Kingfisher Homes (South East) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03851099 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2020

FOR

KINGFISHER HOMES (SOUTH EAST) LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

CURRENT ASSETS

Stocks

-

530,945

Debtors

5

1,299,517

59,635

Cash at bank

22,575

137,753

1,322,092

728,333

CREDITORS

Amounts falling due within one year

6

1,074,561

726,101

NET CURRENT ASSETS

247,531

2,232

TOTAL ASSETS LESS CURRENT LIABILITIES

247,531

2,232

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

247,431

2,132

SHAREHOLDERS' FUNDS

247,531

2,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 Board of Directors and authorised for issue on 22 February 2021 and were signed on its behalf by:

Mr S Bowyer - Director

1.	STATUTORY INFORMATION

Kingfisher Homes (South East) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03851099

Registered office:

Coxland Cottage

Sheepstreet Lane

Etchingham

East Sussex

TN19 7AY

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

When the outcome of a construction contract can be estimated reliably, Turnover is recognised by reference to the stage of completion of a contract and is matched with the contract costs incurred in reaching the stage of completion. When the outcome of a construction contract cannot be estimated reliably, Turnover shall be recognised only to the extent of contract costs incurred that it is probable will be recoverable.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The accounts have been prepared on a going concern basis not withstanding the excess of current liabilities over current assets. The company's directors have confirmed their intention to continue their support to the company for the foreseeable future.

The company has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the business in future.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 2 ).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by associates

-

30,042

Amounts receivable on contracts

1,238,900

-

VAT

55,625

21,786

Deferred tax asset

Tax losses carried forward

-

1,844

Prepayments and accrued income

4,992

5,963

1,299,517

59,635

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

8,775

11,737

Intercompanies

260,904

182,712

Corporation tax

55,695

-

Other creditors

87,076

9,965

Directors' current accounts

660,568

520,708

Accruals and deferred income

1,543

979

1,074,561

726,101

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

8.	RELATED PARTY DISCLOSURES

Included in other creditors is a balance of £76,000 (2019: £30,042 in other debtors) due to SB 10 Construction Ltd, a company in which one of the directors has an interest as both director and shareholder. The amount owing is interest free and repayable on demand.

Included in other creditors is a balance of £8,400 (2019: £8,400) due to Cullawn Construction Ltd, a company in which one of the directors has an interest as both director and shareholder. The amount owing is interest free and repayable on demand.

Included in other creditors is a balance of £151,503 (2019: £149,312) due to Kingfisher Developments Ltd, a company in which both of the directors have an interest as directors and shareholders. Interest of £3,014 was charged on the amount owing.

Included in other creditors is a balance of £25,000 (2019: £25,000) due to SBSW Pembury Ltd, a company in which one of the directors has an interest as both director and shareholder. The amount due is interest free and repayable on demand.