concern basis which assumes that the company will continue to meet its liabilities as they fall due. The directors understand that the related parties will not call in the amounts due to the detriment of other creditors and the bank loan is repayable under the terms of the loan agreement. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
2.
ACCOUNTING POLICIES
|
|
Basis of preparation of financial statements
|
|
|
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
.
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
|
|
|
|
|
|
Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
|
|
|
|
|
|
Current tax, including UK corporation tax and foreign tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
|
|
|
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
|
Page 3
|
|
|
|
KILKENNY PROPERTIES LIMITED
|
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
3.
INVESTMENT PROPERTY
|
|
|
|
|
|
|
At 1 January 2015 and 31 December 2015
|
|
The 2015 valuations were made by the directors, on an open market value for existing use basis.
The bank borrowings are secured by a standard security over the properties, a floating charge over all other assets and a £750,000 personal guarantee provided by B Halliday (wife of J Halliday director).
5.
SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
20
'A' Ordinary
shares of £
1
each
|
|
|
|
|
80
'B' Ordinary
shares of £
1
each
|
|
|
|
|
|
|
|
|
|
|
|
|
The 'A' ordinary and 'B' ordinary shares rank
pari passu
except that the 'B' ordinary shares hold no voting rights.
Page 4
|