Kearns Homes Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 11034706

Kearns Homes Ltd

Filleted Unaudited Financial Statements

31 October 2021

Kearns Homes Ltd

Statement of Financial Position

31 October 2021

	2021	2020
Note	£	£

Current assets

Debtors	4	495,020	729,754
Cash at bank and in hand		55,021	507,230
		---------	------------
		550,041	1,236,984

Creditors: amounts falling due within one year	5	81,250	1,066,970
		---------	------------
Net current assets		468,791	170,014
		---------	---------
Total assets less current liabilities		468,791	170,014
		---------	---------
Net assets		468,791	170,014
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	468,691	169,914
	---------	---------
Shareholders funds	468,791	170,014
	---------	---------

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.

For the year ending 31 October 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 28 October 2022 , and are signed on behalf of the board by:

M K Ibrahim

Director

Company registration number: 11034706

Kearns Homes Ltd

Notes to the Financial Statements

Year ended 31 October 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 41 Station Road, West Drayton, England, UB7 7LN.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	2021	2020
	£	£
Trade debtors	472,355	724,427
Other debtors	22,665	5,327
	---------	---------
	495,020	729,754
	---------	---------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	7,417	1,821
Corporation tax	70,083	41,459
Other creditors	3,750	1,023,690
	--------	------------
	81,250	1,066,970
	--------	------------