Karis Homes Limited - Period Ending 2018-03-31
Karis Homes Limited - Period Ending 2018-03-31
Registration number:
Karis Homes Limited
for the Year Ended 31 March 2018
Chartered Accountants and Chartered Tax Advisors
2nd Floor
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB
Karis Homes Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Karis Homes Limited
Company Information
Directors |
Mrs R Duance Dr M J Suffield |
Company secretary |
Mrs R Duance |
Registered office |
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Accountants |
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Page 1 |
Karis Homes Limited
Directors' Report for the Year Ended 31 March 2018
The directors present their report and the abridged financial statements for the year ended 31 March 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the selling, developing, management and renting of retirement property.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mrs R Duance
Company secretary and director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Karis Homes Limited
for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Karis Homes Limited for the year ended 31 March 2018 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Karis Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Karis Homes Limited and state those matters that we have agreed to state to the Board of Directors of Karis Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Karis Homes Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Karis Homes 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 of Karis Homes Limited. You consider that Karis Homes 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 Karis Homes 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 statutory accounts.
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Chartered Accountants and Chartered Tax Advisors
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB
Page 3 |
Karis Homes Limited
(Registration number: 04481100)
Abridged Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 4 |
Karis Homes Limited
(Registration number: 04481100)
Abridged Balance Sheet as at 31 March 2018 (continued)
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Mrs R Duance
Company secretary and director
Page 5 |
Karis Homes Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 6 |
Karis Homes Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018 (continued)
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised at the transaction price, less provision for impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are recognised at the transaction price.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 7 |
Karis Homes Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Tangible assets |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Included within the net book value of land and buildings above is £1,355,000 (2017 - £1,355,000) in respect of freehold land and buildings.
Page 8 |
Karis Homes Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018 (continued)
Investments |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Provision |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
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Subsidiary undertakings |
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Ordinary |
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England and Wales |
The company was dormant during the current and previous financial period.
Stocks |
2018 |
2017 |
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Finished goods and goods for resale |
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Page 9 |