Kinvena Homes Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 01833364 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

Kinvena Homes Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTORS:

F J Kinch

Mrs M B Kinch

S F Kinch

Mrs T J Coulson

SECRETARY:

Mrs T J Coulson

REGISTERED OFFICE:

The Elms

Torksey

Lincoln

Lincolnshire

LN1 2EH

REGISTERED NUMBER:

01833364 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Britannia House

Marshall's Yard

Gainsborough

Lincolnshire

DN21 2NA

FIXED ASSETS

Tangible assets

2

5,061,540

4,644,385

Investments

3

1

176,752

5,061,541

4,821,137

CURRENT ASSETS

Stocks

1,993,870

1,365,730

Debtors

674,861

758,900

Cash in hand

200

200

2,668,931

2,124,830

CREDITORS

Amounts falling due within one year

4

3,397,761

3,319,779

NET CURRENT LIABILITIES

(728,830

)

(1,194,949

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,332,711

3,626,188

CREDITORS

Amounts falling due after more than one year

4

(4,875

)

(14,625

)

PROVISIONS FOR LIABILITIES

(48,167

)

(43,929

)

NET ASSETS

4,279,669

3,567,634

CAPITAL AND RESERVES

Called up share capital

5

10,080

10,080

Share premium

322,306

322,306

Revaluation reserve

1,255,655

926,937

Profit and loss account

2,691,628

2,308,311

SHAREHOLDERS' FUNDS

4,279,669

3,567,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 December 2015 and were signed on its behalf by:

S F Kinch - Director

Mrs T J Coulson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Compliance with the requirements of the FRSSE in regard to accounting for Investment Properties requires

departure from the requirements of the Companies Act 2006 relating to depreciation and an explanation of the

departure is given below.

Preparation of consolidated financial statements

The financial statements contain information about Kinvena Homes Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Investment properties

- nil

Freehold land

- nil

Buildings

- 2% on cost

Plant and machinery

- 25% on reducing balance

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on cost

Computer equipment

- 25% on cost

In accordance with the Financial Reporting Standard for Small Entities (effective April 2008), the investment

property is valued annually and included in the financial statements at open market value. The surplus or deficit

is transferred to a revaluation reserve. No provision or amortisation is provided in respect of freehold investment

property.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principles set out in the FRSSE. The director considers that, because these

properties are not held for consumption but for their investment potential, to depreciate them would not give a

true and fair view.

If this departure from the act had not been made, the profit for the financial year would have been reduced by

depreciation. However, the amount of depreciation cannot be reasonably quantified, because depreciation is

only one of the many factors reflected in the annual valuation and the amount which might otherwise have been

shown cannot be separately identified or quantified.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Turnover on long term contracts is determined on the basis of directors' valuation of the work completed.

Operating profit includes attributable profit on long term contracts completed and amounts recoverable on

contracts uncompleted, the latter being also included under debtors within one year.

Payments on account in excess of work done are included in creditors within one year.

Attributable profit is the realisable value of work completed, as valued by the directors, after deducting

foreseeable losses less costs incurred.

Deferred tax

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have

been enacted or substantially enacted by the balance sheet date.

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at

the balance sheet date where transactions or events that result in an obligation to pay more or less tax in the

future have occurred at the balance sheet date. Timing differences are differences between the company's

taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and

losses in tax assessments in periods different from those in which they are recognised in the financial

statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing

differences are expected to reverse, based on tax rates and laws that have been enacted or substantially

enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Leasing commitments

Rentals paid under operating leases are charged to income as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2014

5,861,266

Additions

263,411

Disposals

(90,619

)

Revaluations

328,718

At 31 March 2015

6,362,776

DEPRECIATION

At 1 April 2014

1,216,881

Charge for year

119,846

Eliminated on disposal

(15,186

)

Reclassification/transfer

(20,305

)

At 31 March 2015

1,301,236

NET BOOK VALUE

At 31 March 2015

5,061,540

At 31 March 2014

4,644,385

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2014

176,752

Disposals

(176,751

)

At 31 March 2015

1

NET BOOK VALUE

At 31 March 2015

1

At 31 March 2014

176,752

4.

CREDITORS

Creditors include an amount of £ 1,991,025 (2014 - £ 2,168,216 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2015

2014

value:

£

£

10,080

Ordinary

£1

10,080

10,080

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2015 and

31 March 2014:

2015

2014

£

£

S F Kinch

Balance outstanding at start of year

-

-

Amounts advanced

3,324

-

Amounts repaid

(540

)

-

Balance outstanding at end of year

2,784

-

7.	PENSION COSTS

The company operates a funded defined contribution scheme.

2015

2014

£

£

Pension cost charged to profit on ordinary activities.

NIL

1,500

There were no outstanding or prepaid pension contributions at the end of the year.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kinvena Homes Limited for the year ended 31 March 2015 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Kinvena Homes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kinvena Homes Limited and state those matters that we have agreed to state to the Board of Directors of Kinvena Homes Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kinvena Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kinvena Homes Limited. You consider that Kinvena Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kinvena Homes Limited. For

this reason, we have not verified the accuracy or completeness of the accounting records or information and

explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Britannia House

Marshall's Yard

Gainsborough

Lincolnshire

DN21 2NA

22 December 2015