REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
K M Homes Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
K M Homes Limited |
K M Homes Limited (Registered number: 06344397) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
K M Homes Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
K M Homes Limited (Registered number: 06344397) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
K M Homes Limited (Registered number: 06344397) |
Balance Sheet - continued |
29 February 2024 |
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. |
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 and authorised for issue on |
K M Homes Limited (Registered number: 06344397) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
K M Homes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from the Financial Reporting Standard 102 1A. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when; |
the amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - 20% on cost |
Motor Vehicles | - 20% on cost |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
K M Homes Limited (Registered number: 06344397) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as |
current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
K M Homes Limited (Registered number: 06344397) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 March 2023 |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The fair value of the investment properties has been arrived at by a valuation by the directors at their open market value at 29 February 2024 based on similar properties. |
K M Homes Limited (Registered number: 06344397) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
as restated |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
as restated |
£ | £ |
Bank loans and overdrafts |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
as restated |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
as restated |
£ | £ |
Bank loans | 592,402 | 585,000 |
The bank loans are secured by a fixed charge in respect of the company's investment properties. |
K M Homes Limited (Registered number: 06344397) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | RELATED PARTY DISCLOSURES |
Loan from key management |
Key management |
Total |
2024 | £ | £ |
At start of period | 475,728 | 475,728 |
Advanced | 41,238 | 41,238 |
Repaid | (6,017 | ) | (6,017 | ) |
At end of period | 510,949 | 510,949 |
Key management |
Total |
2023 | £ | £ |
At start of period | 8,605 | 8,605 |
Advanced | 571,124 | 571,124 |
Repaid | (104,001 | ) | (104,001 | ) |
At end of period | 475,728 | 475,728 |
Loans from key management are interest free and repayable on demand. |