Kitmarr Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02367084 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST APRIL 2016 TO 30TH JUNE 2017

FOR

KITMARR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Bacon

D G Turner

SECRETARY:

J P Bacon

REGISTERED OFFICE:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

02367084 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Investment property

4

15,856,000

13,405,000

CURRENT ASSETS

Debtors

5

8,916

1,943,757

Cash at bank

2,770,109

723,226

2,779,025

2,666,983

CREDITORS

Amounts falling due within one year

6

244,275

82,534

NET CURRENT ASSETS

2,534,750

2,584,449

TOTAL ASSETS LESS CURRENT LIABILITIES

18,390,750

15,989,449

CREDITORS

Amounts falling due after more than one year

7

(6,810,146

)

(6,810,146

)

PROVISIONS FOR LIABILITIES

9

(1,044,140

)

(664,681

)

NET ASSETS

10,536,464

8,514,622

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

7,119,658

5,048,118

Retained earnings

11

3,416,706

3,466,404

SHAREHOLDERS' FUNDS

10,536,464

8,514,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th June 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14th December 2017 and were signed on its behalf by:

J P Bacon - Director

1.	STATUTORY INFORMATION

Kitmarr Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

No significant judgements have had to be made by the directors in preparing these financial

statements.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property

and equipment, are reviewed to determine whether there is an indication that an asset may be

impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group

of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated

and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the

asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit

or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2016 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2016

13,405,000

Revaluations

2,451,000

At 30th June 2017

15,856,000

NET BOOK VALUE

At 30th June 2017

15,856,000

At 31st March 2016

13,405,000

Fair value at 30th June 2017 is represented by:

£

Valuation in 2017

8,163,796

Cost

7,692,204

15,856,000

If investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

7,692,204

7,692,204

Investment property was valued on an open market basis on 30th June 2017 by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,494

3,029

Other debtors

-

1,929,221

VAT

-

1,307

Prepayments and accrued income

7,422

10,200

8,916

1,943,757

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

38,987

32,559

VAT

4,870

-

Accruals and deferred income

200,418

49,975

244,275

82,534

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans more 5 yr by instal

6,810,146

6,810,146

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

6,810,146

6,810,146

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

6,810,146

6,810,146

A commercial mortgage from Handelsbanken is secured on various properties belonging to the

company. Capital and interest are to be repaid over the term of the loan. The loan is repayable on

22.5.2028. Interest is currently charged at 2.5% above LIBOR.

A loan from Natwest was secured on one of the freehold properties belonging to the company. The

loan is repayable on 1.3.2020. Interest is charged at 2.88% above base rate..

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Other timing differences

1,044,140

664,681

Deferred

tax

£

Balance at 1st April 2016

664,681

Provided during period

379,459

Balance at 30th June 2017

1,044,140

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary shares

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st April 2016

3,466,404

5,048,118

8,514,522

Profit for the period

2,171,842

2,171,842

Dividends

(150,000

)

(150,000

)

Transfer revaluation reserve

(2,071,540

)

(379,460

)

(2,451,000

)

Revaluations during the year

-

2,451,000

2,451,000

At 30th June 2017

3,416,706

7,119,658

10,536,364

12.	FIRST YEAR ADOPTION

The company adopted the provisions of Section 1A "Small Entities" of Financial Reporting Standard

102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" with effect from

1st April 2015.