Kentford Developments Limited - Period Ending 2018-03-31

Kentford Developments Limited - Period Ending 2018-03-31


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Registration number: 01864569

Kentford Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Kentford Developments Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Kentford Developments Limited

(Registration number: 01864569)
Balance Sheet as at 31 March 2018

Note

   

2018
£

2018
£

2017
£

2017
£

Current assets

   

 

Stocks

3

 

492,272

 

400,157

Debtors

4

 

337,388

 

391,312

Cash at bank and in hand

   

7,444

 

44,256

   

837,104

 

835,725

Creditors: Amounts falling due within one year

5

 

(35,179)

 

(23,486)

Total assets less current liabilities

   

801,925

 

812,239

Creditors: Amounts falling due after more than one year

5

 

(642,202)

 

(642,202)

Net assets

   

159,723

 

170,037

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

159,721

 

170,035

 

Total equity

   

159,723

 

170,037

For the financial year ending 31 March 2018 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 14 December 2018 and signed on its behalf by:
 

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

A R Boyce
Director

 

Kentford Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 14 December 2018.

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, which is the functional currency of the company.

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.

Tax

The tax expense for the period comprises 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Kentford Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Kentford Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Stocks

2018
£

2017
£

Finished goods and goods for resale

492,272

400,157

4

Debtors

2018
£

2017
£

Trade debtors

-

1,167

Prepayments

902

808

Other debtors

336,486

389,337

337,388

391,312

5

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

2,978

6,709

Accruals and deferred income

32,201

16,777

35,179

23,486

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

6

642,202

642,202

 

Kentford Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Other borrowings

642,202

642,202

Other borrowings

The loan from the RG Boyce Family Settlement of £642,202 (2017: £642,202) incurs interest at 2% plus base and is repayable at 3 months notice. Notwithstanding this, the loan has been treated in the financial statements as not being due before 31 March 2019 as no notice has been received as at the date of approval of these financial statements, nor is there any indication that notice is shortly to be served.

7

Control

The RG Boyce Trustee Company Limited, in its capacity as trustee, had a controlling interest in the company throughout the year. However RG Boyce had ultimate influence of the operating decisions of the company, both as Chairman and in view of his connection with the RG Boyce Trustee Company Limited.