Registration number:
Karis Homes Limited
for the Year Ended 31 March 2021
Karis Homes Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Karis Homes Limited
Company Information
Directors |
Mrs R Duance Dr M J Suffield Mr S Duance |
Company secretary |
Mrs R Duance |
Registered office |
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Accountants |
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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 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Karis Homes Limited for the year ended 31 March 2021 which comprise, the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, as set out on pages 3 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/regulation.
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
Karis Homes Limited
(Registration number: 04481100)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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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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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
3 |
3 |
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Profit and loss account |
332,328 |
236,251 |
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Shareholders' funds |
332,331 |
236,254 |
For the financial year ending 31 March 2021 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.
Approved and authorised by the
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Karis Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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 |
30% reducing balance |
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.
Karis Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Karis Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
- |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
- |
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Charge for the year |
- |
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At 31 March 2021 |
- |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Included within the net book value of land and buildings above is £1,355,000 (2020 - £1,355,000) in respect of freehold land and buildings.
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2020 |
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Provision |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Karis Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
5 |
Investments (continued) |
Stocks |
2021 |
2020 |
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Finished goods and goods for resale |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Karis Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Karis Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Related party transactions |
Summary of transactions with other related parties
(The director Mrs R Duance owns the majority of the issued share capital of this company)
At the balance sheet date the amount due to Beaumont Care (Aldershot) Limited was £90,516 (2020 £80,516).
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is