KEWMARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 05759556 (England and Wales)
KEWMARK LIMITED
COMPANY INFORMATION
Director
K Alder-Barber
Secretary
N S Taylor
Company number
05759556
Registered office
The Haybarn
Threshers Bush
Harlow
Essex
CM17 0NS
Accountants
Charterhouse (Accountants) Limited
Clarendon House
20/22 Aylesbury End
Beaconsfield
Buckinghamshire
HP9 1LW
KEWMARK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
KEWMARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Current assets
Stocks
1,959,818
1,785,862
Debtors
3
200,236
319,182
Cash at bank and in hand
5,230
23,573
2,165,284
2,128,617
Creditors: amounts falling due within one year
4
(2,429,766)
(2,409,682)
Net current liabilities
(264,482)
(281,065)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(264,484)
(281,067)
Total equity
(264,482)
(281,065)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 28 March 2018
K Alder-Barber
Director
Company Registration No. 05759556
KEWMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Kewmark Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Haybarn, Threshers Bush, Harlow, Essex, CM17 0NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Kewmark Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
KEWMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, loans from
fellow group companies that are classified as debt, are
recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
2,409
Amounts owed by group undertakings
-
11,302
Other debtors
200,236
305,471
200,236
319,182
4
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
-
33,808
Trade creditors
1,416
18,617
Amounts due to group undertakings
120,000
-
Corporation tax
4,146
-
Other creditors
2,299,666
2,353,234
Accruals and deferred income
4,538
4,023
2,429,766
2,409,682
KEWMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
6
Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 from the requirement to disclose details of transactions with other group companies which are wholly owned by a member of the group.
At the balance sheet date a net amount of £2,161,129 (2016: £2,353,234) was owed to Galliard Homes Limited, a company connected to K Alder-Barber. No interest was paid on these loans.
At the balance sheet date a net amount of £10,000 (2016: £Nil) was owed to Lincoln House Developments Limited, a company connected to K Alder-Barber. No interest was paid on these loans.
At the balance sheet date a net amount of £24,000 (2016: £Nil) was owed to Main Street Solutions Limited, a company connected to K Alder-Barber. No interest was paid on these loans
At the balance sheet date a net amount of £66,557 (2016: £11,302) was owed to Casthand Limited, an company connected to K Alder-Barber. No interest was paid on these loans.
Included in other creditors at the balance sheet date is an amount of £30,000 (2016: £Nil) owed to K Alder-Barber. No interest was paid on these loans.
KEWMARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
7
Prior period adjustment
Changes to the balance sheet
At 31 March 2016
As previously reported
Adjustment at 1 Apr 2015
Adjustment at 31 Mar 2016
As restated
£
£
£
£
Current assets
Debtors due within one year
117,401
(103,690)
-
13,711
Capital and reserves
Profit and loss
(177,377)
(103,690)
-
(281,067)
Changes to the profit and loss account
Period ended 31 March 2016
As previously reported
Adjustment
As restated
£
£
£
Loss for the financial period
(3,999)
-
(3,999)
The company was originally a 100% subsidiary of Galliard Homes Limited, the parent company. The current shareholder was working jointly with the parent company in developing properties for resale. On 30 March 2015 the current shareholder took over the shareholdings from parent company. All the transactions were correctly reflected in the accounts of the company during the year ended 31 March 2015 with the exception of the debts due from the joint developers. The prior year adjustment relates to the omission of clearing off these debts as part of the original agreement and the comparative figures on the balance sheet has been restated to reflect this adjustment.