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Registration number: 08930631

Kenwood Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Kenwood Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Kenwood Property Limited

Company Information

Director

Mr A Grist

Registered office

57 Earls Avenue
Folkestone
Kent
CT20 2HA

 

Kenwood Property Limited

(Registration number: 08930631)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,299,257

1,299,257

Investments

5

118,577

118,577

 

1,417,834

1,417,834

Current assets

 

Debtors

6

270

2,470

Cash at bank and in hand

 

19,920

29,889

 

20,190

32,359

Creditors: Amounts falling due within one year

7

(256,708)

(234,686)

Net current liabilities

 

(236,518)

(202,327)

Total assets less current liabilities

 

1,181,316

1,215,507

Creditors: Amounts falling due after more than one year

7

(685,126)

(737,506)

Provisions for liabilities

(23,432)

(23,432)

Net assets

 

472,758

454,569

Capital and reserves

 

Called up share capital

15

15

Share premium reserve

226,499

226,499

Retained earnings

246,244

228,055

Shareholders' funds

 

472,758

454,569

 

Kenwood Property Limited

(Registration number: 08930631)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 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 his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 November 2023
 

.........................................
Mr A Grist
Director

   
     
 

Kenwood Property Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

15

226,499

228,055

454,569

Profit for the year

-

-

18,189

18,189

At 31 March 2023

15

226,499

246,244

472,758

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2021

15

226,499

210,977

437,491

Profit for the year

-

-

17,078

17,078

At 31 March 2022

15

226,499

228,055

454,569

 

Kenwood Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
57 Earls Avenue
Folkestone
Kent
CT20 2HA
England

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Kenwood Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Kenwood Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 April

1,299,257

At 31 March

1,299,257

The fair value of the investment property has been arrived at by assessing similar properties in the immediate area and the sale prices they achieved. Market data on the rise in house prices was also analysed.

There has been no valuation of investment property by an independent valuer.

 

Kenwood Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Investments

2023
£

2022
£

Investments in subsidiaries

118,577

118,577

6

Debtors

Current

2023
£

2022
£

Trade debtors

270

2,470

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

30,000

11,500

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

216,806

216,986

Taxation and social security

 

234

234

Other creditors

 

4,384

4,006

Directors current account

 

5,284

1,960

 

256,708

234,686

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

685,126

737,506

 

Kenwood Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

685,126

737,506

2023
£

2022
£

Current loans and borrowings

Bank borrowings

30,000

11,500

Directors current account

5,284

1,960

35,284

13,460

Bank borrowings

The Metro Bank mortgage debenture is denominated in GBP with a nominal interest rate of 4% above base rate%, and the final instalment is due on 16 September 2036. The carrying amount at year end is £414,191 (2022 - £457,143).

Metro Bank hold a first legal charge over the freehold block of 12 flats at 57 Earls Avenue, Folkestone, Kent, CT20 2HG (Title Number K240595).

9

Related party transactions

Summary of transactions with parent

Parent Company Loans
 Kenwood Property Ltd has been loaned money from White Water Metals Ltd during the year on an interest free basis.
 

Loans to related parties

2022

Key management
£

Total
£

At start of period

3,082

3,082

Repaid

(3,082)

(3,082)

At end of period

-

-

Terms of loans to related parties

There are no terms of repayment or interest charged on the loans owed by key management.
 

 

Kenwood Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Related party transactions (continued)

Loans from related parties

2023

Parent
£

Subsidiary
£

Key management
£

Total
£

At start of period

85,991

130,996

1,959

218,946

Advanced

-

-

3,325

3,325

Repaid

-

(180)

-

(180)

At end of period

85,991

130,816

5,284

222,091

2022

Parent
£

Subsidiary
£

Key management
£

Total
£

At start of period

73,491

131,176

-

204,667

Advanced

12,500

-

1,959

14,459

Repaid

-

(180)

-

(180)

At end of period

85,991

130,996

1,959

218,946

Terms of loans from related parties

There are no terms of repayment or interest charged on the loans owed to parent
 There are no terms of repayment or interest charged on the loans to Subsidiaries. The loans to Subsidiaries are repayable on demand.
 There are no terms of repayment or interest charged on the loans from key management. The loans from key management are repayable on demand.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is White Water Metals Ltd, incorporated in England and Wales.

 The ultimate controlling party is Mr Adam Grist.