Kalfab Holdings Limited - Accounts to registrar (filleted) - small 18.2
Kalfab Holdings Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2019 TO 30 JUNE 2019 |
FOR |
KALFAB HOLDINGS LIMITED |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 January 2019 to 30 June 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KALFAB HOLDINGS LIMITED |
COMPANY INFORMATION |
for the period 1 January 2019 to 30 June 2019 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
BALANCE SHEET |
30 June 2019 |
2019 | 2018 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Investments | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
BALANCE SHEET - continued |
30 June 2019 |
2019 | 2018 |
as restated |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 8 |
Retained earnings | ( |
) |
The director acknowledges her 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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 January 2019 to 30 June 2019 |
1. | STATUTORY INFORMATION |
Kalfab Holdings Limited is a limited company, registered in England and Wales. Its registered office address is |
Vincent Court, Hubert Street, Birmingham, B6 4BA and the registered number is 07112030. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of |
the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
The presentation currency of the financial statements is Sterling (£). |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Investments in subsidiaries |
Investment in the subsidiary company is held at cost less accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair |
value is recognised in profit or loss. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of 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 cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in |
profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
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 |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future |
receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the |
effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of acquisition and |
that are readily convertible to known amounts of cash with insignificant risk of change in value. |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2019 to 30 June 2019 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, |
are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the |
debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Such instruments are subsequently carried at amortised cost using the effective interest method, less any |
impairment. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as |
other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive |
income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the |
Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against |
the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have |
been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments |
under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2019 |
and 30 June 2019 |
PROVISIONS |
At 1 January 2019 |
and 30 June 2019 | 1,350,000 |
NET BOOK VALUE |
At 30 June 2019 |
At 31 December 2018 |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2019 to 30 June 2019 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
Disposals | ( |
) |
At 30 June 2019 |
NET BOOK VALUE |
At 30 June 2019 |
At 31 December 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Bank loans |
Other creditors |
KALFAB HOLDINGS LIMITED (REGISTERED NUMBER: 07112030) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2019 to 30 June 2019 |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2019 |
Sale of investment property | (408,817 | ) |
At 30 June 2019 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions |
with wholly owned subsidiaries within the group. |
10. | PRIOR YEAR ADJUSTMENTS |
Prior to the restatement, the company incorrectly included assets which had previously been provided for. Also a |
liability owned by the company was provided for. The opening comparative figures for the period ended 31 |
December 2018 have been restated throughout the financial statements to include the asset and liability to be |
included in other debtors and creditors respectively. The adjustments made in respect of this are as follows: |
Before | Adjustment | Restated |
restatement |
£ | £ | £ |
Changes in balance sheet |
Debtors | 49,078 | (37,963 | ) | 11,115 |
Creditors due over one year | (674,107 | ) | (330,000 | ) | (1,004,107 | ) |
Retained earnings | 70,545 | 367,963 | (297,418 | ) |