Company No:
Contents
Note | 31.12.2021 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
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Investments | 4 |
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1,761,928 | ||
Current assets | ||
Debtors | 5 |
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Cash at bank and in hand | 6 |
|
2,062 | ||
Creditors | ||
Amounts falling due within one year | 7 | (
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Net current liabilities | (1,754,139) | |
Total assets less current liabilities | 7,789 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of TB Kitchener & Co (Holdings) Ltd (registered number:
Mr S Cairns
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
TB Kitchener & Co (Holdings) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O MV Commercial Limited, Watling Street, Flamstead, St. Albans, Hertfordshire, England, AL3 8HB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements have been prepared on the going concern basis as the directors considers it appropriate to do so. In coming to this conclusion, the trading subsidiary has agreed to support the company for at least twelve months following the date of approval of these accounts. In addition, the trading subsidiary, the related company and the directors will not seek repayment of their loans until all other creditors have been met.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The financial statements have been prepared for the period from incorporation on 18 December 2020 to 31 December 2021. This is the company's first period of trading.
Rental income is recognised on a straight line basis over the term of the lease.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 18.12.2020 to 31.12.2021 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 18 December 2020 |
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Additions | 619,500 |
As at 31 December 2021 |
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Valuation
The fair value of the investment property is the cost of the property when purchased. The directors consider that there has been no material change in the value of the property since that date.
Investments in subsidiaries
31.12.2021 | |
£ | |
Cost | |
At 18 December 2020 | 0 |
Additions |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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31.12.2021 | |
£ | |
Trade debtors |
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31.12.2021 | |
£ | |
Cash at bank and in hand |
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31.12.2021 | |
£ | |
Amounts owed to own subsidiaries |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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31.12.2021 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with entities in which the entity itself has a participating interest
31.12.2021 | |
£ | |
Loan from subsidiary | 1,138,428 |
The loan is unsecured, interest free and repayable on demand.
Transactions with the entity's directors
31.12.2021 | |
£ | |
Loans from directors | 100,000 |
The loans are unsecured, interest free and repayable on demand.
Other related party transactions
31.12.2021 | |
£ | |
Loan from connected company | 500,000 |
The loan is unsecured, interest free and repayable on demand.