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Registered number: 06118942
Kingswood Homes (West Midlands) Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Kingswood Homes (West Midlands) Limited for the year ended 29 February 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kingswood Homes (West Midlands) Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Kingswood Homes (West Midlands) Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Kingswood Homes (West Midlands) Limited and state those matters that we have agreed to state to the directors of Kingswood Homes (West Midlands) Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingswood Homes (West Midlands) Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Kingswood Homes (West Midlands) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Kingswood Homes (West Midlands) Limited . You consider that Kingswood Homes (West Midlands) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Kingswood Homes (West Midlands) Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
29 November 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 06118942
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 457 829
457 829
CURRENT ASSETS
Stocks 5 - 120,000
Debtors 6 576,398 426,465
Cash at bank and in hand - 2,145
576,398 548,610
Creditors: Amounts Falling Due Within One Year 7 (301,262 ) (313,352 )
NET CURRENT ASSETS (LIABILITIES) 275,136 235,258
TOTAL ASSETS LESS CURRENT LIABILITIES 275,593 236,087
Creditors: Amounts Falling Due After More Than One Year 8 (13,333 ) (23,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (158 )
NET ASSETS 262,260 212,596
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 262,160 212,496
SHAREHOLDERS' FUNDS 262,260 212,596
Page 2
Page 3
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 29 November 2024 and were signed on its behalf by:
Mr S G Hussey
Director
29 November 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Kingswood Homes (West Midlands) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06118942 . The registered office is Kixley, Old Warwick Road, Lapworth, Solihull, B94 6JZ.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 10% on cost
Computer Equipment 20% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 28 February 2023 1,523 2,292 3,815
As at 29 February 2024 1,523 2,292 3,815
Depreciation
As at 28 February 2023 972 2,014 2,986
Provided during the period 94 278 372
As at 29 February 2024 1,066 2,292 3,358
Net Book Value
As at 29 February 2024 457 - 457
As at 28 February 2023 551 278 829
5. Stocks
2024 2023
£ £
Work in progress - 120,000
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 576,398 426,465
576,398 426,465
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,491 4,323
Bank loans and overdrafts 10,034 10,000
Amounts owed to participating interests - 159,442
Other creditors 287,737 139,460
Taxation and social security - 127
301,262 313,352
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,333 23,333
13,333 23,333
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Page 6
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 28 February 2023 158 158
Deferred taxation (158 ) (158 )
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
90 Ordinary Shares of £ 1 each 90 90
10 Ordinary A shares of £ 1 each 10 10
100 100
11. Related Party Transactions
During the period, no dividends were paid to the directors (2023 - £37,700).
One of the directors has loaned the company monies which are tax free and repayable on demand. At 29 February 2024 this loan totalled £286,237 (2023 - £114,965).
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