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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Kingstons Homes Limited is a private company limited by shares, registered in England and Wales, company number 01009757. The address of its registered office is Midas House, 62 Goldsworth Road, Woking, Surrey, GU21 6LQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this. The directors are working to ensure the safety of their employees and maintaining the continuity of their operations as far as they are able, whilst adhering to Government advice. Whilst the pandemic will have a financial impact on the company, at this stage it is not possible to reliably forecast what this may be. However, the directors have taken all relevant measures to ensure they are able to safeguard cashflow, jobs, customers and supply chains to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal.
Given the uncertainties that exist, this may cast significant doubt on the Company’s ability to continue as a going concern, however, the Directors are confident that the comapny will still be trading in a year’s time and will be able to make a more considered judgement on the impact of Covid 19 at that time.
The turnover shown in the profit and loss account represents amounts receivable for the year, exclusive of Value Added Tax.
Tax is recognised in the Statement of Income and Retained Earnings, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Stocks is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any of foreseeable losses where appropriate.
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