Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity43truetruefalse 10418685 2023-02-01 2024-01-31 10418685 2022-02-01 2023-01-31 10418685 2024-01-31 10418685 2023-01-31 10418685 c:Director2 2023-02-01 2024-01-31 10418685 d:MotorVehicles 2023-02-01 2024-01-31 10418685 d:MotorVehicles 2024-01-31 10418685 d:MotorVehicles 2023-01-31 10418685 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 10418685 d:ComputerEquipment 2023-02-01 2024-01-31 10418685 d:ComputerEquipment 2024-01-31 10418685 d:ComputerEquipment 2023-01-31 10418685 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 10418685 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 10418685 d:CurrentFinancialInstruments 2024-01-31 10418685 d:CurrentFinancialInstruments 2023-01-31 10418685 d:Non-currentFinancialInstruments 2024-01-31 10418685 d:Non-currentFinancialInstruments 2023-01-31 10418685 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 10418685 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 10418685 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 10418685 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 10418685 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 10418685 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 10418685 d:ShareCapital 2024-01-31 10418685 d:ShareCapital 2023-01-31 10418685 d:RetainedEarningsAccumulatedLosses 2024-01-31 10418685 d:RetainedEarningsAccumulatedLosses 2023-01-31 10418685 c:FRS102 2023-02-01 2024-01-31 10418685 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 10418685 c:FullAccounts 2023-02-01 2024-01-31 10418685 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10418685 2 2023-02-01 2024-01-31 10418685 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 10418685









KARM HOMES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
KARM HOMES LIMITED
REGISTERED NUMBER: 10418685

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,503
2,911

  
1,503
2,911

Current assets
  

Stocks
 5 
1,744,310
811,686

Debtors: amounts falling due within one year
 6 
18,361
17,062

Cash at bank and in hand
 7 
45,514
139,634

  
1,808,185
968,382

Creditors: amounts falling due within one year
 8 
(1,096,732)
(922,898)

Net current assets
  
 
 
711,453
 
 
45,484

Total assets less current liabilities
  
712,956
48,395

Creditors: amounts falling due after more than one year
  
(1,002,278)
-

  

Net (liabilities)/assets
  
(289,322)
48,395


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(289,422)
48,295

  
(289,322)
48,395


Page 1

 
KARM HOMES LIMITED
REGISTERED NUMBER: 10418685
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2024.



M Keenes
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
KARM HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Karm Homes Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 10418685. The address of the registered office is 8 Longaford Way, Brentwood, Essex, United Kingdom, CM13 2LT. The principal activity of the company is that of construction of domestic buildings.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the basis of going concern as the company director will  continue to support the company and pay liabilities as they fall due. The directors will not draw down on the intercompany loan outstanding totalling £928,737. Due consideration has been given in arriving at this opinion including reviewing projections.prepared for a period of over 12 months from the date of approval of these financial statement.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
KARM HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss 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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KARM HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing-balance
Computer equipment
-
50%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
KARM HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).


4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
15,285
2,865
18,150



At 31 January 2024

15,285
2,865
18,150



Depreciation


At 1 February 2023
13,703
1,535
15,238


Charge for the year on owned assets
395
1,014
1,409



At 31 January 2024

14,098
2,549
16,647



Net book value



At 31 January 2024
1,187
316
1,503



At 31 January 2023
1,582
1,330
2,912


5.


Stocks

2024
2023
£
£

Work in progress
1,744,310
811,686

1,744,310
811,686


Page 6

 
KARM HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,082
-

Other debtors
16,279
17,062

18,361
17,062



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
45,514
139,634

45,514
139,634



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
24,030
33,916

Trade creditors
60,861
56,606

Amounts owed to group undertakings
928,737
801,940

Corporation tax
-
21,873

Other taxation and social security
8,628
2,775

Other creditors
71,516
2,943

Accruals and deferred income
2,960
2,845

1,096,732
922,898


Page 7

 
KARM HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,002,278
-

1,002,278
-


The bank loan is secure against the property owned by the company that is currently in development and held within stock.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
24,030
33,916


24,030
33,916

Amounts falling due 1-2 years

Bank loans
1,002,278
-


1,002,278
-



1,026,308
33,916



11.


Pension commitments

The company operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the schemes are held seperately from those of the company in an independently adminstered fund. 
The total cost charge of £1,334 (2023: £Nil) represents contributions payable to these schemes by the company at rates specified in the rules of the schemes. As at 31st January 2024, contributions of £258 (2023: £1,777) due in respect of current reporting period had not been paid over to the schemes. 


12.


Controlling party

Karm Group Holdings Limited is the ultimate parent company.
 
Page 8