Company Registration No. 06232965 (England and Wales)
A. & A. KING (PROPERTY INVESTMENTS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
26-32 Oxford Road
Bournemouth
United Kingdom
BH8 8EZ
A. & A. KING (PROPERTY INVESTMENTS) LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
A. & A. KING (PROPERTY INVESTMENTS) LTD
COMPANY INFORMATION
- 1 -
Directors
Mr. A King
Mrs. A King
Secretary
Mrs. A King
Company number
06232965
Registered office
Unit 13D Riverside Park
Wimborne
Dorset
United Kingdom
BH21 1QU
Accountants
Taylorcocks
26-32 Oxford Road
Bournemouth
Dorset
United Kingdom
BH8 8EZ
A. & A. KING (PROPERTY INVESTMENTS) LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2017
30 September 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
300,000
300,000
Current assets
Cash at bank and in hand
825
934
Creditors: amounts falling due within one year
3
(115,252)
(137,570)
Net current liabilities
(114,427)
(136,636)
Total assets less current liabilities
185,573
163,364
Capital and reserves
Called up share capital
4
300
300
Profit and loss reserves
185,273
163,064
Total equity
185,573
163,364
A. & A. KING (PROPERTY INVESTMENTS) LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017
30 September 2017
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 23 May 2018 and are signed on its behalf by:
Mr. A King
Director
Company Registration No. 06232965
The notes on pages 4 to 6 form part of these financial statements
A. & A. KING (PROPERTY INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 4 -
1
Accounting policies
Company information

A. & A. King (Property Investments) Ltd (06232965) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 13D Riverside Park, Wimborne, Dorset, United Kingdom, BH21 1QU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 September 2017 are the first financial statements of A. & A. King (Property Investments) Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 5.

1.2
Turnover

Turnover represents amounts receivable for rental income.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

A. & A. KING (PROPERTY INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Investment property
2017
£
Fair value
At 1 October 2016 and 30 September 2017
300,000

Investment property comprises a property which is rented out. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

A. & A. KING (PROPERTY INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
3
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
22,785
Corporation tax
5,467
5,477
Other creditors
109,030
108,553
Accruals and deferred income
755
755
115,252
137,570
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
300 ordinary shares of £1 each
300
300
5
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
141,446
163,364
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
21,918
Notes to reconciliations on adoption of FRS 102
Investment property

Under FRS 102, the investment property is shown at fair value with movements through the profit and loss account. At the transition date of 1 September 2015, depreciation brought forward of £19,337 has been removed and the property shown at its fair value of £300,000.

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