ACCOUNTS - Final Accounts preparation

Company registration number SC360912


	A & C KENNEDY PROPERTIES LIMITED

	ABBREVIATED ACCOUNTS
	FOR THE YEAR ENDED 30 JUNE 2016

A & C KENNEDY PROPERTIES LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Abbreviated Accounts	4 - 6

A & C KENNEDY PROPERTIES LIMITED

The following reproduces the text of the Report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A & C KENNEDY PROPERTIES LIMITED
FOR THE YEAR ENDED 30 JUNE 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & C Kennedy Properties Limited for the year ended 30 June 2016 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/
framework-for-the-preparation-of-accounts-revised-april-2010.

This report is made solely to the Board of Directors of A & C Kennedy Properties Limited, as a body, in accordance with the terms of our engagement letter dated 23 June 2009. Our work has been undertaken solely to prepare for your approval the financial statements of A & C Kennedy Properties Limited and state those matters that we have agreed to state to the Board of Directors of A & C Kennedy Properties Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & C Kennedy Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A & C Kennedy Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A & C Kennedy Properties Limited. You consider that A & C Kennedy Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of A & C Kennedy Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Findlay & Company

Chartered Accountants

11 Dudhope Terrace

Dundee

DD3 6TS

30 August 2016

Page 1

A & C KENNEDY PROPERTIES LIMITED

REGISTERED NUMBER: SC360912

ABBREVIATED BALANCE SHEET

AS AT 30 JUNE 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		235,946		257,032
Investment property	3		567,024		556,624

			802,970		813,656

CURRENT ASSETS
Debtors		4,729		3,100
Cash at bank		86,491		44,388

		91,220		47,488
CREDITORS: amounts falling due within one year	4	(527,316)		(609,074)
NET CURRENT LIABILITIES			(436,096)		(561,586)

TOTAL ASSETS LESS CURRENT LIABILITIES

366,874

252,070

CREDITORS: amounts falling due after more than one year	5	(221,245)	(89,838)
PROVISIONS FOR LIABILITIES
Deferred tax		(5,397)	(6,200)
NET ASSETS		140,232	156,032

CAPITAL AND RESERVES
Called up share capital	6	2	2
Revaluation reserve		18,351	18,351
Investment property reserve		68,528	68,528
Profit and loss account		53,351	69,151

SHAREHOLDERS' FUNDS

140,232

156,032

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 2

A & C KENNEDY PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 30 JUNE 2016

The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on 30 August 2016.

Colin Kennedy

Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

A & C KENNEDY PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of freehold property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	1.3	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property	-	Not depreciated
Plant and machinery	-	20% straight line
Motor vehicles	-	25% straight line
Fixtures and fittings	-	33% straight line

	1.4	Investment properties
		Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

	1.5	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

A & C KENNEDY PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

1.ACCOUNTING POLICIES (continued)

	1.6	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.7	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.TANGIBLE FIXED ASSETS

		£
	Cost or valuation
	At 1 July 2015	305,698
	Additions	20,495
	At 30 June 2016	326,193

	Depreciation
	At 1 July 2015	48,666
	Charge for the year	41,581
	At 30 June 2016	90,247

	Net book value
	At 30 June 2016	235,946
	At 30 June 2015	257,032

Page 5

A & C KENNEDY PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

3.INVESTMENT PROPERTY

		£
	Valuation
	At 1 July 2015	556,624
	Additions at cost	10,400
	At 30 June 2016	567,024

Comprising

The 2016 valuations were made by the directors, on an open market value for existing use basis.

	Revaluation reserves
	At 1 July 2015 and 30 June 2016	68,528

4.CREDITORS:
Amounts falling due within one year

The Royal Bank of Scotland holds standard securities and a bond and floating charge over the company's assets for £20,674 (2015 - £7,440).

5.CREDITORS:
Amounts falling due after more than one year

The Royal Bank of Scotland holds standard securities and a bond and floating charge over the company's assets for £206,952 (2015 - £63,996).

6.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

1 Ordinary A Shares share of £1	1	1
1 Ordinary B Shares share of £1	1	1

	2	2

Page 6