Key Partnership Homes Ltd. 30/11/2019 iXBRL

Key Partnership Homes Ltd. 30/11/2019 iXBRL

KEY PARTNERSHIP HOMES LTD. - Company Information

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Company registration number: 06431237
Key Partnership Homes Ltd.
Trading as Key Partnership Homes Ltd
Unaudited filleted financial statements
30 November 2019
Key Partnership Homes Ltd.
Contents
Directors and other information
Directors report
Statement of financial position
Notes to the financial statements
Key Partnership Homes Ltd.
Directors and other information
Directors Mr I Stimpson
Mr D H Taylor
Secretary Mr C P Marsh
(Resigned 1st December 2018)
Company number 06431237
Business address & 28 Ashby Road
Registered office Towcester
Northamptonshire
NN12 6PG
Key Partnership Homes Ltd.
Directors report
Year ended 30 November 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2019.
Directors
The directors who served the company during the year were as follows:
Mr I Stimpson
Mr D H Taylor
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 January 2020 and signed on behalf of the board by:
Mr I Stimpson
Director
Key Partnership Homes Ltd.
Statement of financial position
30 November 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 198,061 43,525
_______ _______
198,061 43,525
Current assets
Stocks 662,457 634,926
Debtors 6 156,204 252,753
Cash at bank and in hand 7,666,750 1,732,242
_______ _______
8,485,411 2,619,921
Creditors: amounts falling due
within one year 7 ( 2,320,899) ( 1,162,937)
_______ _______
Net current assets 6,164,512 1,456,984
_______ _______
Total assets less current liabilities 6,362,573 1,500,509
_______ _______
Net assets 6,362,573 1,500,509
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 6,362,471 1,500,407
_______ _______
Shareholders funds 6,362,573 1,500,509
_______ _______
For the year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 January 2020 , and are signed on behalf of the board by:
Mr I Stimpson
Director
Company registration number: 06431237
Key Partnership Homes Ltd.
Notes to the financial statements
Year ended 30 November 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 28 Ashby Road, Towcester, Northamptonshire, NN12 6PG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2018: 8 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 December 2018 4,770 54,651 15,563 74,984
Additions 4,652 184,797 - 189,449
_______ _______ _______ _______
At 30 November 2019 9,422 239,448 15,563 264,433
_______ _______ _______ _______
Depreciation
At 1 December 2018 2,233 13,663 15,563 31,459
Charge for the year 634 34,279 - 34,913
_______ _______ _______ _______
At 30 November 2019 2,867 47,942 15,563 66,372
_______ _______ _______ _______
Carrying amount
At 30 November 2019 6,555 191,506 - 198,061
_______ _______ _______ _______
At 30 November 2018 2,537 40,988 - 43,525
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors ( 14,180) 136,787
Other debtors 170,384 115,966
_______ _______
156,204 252,753
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 663,084 436,656
Corporation tax 1,230,889 213,766
Social security and other taxes 26,457 11,057
Other creditors 400,469 501,458
_______ _______
2,320,899 1,162,937
_______ _______