A & B Homes Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01680522 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

A & B HOMES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

J Bernardez

Mrs D Bernardez

SECRETARY:

Mrs D Bernardez

REGISTERED OFFICE:

The Milepost

Chilworth Road

Chilworth

Southampton

SO16 7JT

REGISTERED NUMBER:

01680522 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

8,811

10,664

Investments

5

2

2

8,813

10,666

CURRENT ASSETS

Stocks

6

2,602,184

2,368,646

Debtors

7

326,618

554,878

Cash at bank and in hand

6,457

6,888

2,935,259

2,930,412

CREDITORS

Amounts falling due within one year

8

421,258

904,822

NET CURRENT ASSETS

2,514,001

2,025,590

TOTAL ASSETS LESS CURRENT LIABILITIES

2,522,814

2,036,256

PROVISIONS FOR LIABILITIES

9

21,249

1,587

NET ASSETS

2,501,565

2,034,669

CAPITAL AND RESERVES

Called up share capital

10

404,250

404,250

Retained earnings

2,097,315

1,630,419

SHAREHOLDERS' FUNDS

2,501,565

2,034,669

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 August 2017 and were signed on its behalf by:

J Bernardez - Director

Mrs D Bernardez - Director

1.	STATUTORY INFORMATION

A & B Homes Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the company's first set of financial statements prepared in accordance with FRS102 and there

are no transitional adjustments to report.

Turnover

Turnover represents work done during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of

work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term

contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

68,546

47,728

16,060

132,334

DEPRECIATION

At 1 April 2016

62,614

45,538

13,518

121,670

Charge for year

889

329

635

1,853

At 31 March 2017

63,503

45,867

14,153

123,523

NET BOOK VALUE

At 31 March 2017

5,043

1,861

1,907

8,811

At 31 March 2016

5,932

2,190

2,542

10,664

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 April 2016

and 31 March 2017

2

NET BOOK VALUE

At 31 March 2017

2

At 31 March 2016

2

6.

STOCKS

2017

2016

£

£

Work-in-progress

2,602,184

2,368,646

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,204

6,120

Amounts owed by participating interests

309,437

544,775

Social security and other tax

863

-

VAT

9,114

3,983

326,618

554,878

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

34,646

22,267

Corporation tax

119,480

116,130

Directors' current accounts

264,882

756,225

Accruals and deferred income

2,250

10,200

421,258

904,822

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

1,249

1,587

Other provisions

20,000

-

21,249

1,587

Liabili-

Deferred

ties on

tax

contracts

£

£

Balance at 1 April 2016

1,587

-

(Credit)/charge to Income Statement during year

(338

)

20,000

Balance at 31 March 2017

1,249

20,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

363,825

Ordinary

£1

363,825

363,825

13,475

Ordinary A

£1

13,475

13,475

13,475

Ordinary B

£1

13,475

13,475

13,475

Ordinary C

£1

13,475

13,475

404,250

404,250

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 (2016 - £156,500) were paid to the directors .

MR & MRS BERNARDEZ

Directors and shareholders

Interest bearing loan account on which no terms of repayment have been agreed. During the previous

year £500,000 of this loan was secured on Mr & Mrs Bernardez's personal assets. During the current

year £500,000 of this loan was repaid and the security was released. The interest on this loan is

charged through the profit and loss account of A & B Homes Limited.The amount charged for the

year was £4,018 (2016 - £7,245).

At the balance sheet date the amount due to Mr & Mrs Bernardez amounted to £264,882 (2016 -

£756,225).

A & B HOMES (SOUTH) LIMITED

Mr & Mrs Bernardez are directors of this company

Loans advanced to/from this company from A & B Homes (South) Limited on which interest is

charged at 2% above base per annum. The interest charged for the year was £6,362 (2016 - £11,085).

This company charged rent to A & B Homes (South) Limited. The amount included in the profit and

loss account for the year is £24,000 (2016 - £24,000).

A & B Homes Limited charged management charges to A & B Homes (South) Limited. The amount

charged for the year was £629,519 (2016 - £876,778).

During the current and previous year, A & B Homes Limited received a dividend from A & B Homes

(South) Limited amounting to £NIL (2016 - £21,420).

At the balance sheet date the amount due from A & B Homes South Limited amounted to £NIL (2016

- £544,775).

A & B BUILDERS

A business in which both of the directors are partners.

A & B Builders provided transport services to A & B Homes Limited at a cost of £NIL (2016 -

£8,000).

At the balance sheet date the amount due to A & B Builders amounted to £NIL (2016 - £8,000)

A & B HOMES HOLDINGS LIMITED

Mr & Mrs Bernardez are directors of this company

Non interest bearing loan on which no terms of repayment have been agreed. The amount due from A

& B Homes Holdings Limited at the balance sheet date amounted to £309,437 (2016 £NIL).

During the current and previous year, A & B Homes Limited received a dividend from A & B Homes

Holdings Limited amounting to £NIL (2016 - £34,580)

12.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mr Bernardez throughout the current and previous year. Mr

Bernardez is the managing director and majority shareholder.

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement

and certain other primary statements and the Report of the Directors are not required to be filed with

the Registrar of Companies.

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

approval the financial statements of A & B Homes Ltd for the year ended 31 March 2017 which comprise

the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of A & B Homes Ltd, 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 A & B Homes Ltd and state those matters that we have agreed to state to the Board of Directors of A & B Homes Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & B Homes Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A & B Homes Ltd 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 A & B Homes Ltd. You consider that A & B Homes Ltd 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 A & B Homes Ltd. 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.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

8 August 2017