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Registration number: 06500900

Kiteway Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2022

 

Kiteway Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 14

 

Kiteway Limited

Company Information

Director

Dr A Carter

Registered office

2 Blenheim Villas
Mount Pleasant Road
Tewkesbury
Gloucestershire
GL20 5RA

Accountants

Holberton & Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

Kiteway Limited

Director's Report for the Year Ended 31 March 2022

The director presents her report and the abridged financial statements for the year ended 31 March 2022.

Director of the company

The director who held office during the year was as follows:

Dr A Carter

Principal activity

The principal activity of the company is provision of business services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 10 August 2022
 

.........................................
Dr A Carter
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Kiteway Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kiteway Limited for the year ended 31 March 2022 as set out on pages 4 to 14 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Kiteway Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kiteway Limited and state those matters that we have agreed to state to the Board of Directors of Kiteway Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kiteway Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kiteway Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kiteway Limited. You consider that Kiteway Limited 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 accounts of Kiteway 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 accounts.

......................................

Holberton & Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

10 August 2022

 

Kiteway Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2022

Note

2022
£

2021
£

Gross profit

 

201,297

338,847

Administrative expenses

 

(84,873)

(68,358)

Profit before tax

4

116,424

270,489

Tax on profit

 

(22,877)

(48,842)

Profit for the financial year

 

93,547

221,647

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Kiteway Limited

Statement of Comprehensive Income for the Year Ended 31 March 2022

2022
£

2021
£

Profit for the year

93,547

221,647

Total comprehensive income for the year

93,547

221,647

 

Kiteway Limited

(Registration number: 06500900)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

13,412

16,997

Current assets

 

Debtors

6

-

7,110

Cash at bank and in hand

 

484,502

506,735

 

484,502

513,845

Creditors: Amounts falling due within one year

(34,168)

(71,643)

Net current assets

 

450,334

442,202

Total assets less current liabilities

 

463,746

459,199

Accruals and deferred income

 

(585)

(585)

Net assets

 

463,161

458,614

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

463,159

458,612

Shareholders' funds

 

463,161

458,614

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 10 August 2022
 

 

Kiteway Limited

(Registration number: 06500900)
Abridged Balance Sheet as at 31 March 2022

.........................................
Dr A Carter
Director

 

Kiteway Limited

Statement of Changes in Equity for the Year Ended 31 March 2022

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

2

458,612

458,614

Profit for the year

-

93,547

93,547

Dividends

-

(89,000)

(89,000)

At 31 March 2022

2

463,159

463,161

Share capital
£

Retained earnings
£

Total
£

At 1 April 2020

2

273,965

273,967

Profit for the year

-

221,647

221,647

Dividends

-

(37,000)

(37,000)

At 31 March 2021

2

458,612

458,614

 

Kiteway Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Blenheim Villas
Mount Pleasant Road
Tewkesbury
Gloucestershire
GL20 5RA

The principal place of business is:
2 Blenheim Villas
Mount Pleasant Road
Tewkesbury
Gloucestershire
GL20 5RA

These financial statements were authorised for issue by the director on 10 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Kiteway Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

50% on Cost

Office equipment

33% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Kiteway Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

6,606

1,179

 

Kiteway Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

26,263

26,263

Additions

3,021

3,021

At 31 March 2022

29,284

29,284

Depreciation

At 1 April 2021

9,266

9,266

Charge for the year

6,606

6,606

At 31 March 2022

15,872

15,872

Carrying amount

At 31 March 2022

13,412

13,412

At 31 March 2021

16,997

16,997

6

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £Nil (2021 - £18,500.00) per ordinary share

 

89,000

 

37,000

         
 

Kiteway Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

9

Related party transactions

 

Kiteway Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

8,840

8,616

Contributions paid to money purchase schemes

40,000

40,000

48,840

48,616