ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

QUANTA HOMES 4 LTD - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetruefalse2016-08-10The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10322595 2016-08-09 10322595 2016-08-10 2017-12-31 10322595 2017-12-31 10322595 c:Director1 2016-08-10 2017-12-31 10322595 c:Director1 2017-12-31 10322595 c:Director2 2016-08-10 2017-12-31 10322595 c:Director2 2017-12-31 10322595 c:RegisteredOffice 2016-08-10 2017-12-31 10322595 d:CurrentFinancialInstruments 2017-12-31 10322595 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 10322595 d:ShareCapital 2017-12-31 10322595 d:RetainedEarningsAccumulatedLosses 2016-08-10 2017-12-31 10322595 d:RetainedEarningsAccumulatedLosses 2017-12-31 10322595 c:FRS102 2016-08-10 2017-12-31 10322595 c:Audited 2016-08-10 2017-12-31 10322595 c:FullAccounts 2016-08-10 2017-12-31 10322595 c:PrivateLimitedCompanyLtd 2016-08-10 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10322595










QUANTA HOMES 4 LTD

AUDITED
DIRECTOR'S REPORT
AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED
31 DECEMBER 2017



















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QUANTA HOMES 4 LTD
 

COMPANY INFORMATION


Directors
Mr R N Du Toit (appointed 10 August 2016)
Mr E J Stevenson (appointed 10 August 2016, resigned 8 March 2017)




Registered number
10322595



Registered office
Chester House
81-83 Fulham High Street

Fulham

SW6 3JA




Independent auditors
Wellden Turnbull Ltd
Chartered Accountants & Statutory Auditors

Munro House

Portsmouth Road

Cobham

Surrey

KT11 1PP




 
QUANTA HOMES 4 LTD
 

CONTENTS



Page
Director's report
 
 
1 - 2
Independent auditors' report
 
 
3 - 5
Statement of income and retained earnings
 
 
6
Balance sheet
 
 
7
Notes to the financial statements
 
 
8 - 10

 
QUANTA HOMES 4 LTD
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2017

The director presents his report and the financial statements for the period ended 31 December 2017.
 
 
Director's responsibilities statement
 
 
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
 
 
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
 
Principal activity
 
 
The Company's principal activity during the period was that of property development.
The Company was incorporated on 10th August 2016 and started trading on 1st January 2017.
Results
The loss for the year, after taxation, amounted to £323,463.
 
 
Directors
 
 
The directors who served during the period were:
 
 
Mr R N Du Toit (appointed 10 August 2016)
Mr E J Stevenson (appointed 10 August 2016, resigned 8 March 2017)
 
Disclosure of information to auditors
 
 
The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
 
 
Page 1
 
QUANTA HOMES 4 LTD
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2017

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
 
 
This report was approved by the board on 9 January 2019 and signed on its behalf.
 
 



Mr R N Du Toit
Director
 
Page 2
 
QUANTA HOMES 4 LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 4 LTD
 

Opinion


We have audited the financial statements of Quanta Homes 4 Ltd (the 'Company') for the period ended 31 December 2017, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


∙give a true and fair view of the state of the Company's affairs as at 31 December 2017 and of its loss for the period then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:


∙the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.



Emphasis of matter


We draw your attention to Note 2.3 of the financial statements, which explains that the financial statements have not been prepared on a going concern basis. Our opinion is not modified in this respect.


Other information


The director is responsible for the other information. The other information comprises the information included in the Director's Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material
Page 3
 
QUANTA HOMES 4 LTD
 

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 4 LTD (CONTINUED)

misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


∙the information given in the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's report has been prepared in accordance with applicable legal requirements.



Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.



Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4
 
QUANTA HOMES 4 LTD
 

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 4 LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Robin John FCA CTA (Senior statutory auditor)
  
for and on behalf of
Wellden Turnbull Ltd
 
Chartered Accountants
Statutory Auditors
  
Munro House
Portsmouth Road
Cobham
Surrey
KT11 1PP
 

11 January 2019
Page 5
 
QUANTA HOMES 4 LTD
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 DECEMBER 2017

2017
Note
£

  

Cost of sales
  
(315,953)

Gross (loss)/profit
  
(315,953)

Administrative expenses
  
(7,510)

Operating (loss)/profit
  
(323,463)

Tax on (loss)/profit
 4 
-

(Loss)/profit after tax
  
(323,463)

  

  

Loss for the period
  
(323,463)

Retained earnings at the end of the period
  
(323,463)

The notes on pages 8 to 10 form part of these financial statements.

Page 6
 
QUANTA HOMES 4 LTD
REGISTERED NUMBER:10322595

BALANCE SHEET
AS AT 31 DECEMBER 2017

2017
                                                                                                                  Note
£

  

Current assets
  

Cash at bank and in hand
  
84,229

  
84,229

Creditors: amounts falling due within one year
 5 
(407,592)

Net current (liabilities)/assets
  
 
 
(323,363)

Total assets less current liabilities
  
(323,363)

  

Net (liabilities)/assets
  
(323,363)


Capital and reserves
  

Called up share capital 
 6 
100

Profit and loss account
 7 
(323,463)

  
(323,363)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R N Du Toit
Director

Date: 9 January 2019

The notes on pages 8 to 10 form part of these financial statements.

Page 7
 
QUANTA HOMES 4 LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017

1.


General information

Quanta Homes 4 Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 10322595. The registered office is Chester House, 81-83 Fulham High Street, Fulham, SW6 3JA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102. There are no material departures from the standard.

  
2.3

Going concern

The Company has been loss-making in the period, it's first accounting period since incorporation, and is in a net liability position at the period end date. The Company has been set up as a special purpose vehicle for the purchase and sale of a property. In the financial period the Company has paid a non-refundable deposit for a property and incurred professional fees. Planning permission for the property is expected to be obtained during 2019 whereby the property will be developed and subsequently sold. The directors are comfortable that with the continued support of the Quanta group, the Company will be able to meet its liabilities yes as they fall due for the foreseeable future. Accordingly the accounts will be prepared on a going concern basis.

  
2.4

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102. There are no material departures from the standard.

 
2.5

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 8
 
QUANTA HOMES 4 LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 2).




4.


Taxation



Factors affecting tax charge for the period

The tax assessed for the period is the same as the standard rate of corporation tax in the UK of 20% as set out below:

2017
£


(Loss)/profit on ordinary activities before tax
(323,463)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20%
(64,693)

Effects of:


Group relief
64,693

Total tax charge for the period
-

Page 9
 
QUANTA HOMES 4 LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017

5.


Creditors: Amounts falling due within one year

2017
£

Trade creditors
5,004

Amounts owed to group undertakings
27,069

Other creditors
345,988

Accruals and deferred income
29,531

407,592


Other creditors comprise of loans with third parties and related parties. All loan balances are interest free and repayable on demand.


6.


Share capital

2017
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


During the period the Company issued 100 shares at £1 par value fully paid.


7.


Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


8.


Related party transactions

The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly
owned group members.


9.


Parent company

The Company's immediate parent undertaking is Quanta Homes Limited. The smallest and largest group of undertakings for which group accounts are drawn up and of which the Company is a member of Quanta Group Limited. The consolidated financial statements of Quanta Group Limited may be obtained from Companies House or Chester House, 81-83 Fulham High Street, Fulham SW6 3JA. The registered address and place of business of Quanta Group Limited is Chester House Fulham Green, 81-83 Fulham High Street, London SW6 3JA.


Page 10