Kenley Homes Limited Filleted accounts for Companies House (small and micro)

KENLEY HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06511153

KENLEY HOMES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2021

KENLEY HOMES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

KENLEY HOMES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr S Aitken
	Mr G L Ripley
	Mr D Robinson

Registered office	Unit 33/2 Auckland Crescent
	St. Helen Auckland
	Bishop Auckland
	County Durham
	DL14 9AD

Accountants	Allen Sykes Ltd
	Chartered Accountants
	5 Henson Close
	South Church Enterprise Park
	Bishop Auckland
	County Durham
	DL14 6WA

KENLEY HOMES LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1,851		–

CURRENT ASSETS

Stocks		204,221	–
Debtors	6	40,688	45,314
Cash at bank and in hand		627	5,000
		----------	---------
		245,536	50,314

CREDITORS: amounts falling due within one year	7	284,475		2,932
		----------		---------
NET CURRENT (LIABILITIES)/ASSETS			( 38,939)		47,382
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 37,088)		47,382

CREDITORS: amounts falling due after more than one year
Bank loans and overdrafts	39,165	49,167

ACCRUALS AND DEFERRED INCOME	1,500	500
	---------	---------
NET LIABILITIES	( 77,753)	( 2,285)
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	( 77,853)	( 2,385)
	---------	-------
SHAREHOLDERS DEFICIT	( 77,753)	( 2,285)
	---------	-------

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 Section 1A of 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 statement of income and retained earnings has not been delivered.

KENLEY HOMES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2021

For the year ending 31 August 2021 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 were approved by the board of directors and authorised for issue on 31 May 2022 , and are signed on behalf of the board by:

Mr G L Ripley

Director

Company registration number: 06511153

KENLEY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 33/2 Auckland Crescent, St. Helen Auckland, Bishop Auckland, County Durham, DL14 9AD.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. These financial statements are prepared in sterling, which is the functional currency of the entity. As shown in the Statement of Financial Position, the company has a net deficit of assets at 31 August 2021. The directors will loan the company any necessary funds to cover any short-term shortfall in working capital in the forthcoming year. On this basis the directors believe it appropriate to prepare the accounts on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

	Equipment	-	25% straight line

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 stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2020: 2 ).

5. TANGIBLE ASSETS

	Equipment
	£
Cost
At 1 September 2020	–
Additions	2,402
	-------
At 31 August 2021	2,402
	-------
Depreciation
At 1 September 2020	–
Charge for the year	551
	-------
At 31 August 2021	551
	-------
Carrying amount
At 31 August 2021	1,851
	-------
At 31 August 2020	–
	-------

6. DEBTORS

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	21,330	45,000
Other debtors	19,358	314
	---------	---------
	40,688	45,314
	---------	---------

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,000	833
Trade creditors	72,554	1,887
Social security and other taxes	23,605	–
Other creditors	105,980	–
Amounts owed to related parties	71,500	–
Other creditors	836	212
	----------	-------
	284,475	2,932
	----------	-------

8. RELATED PARTY TRANSACTIONS

Included in debtors is £21,330 (2020: £45,000) owed from Kenley Holdings Limited, a company in which Mr S Aitken and Mr G L Ripley are also directors.