Company registration number 05723493 (England and Wales)
KPI (NOMINEES) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
KPI (NOMINEES) LIMITED
COMPANY INFORMATION
Directors
J F Massing
G S Wilder
Secretary
J F Massing
Company number
05723493
Registered office
3 Coldbath Square
London
EC1R 5HL
Auditor
Stephen Iseman & Co
Registered Auditors
Chartered Accountants
30 Oakridge Avenue
Radlett
Herts
WD7 8ER
KPI (NOMINEES) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
KPI (NOMINEES) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
3
11,421,053
8,555,531
Current assets
Trade and other receivables
6
528,063
858,424
Investments
7
59,776,486
65,656,096
Cash and cash equivalents
8,741,284
10,595,713
69,045,833
77,110,233
Current liabilities
8
(2,115,738)
(11,712,446)
Net current assets
66,930,095
65,397,787
Total assets less current liabilities
78,351,148
73,953,318
Deferred tax liability
-
0
-
0
Net assets
78,351,148
73,953,318
Equity
Called up share capital
9
1
1
Retained earnings
10
78,351,147
73,953,317
Total equity
78,351,148
73,953,318

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
J F Massing
G S Wilder
Director
Director
Company Registration No. 05723493
KPI (NOMINEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

KPI (Nominees) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coldbath Square, London, EC1R 5HL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents the fair value of the consideration for management fees receivable net of VAT. All income is recognised in the period to which it relates.

1.4
Non-current investments

Interests in subsidiaries and other unlisted entities 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 the Statement of Comprehensive Income.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

KPI (NOMINEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -

Trade and other receivables

Trade and other receivables are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method less impairment losses for bad and doubtful debts.

 

Current asset Investments

All current asset investments are initially measured at cost. Subsequently, listed investments are restated at fair value at the reporting end date with any gains or losses recognised in the Statement of Comprehensive Income. Other investments are measured at cost less any accumulated impairment losses. These other investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Comprehensive Income.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date. The impairment loss

is recognised in the Statement of Comprehensive Income.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Trade and other payables

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Comprehensive Income.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the Statement of Comprehensive Income for the period.

KPI (NOMINEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Investments
291,576
188,576
Loans
11,129,477
8,366,955
11,421,053
8,555,531
Movements in non-current investments
Shares in group undertakings and participating interests
Loans to group undertakings
Other investments other than loans
Other loans
Total
£
£
£
£
£
Cost
At 1 April 2022
158,249
6,011,902
30,327
2,355,053
8,555,531
Additions
2,500
1,412,324
100,500
1,961,384
3,476,708
Disposals/repaid
-
(595,186)
-
(16,000)
(611,186)
At 31 March 2023
160,749
6,829,040
130,827
4,300,437
11,421,053
Carrying amount
At 31 March 2023
160,749
6,829,040
130,827
4,300,437
11,421,053
At 31 March 2022
158,249
6,011,902
30,327
2,355,053
8,555,531
KPI (NOMINEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
29-31 Eastways Limited
1
Ordinary
62.22
-
KPI Spire (1) Limited
1
Ordinary
100.00
-
KPI Spire (2) Limited
1
Ordinary
100.00
-
KPI Spire (3) Limited
1
Ordinary
100.00
-
KPI Spire (4) Limited
1
Ordinary
100.00
-
KPI Spire (5) Limited
1
Ordinary
100.00
-
Moor Park Investors Limited
1
Ordinary
100.00
-
Gentleaid (13) Limited
1
Ordinary
100.00
-
Gentleaid (16) Limited
1
Ordinary
100.00
-
Gentleaid (17) Limited
1
Ordinary
100.00
-
Porterfield Financial Holdings Limited
2
Ordinary
100.00
-
Durham Filtration Limited
1
Ordinary
-
100.00
Fresh Start UK Debt Management Limited
2
Ordinary
-
100.00
Gentleaid (23) Limited
1
Ordinary
100.00
-
Gentleaid (24) Limited
1
Ordinary
100.00
-
2-20 Booth Drive Limited
1
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
3 Coldbath Square, London, EC1R 5HL, England
2
Fourth Floor, 48-50 Lowgate, Hull, England, HU1 1EN
KPI (NOMINEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Associates

Details of the company's associates at 31 March 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Moor Park Capital Partners
LLP
1
Real estate investment
management and advisory
services
Ordinary interest
50.00
-
MP Hospital Investments
Limited
2
Investment holding
Ordinary
50.00
-
MPLA Owners Limited
2
Advisory services
Ordinary
50.00
-
MP Links Advisers Limited
2
Advisory services
Ordinary
-
50.00
Bragg Street LLC
3
Investment holding
Ordinary interest
-
50.00
Speedpac Limited
4
Packaging activities
Ordinary
-
20.00

Registered Office addresses:

 

1     C/O Add Value Accountancy, 49 Church Road, Hove, England, BN3 2BE

 

2     22 Grenville Street, St Helier, Jersey JE4 8PX

 

3 c/o Tarter Krinsky & Drogin LLP , 1350 Broadway, New York, NY 10018, USA

 

4     3 Coldbath Square, London, EC1R 5HL, England

 

6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
30,000
179,400
Amounts owed by group undertakings and undertakings in which the company has a participating interest
272,437
235,352
Other receivables
225,626
443,672
528,063
858,424

Trade receivables disclosed above are measured at amortised cost.

7
Current asset investments
2023
2022
£
£
Listed investments at fair value
36,929,738
43,089,510
Other investments at cost
22,846,748
22,566,586
59,776,486
65,656,096
KPI (NOMINEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Current liabilities
2023
2022
£
£
Trade payables
90,000
36,030
Amounts owed to group undertakings
789,729
11,195,594
Corporation tax
353,418
122,228
Other taxation and social security
4,767
3,395
Other payables
877,824
355,199
2,115,738
11,712,446
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
10
Retained earnings

As at 31 March 2023, the retained earnings reserve included £18,701,034 (2022: £24,861,013 ) which are not distributable.

11
Audit report information

The full financial statements were audited by Stephen Iseman & Co, Chartered Accountants and Statutory Auditors, and an unqualified audit report was signed on their behalf by Stephen Iseman as Senior Statutory Auditor on 30 November 2023.

12
Related party transactions

The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions or balances with its parent company and wholly owned subsidiaries.

13
Controlling party

The company is 100% controlled by its immediate and ultimate parent undertaking, Kingswood Property Finance Limited Partnership, a limited partnership incorporated in England with its registered office at 3 Coldbath Square, London, EC1R 5HL.

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