Registered number: 09996029
QUANTA HOMES 3 LTD
AUDITED
DIRECTORS' REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 JUNE 2017
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QUANTA HOMES 3 LTD
COMPANY INFORMATION
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Mr R N Du Toit
(appointed
9 February 2016
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Mr E J Stevenson
(appointed
9 February 2016
, resigned
8 March 2017
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Mr I L Bell
(appointed
12 October 2017
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Mr A C Logan
(appointed
9 November 2017
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Mr P Foley
(appointed
9 November 2017
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Mr C V Henwood
(appointed
9 November 2017
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Chartered Accountants
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Statutory Auditors
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QUANTA HOMES 3 LTD
CONTENTS
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Independent auditors' report
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Statement of income and retained earnings
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Notes to the financial statements
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QUANTA HOMES 3 LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2017
The directors present their report and the financial statements for the period ended 30 June 2017.
Directors' responsibilities statement
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The directors are responsible for preparing the directors' report and the
financial statements in accordance with applicable law and regulations.
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Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The company's principal activity during the period was that of property development.
The company was incorporated on 9th February 2016 and started trading on 27 June 2017.
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The loss for the period, after taxation, amounted to £125,516.
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The directors who served during the period were:
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Mr R N Du Toit (appointed
9 February 2016
)
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Mr E J Stevenson (appointed 9 February 2016 and resigned 8 March 2017)
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Disclosure of information to auditors
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Each of the persons who are
directors at the time when this directors' report is approved has confirmed that:
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so far as that director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
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that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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Page 1
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QUANTA HOMES 3 LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2017
This report was approved by the board on
9 November 2017
and signed on its behalf.
Page 2
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QUANTA HOMES 3 LTD
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 3 LTD
We have audited the financial statements of Quanta Homes 3 LTD for the period ended 30 June 2017, set out on pages 5 to 9. The relevant financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
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As explained more fully in the directors' responsibilities statement
, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's Ethical Standards for Auditors.
Scope of the audit of the financial statements
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An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
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In our opinion the financial statements:
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give a true and fair view of the state of the Company's affairs as at 30 June 2017 and of its
loss for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
We draw attention to Note 2.1 of the financial statements, which explains that the financial statements have not been prepared on a going concern basis. Our opinion is not modified in this respect.
Page 3
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QUANTA HOMES 3 LTD
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 3 LTD (CONTINUED)
Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit, the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with those financial statements and this report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the
financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit
; or
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the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a strategic report.
Robin John FCA CTA
(senior statutory auditor)
for and on behalf of
Wellden Turnbull Ltd
Chartered Accountants
Statutory Auditors
Munro House
Portsmouth Road
Cobham
Surrey
KT11 1PP
9 November 2017
Page 4
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QUANTA HOMES 3 LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 JUNE 2017
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Retained earnings at the end of the period
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The notes on pages 7 to 9 form part of these financial statements.
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Page 5
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QUANTA HOMES 3 LTD
REGISTERED NUMBER:
09996029
BALANCE SHEET
AS AT
30 JUNE 2017
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
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The notes on pages 7 to 9 form part of these financial statements.
Page 6
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QUANTA HOMES 3 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
Quanta Homes 3 Limited is a private company, limited by shares and incorporated in England & Wales. The Company's registered office address is Chester House, Fulham Green, 81-83 Fulham High Street, London SW6 3JA and its registered number is 09996029.
2.
Accounting policies
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Basis of preparation of financial statements
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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
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The company has been set up as a special purpose vehicle for the purchase and sale of one property. It is expected that planning permission will be obtained on the property within the next 18 months to facilitate the purchase and sale of the property. As required by UK accounting standards, the directors have prepared the financial statements on the basis that the company is not a going concern. No material adjustments arose as a result of not applying the going concern basis. The company only has short-term debtors and creditors, which are expected to be settled at their carrying amount following the termination of the business.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Cash and cash equivalents
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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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and related parties
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.
Page 7
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QUANTA HOMES 3 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
2.
Accounting policies (continued)
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Financial instruments (continued)
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The Company has no employees other than the directors, who did not receive any remuneration.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to joint ventures
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Accruals and deferred income
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Shares classified as equity
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Allotted, called up and fully paid
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100
Ordinary
shares of £
1
each
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During the period the company issued 100 shares at £1.00 at par value fully paid.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of all adjustments.
Page 8
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QUANTA HOMES 3 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
During the period, the company entered into a contract to purchase Land and Buildings for £1,540,000 (less a deposit of £100,000). The purchase is contingent upon the company obtaining planning permission to convert or redevelopment of the property for residential or commercial or mixed use on the site by 27th December 2018. Should planning permission not be obtained by the deadlines, the cost to the company is £100,000, the non-refundable element of the initial deposit.
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Related party transactions
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During the period WBHO UK Limited, the parent undertaking, provided loans to the company. At the balance sheet date the company owed £206,410 to WBHO UK Ltd. The loan is interest free and repayable on demand.
During the period Quanta Homes Limited, a participating interest with common directors provided loans to the company. At the balance sheet date the company owed £56,690 to Quanta Homes Limited. The loan is interest free and repayable on demand.
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The company's ultimate parent undertaking is Wilson Bayly Holmes-Ovcon Limited a company incorporated in South Africa and registered address and place of business is 53 Andries Street, Wynberg, Sandton, 2090 PO Box 531, Bergvlei, 2012.
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