Company Registration No. 06732788 (England and Wales)
KIRKMUIRHILL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
KIRKMUIRHILL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KIRKMUIRHILL LTD
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
€
€
€
€
Fixed assets
Investment properties
3
350,000
350,000
Current assets
-
-
Creditors: amounts falling due within one year
4
(197,885)
(192,160)
Net current liabilities
(197,885)
(192,160)
Total assets less current liabilities
152,115
157,840
Provisions for liabilities
5
(25,354)
(25,354)
Net assets
126,761
132,486
Capital and reserves
Called up share capital
6
111
111
Profit and loss reserves
126,650
132,375
Total equity
126,761
132,486
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 11 May 2021
Stefano Menegalli
Director
Company Registration No. 06732788
KIRKMUIRHILL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 2 -
1
Accounting policies
Company information
Kirkmuirhill Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Second Floor De Burgh House, Market Road, Wickford, Essex, SS12 0FD.
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
euros
, 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts derived from the rental of the investment property and is recognised over the period the property is leased out. Turnover is disclosed net of VAT and other sales related taxes.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
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.
Basic financial assets
Basic financial assets include
prepayments
.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
KIRKMUIRHILL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
KIRKMUIRHILL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 4 -
3
Investment property
2020
€
Fair value
At 1 November 2019 and 31 October 2020
350,000
Investment property comprises of a property located in Nuraghe Giardone, Villasimius, Italy. The fair value of the investment property has been made by reference to market evidence of transaction prices for similar properties. The valuation has been provided by the director of the company who has confirmed that there has been no significant change in the fair value of the property since the previous year.
4
Creditors: amounts falling due within one year
2020
2019
€
€
Other creditors
196,721
190,976
Accruals and deferred income
1,164
1,184
197,885
192,160
5
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
€
€
Revaluations
25,354
25,354
6
Called up share capital
2020
2019
€
€
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
111
111
7
Related party transactions
Included within other creditors is an amount due to the shareholders. At the year end this amount totalled €25,363 (2019 - €22,141). The loan is interest free and repayable on demand.