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REGISTERED NUMBER: 06344397 (England and Wales)















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: M Robbins
K J Williams





REGISTERED OFFICE: Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ





REGISTERED NUMBER: 06344397 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
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 21,497 28,530
Investment property 5 968,437 814,437
989,934 842,967

CURRENT ASSETS
Stocks 354,057 206,058
Debtors 6 3,478 13,198
Cash at bank 6,596 97,978
364,131 317,234
CREDITORS
Amounts falling due within one year 7 531,878 495,501
NET CURRENT LIABILITIES (167,747 ) (178,267 )
TOTAL ASSETS LESS CURRENT LIABILITIES 822,187 664,700

CREDITORS
Amounts falling due after more than one
year

8

(572,553

)

(565,227

)

PROVISIONS FOR LIABILITIES (30,995 ) (5,421 )
NET ASSETS 218,639 94,052

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 218,635 94,048
218,639 94,052

K M Homes Limited (Registered number: 06344397)

Balance Sheet - continued
29 February 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 applicable to companies subject to the small companies regime.

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 30 October 2024 and were signed on its behalf by:





M Robbins - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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 2 (2023 - 2 ) .

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 120 35,542 35,662
Additions 124 - 124
At 29 February 2024 244 35,542 35,786
DEPRECIATION
At 1 March 2023 24 7,108 7,132
Charge for year 49 7,108 7,157
At 29 February 2024 73 14,216 14,289
NET BOOK VALUE
At 29 February 2024 171 21,326 21,497
At 28 February 2023 96 28,434 28,530

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 March 2023 814,437
Revaluations 154,000
At 29 February 2024 968,437
NET BOOK VALUE
At 29 February 2024 968,437
At 28 February 2023 814,437

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 3,478 13,198

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
as restated
£    £   
Bank loans and overdrafts 19,849 19,773
Other creditors 512,029 475,728
531,878 495,501

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
as restated
£    £   
Bank loans 572,553 565,227

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.