Registered number: 09996029
AUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 JUNE 2018 |
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COMPANY INFORMATION
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CONTENTS
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2018
The directors present their report and the financial statements for the period ended 30 June 2018.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2018
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 3 LTD
We have audited the financial statements of Quanta Homes 3 LTD (the 'Company') for the period ended 30 June 2018, which comprise the statement of income and retained earnings, the balance sheet
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
We draw attention to note 2.3 of the financial statements. Our opinion is not modified in this respect.
The directors are responsible for the other information. The other information comprises the information included in the Directors Report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 3 LTD (CONTINUED)
misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 the financial statements; and
∙
the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the 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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the directors' responsibilities statement on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF QUANTA HOMES 3 LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditors' report.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Munro House
Portsmouth Road
Surrey
KT11 1PP
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 JUNE 2018
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BALANCE SHEET
AS AT
30 JUNE 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 8 to 10 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2018
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
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 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:
The accounts have been prepared in accordance with the provisions of FRS 102. There are no material departures from that standard.
The Company was incorporated to facilitate the purchase and sale of 3 properties subject to planning approval for development. The Company's agreement with the seller is contingent on planning permission being granted. At the year end date the Company is in a new liability position and has been loss making. The directors are confident planning permission will be granted and believe preparing the financial statements on the going concern basis is appropriate due to the ongoing support of the Company's parent.
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2018
2.
Accounting policies (continued)
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 the 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.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of all adjustments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2018
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 redevelop the property for residential or commercial or mixed use on the site. The agreement with the seller had an expiry date of 27 December 2018. This has been extended in the current period as planning permission is still in progress at this date. Should planning permission not be obtained by the extension date deadline, the cost of the Company is £100,000, the non refundable deposit.
The Company's ultimate controlling undertaking is Quanta Group Limited, a company incorporated in England and Wales. The registered office address and place of business is Chester House, Fulham Green, 81-83 Fulham High Street, London, SW6 3JA. Consolidated financial statements for Quanta Group Limited can be obtained from the registered office address.
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