false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
28,002
28,002
28,002
xbrli:pure
xbrli:shares
iso4217:GBP
03736814
2017-04-01
2017-12-31
03736814
2017-12-31
03736814
2017-03-31
03736814
2017-03-31
03736814
core:PlantMachinery
2017-04-01
2017-12-31
03736814
bus:Director1
2017-04-01
2017-12-31
03736814
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-03-31
03736814
core:PlantMachinery
2017-03-31
03736814
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-12-31
03736814
core:PlantMachinery
2017-12-31
03736814
core:WithinOneYear
2017-12-31
03736814
core:WithinOneYear
2017-03-31
03736814
core:AfterOneYear
2017-12-31
03736814
core:AfterOneYear
2017-03-31
03736814
core:ShareCapital
2017-12-31
03736814
core:ShareCapital
2017-03-31
03736814
core:RevaluationReserve
2017-12-31
03736814
core:RevaluationReserve
2017-03-31
03736814
core:RetainedEarningsAccumulatedLosses
2017-12-31
03736814
core:RetainedEarningsAccumulatedLosses
2017-03-31
03736814
core:CostValuation
core:Non-currentFinancialInstruments
2017-12-31
03736814
core:Non-currentFinancialInstruments
2017-12-31
03736814
core:Non-currentFinancialInstruments
2017-03-31
03736814
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-03-31
03736814
core:PlantMachinery
2017-03-31
03736814
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2017-03-31
03736814
bus:SmallEntities
2017-04-01
2017-12-31
03736814
bus:AuditExemptWithAccountantsReport
2017-04-01
2017-12-31
03736814
bus:FullAccounts
2017-04-01
2017-12-31
03736814
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2017-12-31
03736814
bus:PrivateLimitedCompanyLtd
2017-04-01
2017-12-31
03736814
core:OfficeEquipment
2017-04-01
2017-12-31
03736814
core:OfficeEquipment
2017-03-31
03736814
core:OfficeEquipment
2017-12-31
COMPANY REGISTRATION NUMBER:
03736814
Kemble Airfield Estates Limited
|
|
Filleted Unaudited Financial Statements
|
|
Kemble Airfield Estates Limited
|
|
Statement of Financial Position
|
|
31 December 2017
|
31 Dec 17
|
31 Mar 17
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
4
|
|
19,103,108
|
19,153,157
|
Investments
|
5
|
|
28,002
|
28,002
|
|
|
-------------
|
-------------
|
|
|
19,131,110
|
19,181,159
|
|
|
|
|
|
Current assets
Debtors
|
6
|
1,399,079
|
|
1,185,699
|
Cash at bank and in hand
|
323,271
|
|
514,994
|
|
------------
|
|
------------
|
|
1,722,350
|
|
1,700,693
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
1,611,594
|
|
1,302,259
|
|
------------
|
|
------------
|
Net current assets
|
|
110,756
|
398,434
|
|
|
-------------
|
-------------
|
Total assets less current liabilities
|
|
19,241,866
|
19,579,593
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
6,419,393
|
6,964,948
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
140,046
|
153,549
|
|
|
-------------
|
-------------
|
Net assets
|
|
12,682,427
|
12,461,096
|
|
|
-------------
|
-------------
|
|
|
|
|
Kemble Airfield Estates Limited
|
|
Statement of Financial Position (continued)
|
|
31 December 2017
|
31 Dec 17
|
31 Mar 17
|
Note
|
£
|
£
|
£
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
2
|
2
|
Revaluation reserve
|
|
10,168,146
|
10,168,146
|
Profit and loss account
|
|
2,514,279
|
2,292,948
|
|
|
-------------
|
-------------
|
Shareholder funds
|
|
12,682,427
|
12,461,096
|
|
|
-------------
|
-------------
|
|
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31st December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2018
, and are signed on behalf of the board by:
Company registration number:
03736814
Kemble Airfield Estates Limited
|
|
Notes to the Financial Statements
|
|
Period from 1st April 2017 to 31st December 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McGills, Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
20% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
|
|
|
No depreciation has been charged in respect of Freehold Land and Buildings. The company has a policy of regular revaluations. In the opinion of the directors the Freehold Property currently has a value in excess of the Balance Sheet carrying amount.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Freehold property
|
Plant and machinery
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1st April 2017
|
18,785,737
|
1,041,932
|
47,247
|
19,874,916
|
Additions
|
–
|
2,500
|
23,136
|
25,636
|
|
-------------
|
------------
|
--------
|
-------------
|
At 31st December 2017
|
18,785,737
|
1,044,432
|
70,383
|
19,900,552
|
|
-------------
|
------------
|
--------
|
-------------
|
Depreciation
|
|
|
|
|
At 1st April 2017
|
–
|
707,461
|
14,298
|
721,759
|
Charge for the period
|
–
|
67,394
|
8,291
|
75,685
|
|
-------------
|
------------
|
--------
|
-------------
|
At 31st December 2017
|
–
|
774,855
|
22,589
|
797,444
|
|
-------------
|
------------
|
--------
|
-------------
|
Carrying amount
|
|
|
|
|
At 31st December 2017
|
18,785,737
|
269,577
|
47,794
|
19,103,108
|
|
-------------
|
------------
|
--------
|
-------------
|
At 31st March 2017
|
18,785,737
|
334,471
|
32,949
|
19,153,157
|
|
-------------
|
------------
|
--------
|
-------------
|
|
|
|
|
|
Tangible assets held at valuation
The freehold property is valued at open market value. The valuation has been made by Miss Suzannah Harvey, Director. The Historical cost of the land and buildings was £5,407,355.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery
|
|
£
|
At 31st December 2017
|
–
|
|
----
|
At 31st March 2017
|
303,777
|
|
---------
|
|
|
5.
Investments
|
Other investments other than loans
|
|
£
|
Cost
|
|
At 1st April 2017 and 31st December 2017
|
28,002
|
|
--------
|
Impairment
|
|
At 1st April 2017 and 31st December 2017
|
–
|
|
--------
|
|
|
Carrying amount
|
|
At 31st December 2017
|
28,002
|
|
--------
|
At 31st March 2017
|
28,002
|
|
--------
|
|
|
The company owns 100% of the issued share capital of Kemble Air Services Limited, which is registered in England and Wales under Company Number 4182147. The figures below relate to the periods ended 31 December 2017 and 31 March 2017. An inter company bank guarantee also exists between Kemble Airfield Services Ltd and
Kemble Airfield Estates Limited
.
Aggregate capital and reserves
|
|
2017
|
31 Mar 17
|
|
|
£
|
£
|
|
Kemble Air Services Limited
|
(718,534)
|
(608,579)
|
|
|
|
|
Profit and (loss) for the year
|
|
2017
|
31 Mar 17
|
|
|
£
|
£
|
|
Kemble Air Services Limited
|
(109,955)
|
(98,504)
|
|
|
|
|
6.
Debtors
|
31 Dec 17
|
31 Mar 17
|
|
£
|
£
|
Trade debtors
|
249,341
|
72,590
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
1,059,957
|
1,059,957
|
Other debtors
|
89,781
|
53,152
|
|
------------
|
------------
|
|
1,399,079
|
1,185,699
|
|
------------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Dec 17
|
31 Mar 17
|
|
£
|
£
|
Bank loans and overdrafts
|
411,405
|
194,879
|
Trade creditors
|
77,266
|
68,995
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
40,000
|
–
|
Corporation tax
|
43,755
|
48,992
|
Social security and other taxes
|
67,863
|
74,502
|
Other creditors
|
971,305
|
914,891
|
|
------------
|
------------
|
|
1,611,594
|
1,302,259
|
|
------------
|
------------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
31 Dec 17
|
31 Mar 17
|
|
£
|
£
|
Bank loans and overdrafts
|
6,351,655
|
6,832,473
|
Other creditors
|
67,738
|
132,475
|
|
------------
|
------------
|
|
6,419,393
|
6,964,948
|
|
------------
|
------------
|
|
|
|
There is a First Legal Charge over the freehold and leasehold property of the company known as Kemble Airfield commercial let properties and at F Site, in favour of Lloyds Bank PLC, in the form of a legal debenture dated 19 January 2015.
There is also an unlimited cross guarantee by and between
Kemble Airfield Estates Limited
and Kemble Airfield Services.
9.
Contingencies
The company has given a cross guarantee in respect of the bank borrowings of Kemble Air Services Limited.
10.
Related party transactions
The company was under the control of Mr R Harvey throughout the current and previous year. Mr R Harvey is the majority shareholder. During the year, the company had the following transactions with Kemble Airfield Services Limited, a 100% subsidiary of Kemble Airfield Estates Limited. Net sales of £72,913 (31 March 2017: £10,604) were made to Kemble Airfield Services Limited and at balance sheet date there was a balance of £16,424 (31 March 2017: £171) included in trade debtors. Net purchases of £189,684 (31 March 2017: £185,933) were made from Kemble Airfield Services Limited and at balance sheet date there was a balance of £1,326 (31 March 2017: £20,521) included in trade creditors. Included within Debtors at balance sheet date is £1,059,957 (31 March 2017: £1,059,957) due from Kemble Airfield Services Limited. During the year, the company had the following transactions with Polydron International (BVI) a company controlled by Mr R Harvey. Management charges of £119,516 (31 March 2017: £162,182) were charged to Polydron International (BVI). At balance sheet date there was a loan of £nil (31 March 2017: £nil) due from Polydron International BVI included in debtors. All of the above transactions were on a normal commercial basis.