Kinnell Corporate Limited - Accounts to registrar (filleted) - small 18.2
Kinnell Corporate Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2017 |
| for |
| Kinnell Corporate Limited |
| Kinnell Corporate Limited (Registered number: 05314336) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Kinnell Corporate Limited |
| Company Information |
| for the Year Ended 31 December 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| 141 Bothwell Street |
| Glasgow |
| G2 7EQ |
| Kinnell Corporate Limited (Registered number: 05314336) |
| Balance Sheet |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director on |
| Kinnell Corporate Limited (Registered number: 05314336) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| Kinnell Corporate Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 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. |
| Going concern |
| At 31 December 2017, the company had net liabilities of £218,453 (2016: net liabilities of £173,705). Financial |
| support will be provided by Kinnell Holdings Limited to ensure the company can continue to meet its liabilities |
| as they fall due. As a result, the director believes that the financial statements should be prepared on a going |
| concern basis. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions |
| that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. |
| Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and |
| revisions to estimates are recognised in the period in which the estimate is revised and in any future periods |
| affected. |
| The director is of the opinion there are no matters of significant judgement and estimation which are material to |
| the financial statements. |
| Turnover/revenue recognition |
| Turnover represents commission on insurance services, excluding insurance premium tax. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Kinnell Corporate Limited (Registered number: 05314336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company makes contributions into a UK defined contribution pension scheme. Contributions payable are |
| charged to profit or loss in the period to which they relate. |
| 3. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2017 |
| Additions |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Prepayments and accrued income |
| Kinnell Corporate Limited (Registered number: 05314336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Preference shares (see note 7) |
| 7. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2017 | 2016 |
| £ | £ |
| Amounts falling due between one and two years: |
| Preference shares | 240,000 | 188,000 |
| During the year the company issued 52 preference shares (2016: 45 preference shares) of £1,000 each. |
| Details of shares shown as liabilities are as follows: |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal value: | 2017 | 2016 |
| £ | £ |
| 240 (2016: 188) | Preference | £1,000 | 240,000 | 188,000 |
| Preference shares are cumulative, redeemable and have a coupon of 8%. |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The amounts above represent the total payable over the entire period of each lease agreement. |
| Kinnell Corporate Limited (Registered number: 05314336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | 1 | 1,228 | 1,228 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2017 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 December 2017 | ( |
) |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group or the ultimate parent company Kinnell Holdings |
| Limited. |
| At 31 December 2017, an amount of £3,653 (2016: £Nil) was due from Guarantee Protection Insurance Limited, |
| a fellow subsidiary company of Kinnell Holdings Limited. This amount is included within debtors as amounts |
| owed by group undertakings. |
| At 31 December 2017, an amount of £3,264 (2016: £804) was due to Kinnell Holdings Limited, the parent |
| company of Kinnell Corporate Limited. This amount is included within trade creditors. |
| Balances due to fellow subsidiary companies of Kinnell Holdings Limited at 31 December 2017 were as follows: |
| £217 due to The Remedial Company Limited (2016: £70); £6,120 due to Warranty Services Limited (2016: |
| £11,462); and £23 due to Confederation Holdings Limited (2016: £119). These amounts are included within |
| trade creditors. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by Kinnell Holdings Limited, a company incorporated in Scotland. Mr P T Dawson |
| is considered to be the ultimate controlling party due to his majority shareholding in Kinnell Holdings Limited. |