Three Kings Properties Limited - Period Ending 2020-03-31

Three Kings Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Three Kings Properties Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	621	953
Current assets
Stocks	5	333,888	333,888
Debtors	6	-	198
Cash at bank and in hand		64,021	207,926
		397,909	542,012
Creditors: Amounts falling due within one year	7	(569,337)	(700,305)
Net current liabilities		(171,428)	(158,293)
Net liabilities		(170,807)	(157,340)
Capital and reserves
Called up share capital		56	56
Other reserves		44	44
Profit and loss account		(170,907)	(157,440)
Total equity		(170,807)	(157,340)

Three Kings Properties Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 September 2020
 

......................................... J Bartley Director

Company Registration Number: 01820508

Three Kings Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

1	General information

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

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
23 Three Kings Yard
Davies Street
London
W1K 4JT

These financial statements were authorised for issue by the director on 12 September 2020.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

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.

Going concern

There were net liabilities on the balance sheet date at the year end. The company is dependent upon the continued support of the director. The company has indicated that financial support will be forthcoming for the foreseeable future.

Revenue recognition

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.

Three Kings Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Tangible assets

Tangible assets are stated in the balance sheet 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
Computer equipment	3 years straight line
Office equipment	20% reducing balance basis

Stocks

Stock comprises properties for resale and are valued at the lower of cost and net realisable value. Net realisable value is calculated as the selling price of the property less any costs still to be incurred including and selling costs.

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.

Three Kings Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2019 - 2).

Three Kings Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2019	10,967	958	11,925
At 31 March 2020	10,967	958	11,925
Depreciation
At 1 April 2019	10,191	781	10,972
Charge for the year	155	177	332
At 31 March 2020	10,346	958	11,304
Carrying amount
At 31 March 2020	621	-	621
At 31 March 2019	776	177	953

5

Stocks

	2020 £	2019 £
Other inventories	333,888	333,888

6

Debtors

	2020 £	2019 £
Prepayments	-	198
	-	198

Three Kings Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019  £
Due within one year
Trade creditors	46,545	50,235
Social security and other taxes	444	458
Other creditors	444,288	580,189
Accrued expenses	78,060	69,423
	569,337	700,305