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Financial Statements For The Year Ended 31 January 2017 |
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Kenilworth Property Company Limited |
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REGISTERED NUMBER:
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Financial Statements For The Year Ended 31 January 2017 |
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for |
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Kenilworth Property Company Limited |
Kenilworth Property Company Limited (Registered number: SC155573) |
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Contents of the Financial Statements |
For The Year Ended 31 January 2017 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Kenilworth Property Company Limited |
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Company Information |
For The Year Ended 31 January 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Kenilworth Property Company Limited (Registered number: SC155573) |
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Abridged Statement of Financial Position |
31 January 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
4 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Kenilworth Property Company Limited (Registered number: SC155573) |
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Abridged Statement of Financial Position - continued |
31 January 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Kenilworth Property Company Limited (Registered number: SC155573) |
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Notes to the Financial Statements |
For The Year Ended 31 January 2017 |
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1. | STATUTORY INFORMATION |
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Kenilworth Property Company Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rental income received in the year. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Investment property |
Investment property is included at open market value and no depreciation is provided. The directors consider |
that this accounting policy results in the financial statements showing a true and fair view. |
Kenilworth Property Company Limited (Registered number: SC155573) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 January 2017 |
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3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 February 2016 |
and 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
and 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Included in cost or valuation of land and buildings is freehold land of £ 827,500 (2016 - £ 827,500 ) which is not |
depreciated. |
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Cost or valuation at 31 January 2017 is represented by: |
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Totals |
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Valuation in 2014 | 827,500 |
Cost | 15,752 |
843,252 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 687,487 | 687,487 |
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Investment properties were valued on an open market value basis on 31 January 2014 by the directors . |
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Corporation tax amounting to £5,268 (2016 - £1,651) will arise if the property is realised at the revalued amount. |
No provision has been made in the accounts for the potential capital gain, as no sale agreement existed at the |
year end. |
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4. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 260,487 | 278,980 |
Kenilworth Property Company Limited (Registered number: SC155573) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 January 2017 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The Clydesdale Bank PLC hold a standard security over the assets of the company. |
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6. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2016 |
and 31 January 2017 |
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