A & B Homes (South) Ltd - Accounts to registrar

REGISTERED NUMBER: 02296208 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

A & B HOMES (SOUTH) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

J Bernardez

Mrs D Bernardez

S Bernardez

SECRETARY:

Mrs D Bernardez

REGISTERED OFFICE:

The Milepost

Chilworth Road

Chilworth

Southampton

SO16 7JT

REGISTERED NUMBER:

02296208 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

11,208

13,766

CURRENT ASSETS

Debtors

5

696,043

392,908

Cash at bank and in hand

3,368

973,125

699,411

1,366,033

CREDITORS

Amounts falling due within one year

6

482,657

1,157,294

NET CURRENT ASSETS

216,754

208,739

TOTAL ASSETS LESS CURRENT
LIABILITIES

227,962

222,505

PROVISIONS FOR LIABILITIES

7

2,130

-

NET ASSETS

225,832

222,505

CAPITAL AND RESERVES

Called up share capital

8

70

Share premium

180

Retained earnings

225,582

222,255

SHAREHOLDERS' FUNDS

225,832

222,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 August 2017 and were signed on its
behalf by:

J Bernardez - Director

Mrs D Bernardez - Director

1.	STATUTORY INFORMATION

A & B Homes (South) Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the company's first set of financial statements prepared in accordance with FRS102 and there

are no transitional adjustments to report.

Turnover

Turnover represents work done during the year, exclusive of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 year end and that are

expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 April 2016

7,238

2,060

22,060

7,167

38,525

Additions

-

1,644

At 31 March 2017

7,238

2,060

22,060

8,811

40,169

DEPRECIATION

At 1 April 2016

4,897

2,060

11,230

6,572

24,759

Charge for year

351

-

2,708

1,143

4,202

At 31 March 2017

5,248

2,060

13,938

7,715

28,961

NET BOOK VALUE

At 31 March 2017

1,990

-

8,122

1,096

11,208

At 31 March 2016

2,341

-

10,830

595

13,766

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

362,986

387,035

Amounts owed by group undertakings

330,076

-

VAT

2,981

5,873

696,043

392,908

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

20,786

-

Trade creditors

52,654

25,642

Amounts owed to participating interests

-

544,775

Corporation tax

46,523

195,195

Social security and other taxes

77,835

54,774

Other creditors

103

70,000

Accruals and deferred income

284,756

266,908

482,657

1,157,294

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

Deferred tax

2,130

-

Deferred

tax

£

Charge to Income Statement during year

2,130

Balance at 31 March 2017

2,130

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

10

Ordinary

£1

10

20

Ordinary A

£1

20

10

Ordinary B

£1

10

Ordinary C

£1

10

20

Ordinary D

£1

20

70

9.	RELATED PARTY DISCLOSURES

A & B BUILDERS

A business in which two of the company's directors are partners

This company purchased management services and hired plant and machinery from A & B Builders at

a total cost of £190,000 (2016 - £204,000)

The amount due to A & B Builders at the balance sheet date amounted to £190,000 (2016 - £164,000)

A & B HOMES LIMITED

A company controlled by Mr Bernardez

During the current and previous year, A & B Homes Limited charged this company management fees

of £629,519 (2016 - £876,778). During the current and previous year, A & B Homes Limited charged

this company rent. The amount included in the profit and loss account for the year amounted to

£24,000 (2016 - £24,000)

During the current and previous year, A & B Homes (South) Limited paid a dividend of £NIL (2016 -

£21,420) to A & B Homes Limited.

Loans provided to/from A & B Homes Limited from/to this company, including interest at 2% above

base. The interest charged on this loan amounted to £6,362 (2016 - £11,085).The amount due to A &

B Homes Limited at the balance sheet date amounted to £NIL (2016 - £544,775).

MISS J BERNARDEZ

Daughter of Mr J Bernardez

Non interest bearing loan on which no terms of repayment have been agreed. The amount due to Miss

Bernardez at the balance sheet date amounted to NIL (2016 - £70,000).

A & B HOMES HOLDINGS LIMITED

Parent company

During the current and previous year, A & B Homes (South) Ltd paid dividends of £571,570 (2016 -

£2,091,463) to A & B Homes Holdings Limited..

Non interest bearing loan on which no terms of repayment have been agreed. The amount due from A

& B Homes Holdings Limited at the balance sheet date amounted to £330,076 (2016 - NIL).

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors, no individual exercised overall control of the company during the

current or previous year.

In the opinion of the director's, A & B Homes Holdings Limited, is regarded as the company's parent

company and ultimate parent company company.

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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of A & B Homes (South) Ltd for the year 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.

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.

This report is made solely to the Board of Directors of A & B Homes (South) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & B Homes (South) Ltd and state those matters that we have agreed to state to the Board of Directors of A & B Homes (South) Ltd, 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 A & B Homes (South) Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A & B Homes (South) Ltd 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 profit of A & B Homes (South) Ltd. You consider that A & B Homes (South) Ltd 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 financial statements of A & B Homes (South) Ltd. 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.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

8 August 2017