Kentford Investments Limited - Period Ending 2018-12-31
Kentford Investments Limited - Period Ending 2018-12-31
Registration number:
Kentford Investments Limited
for the Year Ended 31 December 2018
Kentford Investments Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Kentford Investments Limited
(Registration number: 05588176)
Balance Sheet as at 31 December 2018
Note |
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2018 |
2018 |
2017 |
2017 |
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Fixed assets |
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Other financial assets |
158,735 |
158,735 |
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Current assets |
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Debtors |
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|
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Other financial assets |
473,043 |
673,177 |
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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 Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 1 |
Kentford Investments Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 presented in Sterling, which is the functional currency of the company.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 2 |
Kentford Investments Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Page 3 |
Kentford Investments Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost |
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At 1 January 2018 |
158,735 |
158,735 |
At 31 December 2018 |
158,735 |
158,735 |
Impairment |
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At 1 January 2018 |
- |
- |
At 31 December 2018 |
- |
- |
Carrying amount |
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At 31 December 2018 |
|
158,735 |
At 31 December 2017 |
|
158,735 |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
||
Cost |
||
At 1 January 2018 |
1,755,980 |
1,755,980 |
At 31 December 2018 |
1,755,980 |
1,755,980 |
Fair value adjustment |
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At 1 January 2018 |
(1,082,804) |
(1,082,804) |
Fair value adjustment in the period |
(200,133) |
(200,133) |
At 31 December 2018 |
(1,282,937) |
(1,282,937) |
Carrying amount |
||
At 31 December 2018 |
|
473,043 |
At 31 December 2017 |
|
673,177 |
Page 4 |
Kentford Investments Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Debtors |
2018 |
2017 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Page 5 |
Kentford Investments Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The The bank loan is secured by a debenture and related party guarantess. |
Financial instruments |
Categorisation of financial instruments
2018 |
2017 |
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Financial assets measured at fair value through profit or loss |
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|
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Financial assets measured at fair value
Current financial assets
The fair value of the financial assets is based on the stock market price at the year end.
The fair value is £473,043 (2017 - £673,177) and the change in value included in profit or loss is £(200,133) (2017 - £436,655).
Items of income, expense, gains or losses
2018 |
Income |
Expense |
Net gains |
Net losses |
Financial assets measured at fair value through profit or loss |
- |
- |
- |
200,133 |
2017 |
Income |
Expense |
Net gains |
Net losses |
Financial assets measured at fair value through profit or loss |
- |
- |
436,655 |
- |
Page 6 |
Kentford Investments Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent, in its capacity as trustee, is
Going concern |
As at 31 December 2018, the company had net liabilities of £3,040,596 (2017: £2,742,387). This included related party loans of £2,056,933 (2017: £1,959,627) and a bank loan of £2,400,000 (2017: £2,400,000). The directors have no reason to believe that there is any material uncertainty in relation to the ongoing provision of both the related party and bank loans.
Page 7 |