Kempton Homes Southern Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10627481 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

KEMPTON HOMES SOUTHERN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Kempton

J Kempton

S P Kempton

REGISTERED OFFICE:

19 Comforts Farm Avenue

Oxted

Surrey

RH8 9DH

REGISTERED NUMBER:

10627481 (England and Wales)

ACCOUNTANTS:

The Altus Partnership LLP

27 Old Gloucester Street

London

WC1N 3AX

FIXED ASSETS

Tangible assets

4

4,329

6,828

CURRENT ASSETS

Stocks

829,575

1,188,518

Debtors

5

31,086

14,660

Cash at bank and in hand

13,183

6,395

873,844

1,209,573

CREDITORS

Amounts falling due within one year

6

862,004

1,227,950

NET CURRENT ASSETS/(LIABILITIES)

11,840

(18,377

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,169

(11,549

)

PROVISIONS FOR LIABILITIES

822

822

NET ASSETS/(LIABILITIES)

15,347

(12,371

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

15,247

(12,471

)

SHAREHOLDERS' FUNDS

15,347

(12,371

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 August 2019 and were signed on its behalf by:

J Kempton - Director

S J Kempton - Director

S P Kempton - Director

1.	STATUTORY INFORMATION

Kempton Homes Southern Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

With regards to private housing sales, revenue is recognised in the income statement when the significant risks

and rewards of ownership have transferred to the purchaser, which is when legal title is transferred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on cost

Stocks

Stocks are stated at the lower of costs and estimated selling price less costs to complete and sell. Costs include

all costs of purchase, costs of materials and direct labour and other development costs incurred in bringing the

stock to its present condition.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the

profit and loss account.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

The company only enters into basic financial instruments that result in the recognition of the financial assets and

liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related

parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Profit and loss account.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2018

and 28 February 2019

9,328

DEPRECIATION

At 1 March 2018

2,500

Charge for year

2,499

At 28 February 2019

4,999

NET BOOK VALUE

At 28 February 2019

4,329

At 28 February 2018

6,828

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

7,300

-

Other debtors

23,786

14,660

31,086

14,660

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

46,928

138,838

Taxation and social security

2,936

328

Other creditors

812,140

1,088,784

862,004

1,227,950

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100