Kentford Investments Limited - Period Ending 2016-12-31

Registration number: 05588176

Kentford Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Kentford Investments Limited

Contents

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

Kentford Investments Limited

(Registration number: 05588176)
Balance Sheet as at 31 December 2016

	Note
		2016 £	2016 £	(As restated) 2015 £	(As restated) 2015 £
Fixed assets
Other financial assets	3		158,735		158,735
Current assets
Debtors	4	796,023		796,023
Other financial assets	3	236,522		454,850
Cash at bank and in hand		43		34
		1,032,588		1,250,907
Creditors: Amounts falling due within one year	5	(4,275,606)		(4,180,350)
Net current liabilities			(3,243,018)		(2,929,443)
Net liabilities			(3,084,283)		(2,770,708)
Capital and reserves
Called up share capital		100		100
Profit and loss account		(3,084,383)		(2,770,808)
Total equity			(3,084,283)		(2,770,708)

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Kentford Investments Limited

(Registration number: 05588176)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 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 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 Board on 15 June 2017 and signed on its behalf by:
 

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

A R Boyce

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Kentford Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

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

The address of its registered office is:
6 Lower Baxter Street
Bury St Edmunds
Suffolk
IP33 1ET

These financial statements were authorised for issue by the Board on 15 June 2017.

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.

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 3

Kentford Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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
Financial Investments
 Recognition and measurement
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 the profit and loss statement. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
 
 

Page 4

Kentford Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost
At 1 January 2016	158,735	158,735
At 31 December 2016	158,735	158,735
Impairment
At 1 January 2016	-	-
At 31 December 2016	-	-
Carrying amount
At 31 December 2016	158,735	158,735
At 31 December 2015	158,735	158,735

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost
At 1 January 2016	1,755,980	1,755,980
At 31 December 2016	1,755,980	1,755,980
Fair value adjustment
At 1 January 2016	(1,301,131)	(1,301,131)
Fair value adjustment in the period	(218,327)	(218,327)
At 31 December 2016	(1,519,458)	(1,519,458)
Carrying amount
At 31 December 2016	236,522	236,522
At 31 December 2015	454,850	454,850

Page 5

Kentford Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Debtors

	2016 £	2015 £
Other debtors	796,023	796,023
Total current trade and other debtors	796,023	796,023

5

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	6	2,400,000	2,400,000
Trade creditors		1	2
Other creditors		1,875,605	1,780,348
		4,275,606	4,180,350

Page 6

Kentford Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

6	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	2,400,000	2,400,000

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 3% above base rate. The carrying amount at year end is £2,400,000 (2015 - £2,400,000). The bank loan is secured on the company's current asset investments and by related party guarantess.

7	Financial instruments

Categorisation of financial instruments

	2016 £	2015 £
Financial assets measured at fair value through profit or loss	236,522	454,850
	236,522	454,850

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 £236,522 (2015 - £454,850) and the change in value included in profit or loss is £(218,327) (2015 - £(90,970)).

Items of income, expense, gains or losses

2016	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	-	218,327

2015	Income £	Expense £	Net gains £	Net losses £
Financial assets measured at fair value through profit or loss	-	-	-	90,970

8	Parent and ultimate parent undertaking

The company's immediate parent is Boyce Investment Group Limited, incorporated in England.

 

Page 7