Registered number:
Unaudited
For the Year Ended
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Kingston Homes Limited
Company Information
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Kingston Homes Limited
Contents
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Kingston Homes Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Kingston Homes Limited for the Year Ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingston Homes Limited for the year ended 30 June 2018 which comprise 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 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 Kingston Homes Limited, as a body, in accordance with the terms of our engagement letter dated
25 March 2014. Our work has been undertaken solely
to prepare for your approval the financial statements of Kingston Homes Limited and state those matters that we have agreed to state to the Board of directors of Kingston Homes Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingston Homes Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Kingston Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kingston Homes Limited. You consider that Kingston Homes Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
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Kingston Homes Limited
Registered number:
04639756
Balance sheet
As at
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 3 to 6 form part of these financial statements.
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Kingston Homes Limited
Notes to the financial statements
For the Year Ended 30 June 2018
Kingston Homes Limited ("the company”) is a private company limited by shares and is incorporated in England with the registration number 04639756. The address of the registered office is 37 St Margaret’s Street, Canterbury, Kent CT1 2TU.
The Company's functional and presentational currency is GBP
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Kingston Homes Limited
Notes to the financial statements
For the Year Ended 30 June 2018
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The basis of depreciation is shown in more detail below:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
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.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Kingston Homes Limited
Notes to the financial statements
For the Year Ended 30 June 2018
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Kingston Homes Limited
Notes to the financial statements
For the Year Ended 30 June 2018
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions paid by the company to the fund of £120,000 (2017: £120,000).
The company was controlled throughout the period by the directors and shareholders jointly as family members.
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Kingston Homes Limited
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