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Registration number: 01585117

Kinlet Hall & Thornbury Castle Ltd

Unaudited Financial Statements

for the Year Ended 28 February 2018

 

Kinlet Hall & Thornbury Castle Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 11

 

Kinlet Hall & Thornbury Castle Ltd

Company Information

Director

J Jones-Pratt

Registered office

Holm Cottage
Beach Road
Sand Bay
Weston-super-Mare
Somerset
BS22 9UD

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-Super-Mare
Somerset
BS23 1NF

 

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.

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

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-Super-Mare
Somerset
BS23 1NF

9 November 2018

 

Kinlet Hall & Thornbury Castle Ltd

(Registration number: 01585117)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

234,940

239,973

Current assets

 

Stocks

4

-

500

Debtors

5

109,798

188,403

Investments

6

1,000

1,000

Cash at bank and in hand

 

161

9

 

110,959

189,912

Creditors: Amounts falling due within one year

7

(16,750)

(143,293)

Net current assets

 

94,209

46,619

Net assets

 

329,149

286,592

Capital and reserves

 

Called up share capital

8

359,505

359,505

Profit and loss account

(30,356)

(72,913)

Total equity

 

329,149

286,592

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:

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 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.

 

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 on 9 November 2018
 

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

J Jones-Pratt
Director

 

Kinlet Hall & Thornbury Castle Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Holm Cottage
Beach Road
Sand Bay
Weston-super-Mare
Somerset
BS22 9UD

The principal place of business is:
Slimeridge Farm
Lynx Road
Uphill
Weston-super-Mare
Somerset
BS23 4XY
United Kingdom

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.

These financial statements are presented in pounds sterling (£).

 

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.

 

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.

 

Kinlet Hall & Thornbury Castle Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

3

Tangible assets

Office equipment
 £

Locomotives and rolling stock
 £

Equipment
 £

Total
£

Cost or valuation

At 1 March 2017

296

246,000

5,323

251,619

At 28 February 2018

296

246,000

5,323

251,619

Depreciation

At 1 March 2017

296

6,480

4,870

11,646

Charge for the year

-

4,920

113

5,033

At 28 February 2018

296

11,400

4,983

16,679

Carrying amount

At 28 February 2018

-

234,600

340

234,940

At 28 February 2017

-

239,520

453

239,973

4

Stocks

2018
£

2017
£

Raw materials and consumables

-

500

 

Kinlet Hall & Thornbury Castle Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

5

Debtors

Note

2018
£

2017
£

Trade debtors

 

-

240

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

103,868

171,485

Prepayments

 

4,172

-

Other debtors

 

1,758

16,678

 

109,798

188,403

6

Current asset investments

2018
£

2017
£

Other investments

1,000

1,000

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

12,200

48,825

Other creditors

 

4,550

94,468

 

16,750

143,293

 

Kinlet Hall & Thornbury Castle Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

359,505

359,505

359,505

359,505

         

9

Related party transactions

Loans to related parties

2018

Parent
£

Entities with joint control or significant influence
£

At start of period

142,969

28,516

Advanced

81,694

5,377

Repaid

(149,671)

(33,893)

Interest transactions

28,876

-

At end of period

103,868

-

2017

Parent
£

Entities with joint control or significant influence
£

Advanced

198,095

204,336

Repaid

(26,250)

(175,820)

Interest transactions

(28,876)

-

At end of period

142,969

28,516

 

Kinlet Hall & Thornbury Castle Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

10

Parent and ultimate parent undertaking

The company's immediate parent is J J P Holdings (South West) Limited, incorporated in England and Wales.

 The ultimate controlling party is J Jones-Pratt.