KEBLE HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023
Company Registration Number: 04998217
KEBLE HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
KEBLE HOMES LIMITED
COMPANY INFORMATION
FOR THE PERIOD ENDED 31 DECEMBER 2023
DIRECTOR
O J McGovern
SECRETARY
O J McGovern
REGISTERED OFFICE
The Old Exchange
Market Place
Woodstock
Oxon
OX20 1TA
COMPANY REGISTRATION NUMBER
04998217 England and Wales
KEBLE HOMES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 31 December 2023 31 March 2023
£ £
FIXED ASSETS
Tangible assets 5 154,022 183,043
Investments 6 1 1
154,023 183,044
CURRENT ASSETS
Stock 2,034,794 2,065,890
Debtors 7 238,824 234,507
Cash at bank and in hand 24,181 1,148
2,297,799 2,301,545
CREDITORS: Amounts falling due within one year 8 2,853,744 2,801,552
NET CURRENT LIABILITIES (555,945) (500,007)
CURRENT LIABILITIES LESS TOTAL ASSETS (401,922) (316,963)
CREDITORS: Amounts falling due after more than one year 9 29,979 47,472
NET LIABILITIES (431,901) (364,435)
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account (432,001) (364,535)
SHAREHOLDER'S DEFICIT (431,901) (364,435)
KEBLE HOMES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
O J McGovern
Director
Date approved by the board: 26 November 2024
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
Keble Homes Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Old Exchange
Market Place
Woodstock
Oxon
OX20 1TA
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £1,420,257 (31/03/2023 - £919,584) and the director £1,317,388 (31/03/2023 - £1,624,574), both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the director. The director does not consider their own support nor the support of the bank likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover represents the sale of houses, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Plant and machinery Reducing balance basis at 25% per annum
Leasehold adaptations Reducing balance basis at 5% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investments
The investment in the subsidiary is shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the period are shown as either accruals or prepayments in the balance sheet.
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the period / year was:
31/12/2023 31/03/2023
Average number of employees 2 4
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
5 TANGIBLE ASSETS
Office equipment Motor vehicles Plant and machinery Leasehold adaptations Total
£ £ £ £ £
Cost
At 1 April 2023 40,736 211,949 44,392 103,629 400,706
Additions 748 - - - 748
At 31 December 2023 41,484 211,949 44,392 103,629 401,454
Accumulated depreciation and impairments
At 1 April 2023 33,534 120,656 40,032 23,441 217,663
Charge for period 1,847 22,823 1,090 4,009 29,769
At 31 December 2023 35,381 143,479 41,122 27,450 247,432
Net book value
At 1 April 2023 7,202 91,293 4,360 80,188 183,043
At 31 December 2023 6,103 68,470 3,270 76,179 154,022
6 FIXED ASSET INVESTMENTS
Investment in subsidiary
£
Cost
At 1 April 2023 1
At 31 December 2023 1
Net book value
At 1 April 2023 1
At 31 December 2023 1
7 DEBTORS
31/12/2023 31/03/2023
£ £
Prepayments and accrued income 2,754 5,096
Other debtors 236,070 229,411
238,824 234,507
KEBLE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
8 CREDITORS: Amounts falling due within one year
31/12/2023 31/03/2023
£ £
Bank loans and overdrafts 1,404,576 895,510
Trade creditors 70,877 222,043
Taxation and social security 1,320 4,649
Hire purchase contracts and finance leases 7,799 1,813
Accruals and deferred income 16,887 15,637
Other creditors 1,352,285 1,661,900
2,853,744 2,801,552
9 CREDITORS: Amounts falling due after more than one year
31/12/2023 31/03/2023
£ £
Bank loans and overdrafts 15,681 24,074
Hire purchase contracts and finance leases 14,298 23,398
29,979 47,472
10 SECURED DEBTS
The company's bankers hold fixed and floating charges over all the assets of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
11 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Keble Homes Developments Limited - Subsidiary company
During the period / year, the following transactions with related parties took place:
O J McGovern
Director 31/12/2023 31/03/2023
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the period / year end, the company owed the director the following amount: 1,317,388 1,624,574
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