Registration number:
Kinlet Hall & Thornbury Castle Ltd
for the
Year Ended 28 February 2018
Kinlet Hall & Thornbury Castle Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Kinlet Hall & Thornbury Castle Ltd
Company Information
Director |
J Jones-Pratt |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Kinlet Hall & Thornbury Castle Ltd
for the Year Ended 28 February 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kinlet Hall & Thornbury Castle Ltd for the year ended 28 February 2018 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Kinlet Hall & Thornbury Castle Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kinlet Hall & Thornbury Castle Ltd and state those matters that we have agreed to state to the Board of Directors of Kinlet Hall & Thornbury Castle Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kinlet Hall & Thornbury Castle Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Kinlet Hall & Thornbury Castle Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kinlet Hall & Thornbury Castle Ltd. You consider that Kinlet Hall & Thornbury Castle Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Kinlet Hall & Thornbury Castle Ltd. 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 accounts.
......................................
Chartered Accountants
Weston-Super-Mare
Somerset
BS23 1NF
Page 2 |
Kinlet Hall & Thornbury Castle Ltd
(Registration number: 01585117)
Balance Sheet as at 28 February 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
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For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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.
Page 3 |
Kinlet Hall & Thornbury Castle Ltd
(Registration number: 01585117)
Balance Sheet as at 28 February 2018
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
.........................................
Director
Page 4 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Slimeridge Farm
Lynx Road
Uphill
Weston-super-Mare
Somerset
BS23 4XY
United Kingdom
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.
These financial statements are presented in pounds sterling (£).
Page 5 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment |
25% reducing balance |
Locomotive and rolling stock |
2% straight line |
Office equipment |
25% reducing balance |
Current asset investments
The company holds and unlisted investment in Llangollen Railway Plc. As there is no readily ascertainable fair value of this investment it is carried in the accounts at cost less impairment.
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.
Page 6 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Page 7 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Tangible assets |
Office equipment |
Locomotives and rolling stock |
Equipment |
Total |
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Cost or valuation |
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At 1 March 2017 |
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At 28 February 2018 |
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Depreciation |
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At 1 March 2017 |
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Charge for the year |
- |
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At 28 February 2018 |
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Carrying amount |
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At 28 February 2018 |
- |
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At 28 February 2017 |
- |
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Stocks |
2018 |
2017 |
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Raw materials and consumables |
- |
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Page 8 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Debtors |
Note |
2018 |
2017 |
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Trade debtors |
- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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- |
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Other debtors |
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Current asset investments |
2018 |
2017 |
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Other investments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Page 9 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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359,505 |
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359,505 |
Related party transactions |
Loans to related parties
2018 |
Parent |
Entities with joint control or significant influence |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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- |
At end of period |
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- |
2017 |
Parent |
Entities with joint control or significant influence |
Advanced |
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Repaid |
( |
( |
Interest transactions |
( |
- |
At end of period |
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Page 10 |
Kinlet Hall & Thornbury Castle Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Page 11 |