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Unaudited Financial Statements |
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for the Period 19 January 2016 to 31 March 2017 |
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Kammbronn Homes Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 19 January 2016 to 31 March 2017 |
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for |
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Kammbronn Homes Limited |
Kammbronn Homes Limited (Registered number: 09957667) |
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Contents of the Financial Statements |
for the Period 19 January 2016 to 31 March 2017 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Kammbronn Homes Limited |
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Company Information |
for the Period 19 January 2016 to 31 March 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Marlborough |
Hillcrest |
Helston |
Cornwall |
TR13 8UN |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Kammbronn Homes Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance |
Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the |
Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Kammbronn Homes Limited for the period ended 31 March 2017 which comprise the Income Statement, Balance |
Sheet, and the related notes from the company's accounting records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Kammbronn Homes Limited, as a body, in accordance with the terms of our engagement letter dated 2 March 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Kammbronn Homes Limited and state those matters that we have agreed to state to the Board of Directors of Kammbronn Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kammbronn Homes Limited Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Kammbronn 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 Kammbronn Homes Limited. You consider that Kammbronn Homes Limited is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of Kammbronn 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 financial statements. |
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Marlborough |
Hillcrest |
Helston |
Cornwall |
TR13 8UN |
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Kammbronn Homes Limited (Registered number: 09957667) |
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Balance Sheet |
31 March 2017 |
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Notes | £ |
CURRENT ASSETS |
Stocks | 3 |
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Debtors | 4 |
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Investments | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Kammbronn Homes Limited (Registered number: 09957667) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Kammbronn Homes Limited (Registered number: 09957667) |
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Notes to the Financial Statements |
for the Period 19 January 2016 to 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Kammbronn Homes Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Kammbronn Homes Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of |
the Companies Act 2006 not to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
tax and other sales taxes. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing |
stocks to their present location and condition. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | STOCKS |
£ |
Work-in-progress |
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Kammbronn Homes Limited (Registered number: 09957667) |
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Notes to the Financial Statements - continued |
for the Period 19 January 2016 to 31 March 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Amounts recoverable on contract |
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Other debtors |
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5. | CURRENT ASSET INVESTMENTS |
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Shares in group undertakings |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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Other creditors |
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The loan above has been included at the present value, using an effective rate of interest. The value of the loan repayable |
including the effective interest is £5,120,000. |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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Other loans |
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There is a mortgage in place and a charge over the land included within work in progress. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | 1 | 100 |
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Kammbronn Homes Limited (Registered number: 09957667) |
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Notes to the Financial Statements - continued |
for the Period 19 January 2016 to 31 March 2017 |
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10. | RESERVES |
Retained |
earnings |
£ |
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Deficit for the period | ( |
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At 31 March 2017 | ( |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the period ended 31 March 2017: |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period |
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The director has advanced the company funds to assist with start-up cash flow. The loan is interest free but repayable on |
demand. |
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12. | RELATED PARTY DISCLOSURES |
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The two largest shareholders have both provided the company with interest free, repayable on demand loans. These total |
£449,910. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Marconi Builders and Developers Limited. |
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The parent company noted above has it's registered office and trades from the same address as Kammbronn Homes |
Limited. This is recorded on the company information page. |
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14. | GOING CONCERN |
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Although the balance sheet is overdrawn, this is expected whilst setting up the new development project. The loans from |
group members are repayable on demand, but all have indicated that they will not request immediate payment in order to |
assist with the start-up cash flow. |