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

CONCEPT HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03932291

Concept Homes Limited

Filleted Unaudited Financial Statements

31 December 2017

Concept Homes Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		1	1

Creditors: amounts falling due within one year	5	3,266,831		3,266,831
		------------		------------
Net current liabilities			3,266,831	3,266,831
			------------	------------
Total assets less current liabilities			( 3,266,830)	( 3,266,830)

Creditors: amounts falling due after more than one year	6	123,908	123,908
		------------	------------
Net liabilities		( 3,390,738)	( 3,390,738)
		------------	------------

Concept Homes Limited

Statement of Financial Position (continued)

31 December 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 3,390,838)	( 3,390,838)
	------------	------------
Shareholders deficit	( 3,390,738)	( 3,390,738)
	------------	------------

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 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 comprehensive income has not been delivered.

For the year ending 31 December 2017 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 September 2018 , and are signed on behalf of the board by:

Mr M Slater

Director

Company registration number: 03932291

Concept Homes Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is M Slater - Probike, 22 Newtown Road, Newbury, RG14 7BL.

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

Going Concern The company's accounts are prepared on the going concern basis, on the assumption that the financial support would continue to be provided to the company by the banks, investors and directors of the company.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 January 2017 and 31 December 2017	2,482	2,482
	-------	-------
Depreciation
At 1 January 2017 and 31 December 2017	2,481	2,481
	-------	-------
Carrying amount
At 31 December 2017	1	1
	-------	-------
At 31 December 2016	1	1
	-------	-------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	814,396	814,396
Other creditors	2,452,435	2,452,435
	------------	------------
	3,266,831	3,266,831
	------------	------------

Bank borrowings are secured by a fixed and floating charge over the company assets.

6. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	123,908	123,908
	---------	---------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Slater	( 946,287)	–	–	( 946,287)
Mr T Karpinski	( 948,985)	–	–	( 948,985)
	------------	----	----	------------
	( 1,895,272)	–	–	( 1,895,272)
	------------	----	----	------------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Slater	( 696,287)	( 250,000)	–	( 946,287)
Mr T Karpinski	( 949,110)	–	125	( 948,985)
	------------	---------	----	------------
	( 1,645,397)	( 250,000)	125	( 1,895,272)
	------------	---------	----	------------

8. Related party transactions

The company was under the control of Mr & Mrs Karpinski and Mrs and Mrs Slater throughout the current and previous year. They own the shares equally between them. The directors have personally guaranteed all the borrowing facilities of the company.

9. Financial commitments, guarantees and contingencies

The company has an ongoing dispute with the bank. The circumstances surrounding the dispute is complex and no financial recognition is made in the accounts as a result.