Kinder Estates Limited - Period Ending 2019-11-30

Registration number: 05473885

Kinder Estates Limited


Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2019

Kinder Estates Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Kinder Estates Limited

Company Information

Directors

J Kinder V R Kinder V L Di Maro

Company secretary

V R Kinder

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

National Westminster Bank plc 1 Market Place Newark Nottingham NG24 1DY

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kinder Estates Limited
for the Year Ended 30 November 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kinder Estates Limited for the year ended 30 November 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/accarulebook.html.

This report is made solely to the Board of Directors of Kinder Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kinder Estates Limited and state those matters that we have agreed to state to the Board of Directors of Kinder Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kinder Estates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kinder Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Kinder Estates Limited. You consider that Kinder Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kinder Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

...................................................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

30 June 2020

Page 2

Kinder Estates Limited

(Registration number: 05473885)
Balance Sheet as at 30 November 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	53,635	16,221
Investment property	5	2,085,000	2,400,000
Investments	6	76	76
		2,138,711	2,416,297
Current assets
Stocks		110,498	110,498
Debtors	7	104,212	70,574
Cash at bank and in hand		2,935	3,189
		217,645	184,261
Creditors: Amounts falling due within one year	8	(30,288)	(28,759)
Net current assets		187,357	155,502
Total assets less current liabilities		2,326,068	2,571,799
Creditors: Amounts falling due after more than one year	8	(2,244,102)	(2,487,180)
Provisions for liabilities		(60,618)	(59,983)
Net assets		21,348	24,636
Capital and reserves
Called up share capital	9	10	10
Fair value reserve		557,589	513,225
Profit and loss account		(536,251)	(488,599)
Total equity		21,348	24,636

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Kinder Estates Limited

(Registration number: 05473885)
Balance Sheet as at 30 November 2019

For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and 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 Board on 30 June 2020 and signed on its behalf by:
 

.........................................

V R Kinder
Company secretary and director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	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 (£) and rounded to the nearest £1.

Going concern
The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy since the 30 November 2019. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months. At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year. Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders and the Government support scheme. Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 5

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold investment properties	No depreciation is charged
Fixtures, fittings and equipment	25% reducing balance
Plant and machinery	25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 6

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 2).

4	Tangible assets

	Fixtures, fittings and equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 December 2018	9,991	17,674	-	27,665
Additions	1,202	16,850	27,370	45,422
At 30 November 2019	11,193	34,524	27,370	73,087
Depreciation
At 1 December 2018	8,498	2,946	-	11,444
Charge for the year	464	5,086	2,458	8,008
At 30 November 2019	8,962	8,032	2,458	19,452
Carrying amount
At 30 November 2019	2,231	26,492	24,912	53,635
At 30 November 2018	1,493	14,728	-	16,221

Page 7

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

5	Investment properties

	2019 £
At 1 December 2018	2,400,000
Disposals	(360,000)
Fair value adjustments	45,000
At 30 November 2019	2,085,000

There has been no valuation of investment property by an independent valuer.

6	Investments

	2019 £	2018 £
Investments in subsidiaries	76	76

7

Debtors

	2019 £	2018 £
Trade debtors	3,512	800
Other debtors	100,700	69,774
	104,212	70,574

Page 8

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

8

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	10	10,595	12,736
Trade creditors		13,822	9,731
Taxation and social security		855	-
Other creditors		5,016	6,292
		30,288	28,759
Due after one year
Loans and borrowings	10	2,244,102	2,487,180

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	10	2,244,102	2,487,180

Page 9

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £1 each	3	3	3	3
Ordinary B shares of £1 each	3	3	3	3
Ordinary C shares of £1 each	1	1	1	1
Ordinary D shares of £1 each	1	1	1	1
Ordinary E shares of £1 each	1	1	1	1
Ordinary F shares of £1 each	1	1	1	1
	10	10	10	10

10	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Finance lease liabilities	24,299	-
Other borrowings	2,219,803	2,487,180
	2,244,102	2,487,180

	2019 £	2018 £
Current loans and borrowings
Finance lease liabilities	10,595	12,736

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2018 - £3,196).

Page 10

Kinder Estates Limited

Notes to the Financial Statements for the Year Ended 30 November 2019

12	Related party transactions

Summary of transactions with other related parties

Directors of the company

 At the balance sheet date amounts owed to directors amounted to £2,219,803 (2018 - £2,465,722).
 

Page 11