Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-310284370152022-04-01falseKerrington Property Services Limited is principally engaged in the provision of property management services5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02843701 2022-04-01 2023-03-31 02843701 2021-04-01 2022-03-31 02843701 2023-03-31 02843701 2022-03-31 02843701 c:Director1 2022-04-01 2023-03-31 02843701 d:FurnitureFittings 2022-04-01 2023-03-31 02843701 d:FurnitureFittings 2023-03-31 02843701 d:FurnitureFittings 2022-03-31 02843701 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02843701 d:CurrentFinancialInstruments 2023-03-31 02843701 d:CurrentFinancialInstruments 2022-03-31 02843701 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02843701 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02843701 d:ShareCapital 2023-03-31 02843701 d:ShareCapital 2022-03-31 02843701 d:RetainedEarningsAccumulatedLosses 2023-03-31 02843701 d:RetainedEarningsAccumulatedLosses 2022-03-31 02843701 c:OrdinaryShareClass1 2022-04-01 2023-03-31 02843701 c:OrdinaryShareClass1 2023-03-31 02843701 c:FRS102 2022-04-01 2023-03-31 02843701 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02843701 c:FullAccounts 2022-04-01 2023-03-31 02843701 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02843701 d:WithinOneYear 2023-03-31 02843701 d:WithinOneYear 2022-03-31 02843701 d:BetweenOneFiveYears 2023-03-31 02843701 d:BetweenOneFiveYears 2022-03-31 02843701 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02843701 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02843701














KERRINGTON PROPERTY SERVICES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
KERRINGTON PROPERTY SERVICES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
KERRINGTON PROPERTY SERVICES LIMITED
REGISTERED NUMBER:02843701

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,584
9,382

  
6,584
9,382

Current assets
  

Debtors: amounts falling due within one year
 5 
436,726
1,372,176

Cash at bank and in hand
 6 
49
113

  
436,775
1,372,289

Creditors: amounts falling due within one year
 7 
(1,423,238)
(1,398,128)

Net current liabilities
  
 
 
(986,463)
 
 
(25,839)

Total assets less current liabilities
  
(979,879)
(16,457)

Provisions for liabilities
  

Deferred tax
 8 
(1,646)
(2,346)

  
 
 
(1,646)
 
 
(2,346)

Net liabilities
  
(981,525)
(18,803)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(981,625)
(18,903)

  
(981,525)
(18,803)


1

 
KERRINGTON PROPERTY SERVICES LIMITED
REGISTERED NUMBER:02843701
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G A Lee
Director

Date: 24 December 2023

The notes on pages 3 to 8 form part of these financial statements.

2

 
KERRINGTON PROPERTY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Kerrington Property Services Limited is principally engaged in the provision of property management services.

The company is a private company, limited by shares and is registered in England and Wales. The address of its registered office and principal place of business is Grove Lodge, 287 Regents Park Road, London, N3 3JY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The parent company has committed to continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On the basis, the directors are satisfied that the financial statements should be prepared on an ongoing basis. 

 
2.3

Turnover

Turnover represents amounts receivable for property management services provided net of VAT and trade discounts. 

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure. Grants related to the Coronavirus Job Retention Scheme are included in other operating income.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3

 
KERRINGTON PROPERTY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

4

 
KERRINGTON PROPERTY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

Short-term creditors are measured at the transaction price.

 
2.12

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.

 
2.13

 Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

5

 
KERRINGTON PROPERTY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2022
103,964



At 31 March 2023

103,964



Depreciation


At 1 April 2022
94,581


Charge for the year on owned assets
2,799



At 31 March 2023

97,380



Net book value



At 31 March 2023
6,584



At 31 March 2022
9,383


5.


Debtors

2023
2022
£
£


Trade debtors
7,823
9,549

Amounts owed by group undertakings
349,104
1,304,467

Other debtors
77,725
56,555

Prepayments and accrued income
2,074
1,605

436,726
1,372,176



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
49
113


6

 
KERRINGTON PROPERTY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,616
55,969

Amounts owed to group undertakings
1,143,186
947,250

Other taxation and social security
239,637
224,434

Other creditors
7,261
143,475

Accruals and deferred income
28,538
27,000

1,423,238
1,398,128


At 31 March 2023, the contingent liability, for which the company is jointly and severally liable, in respect of the intercompany unlimited cross guarantees, amounts to £5,023,966 (2022 - £5,218,682).
There are cross guarantees between the following companies, of which G A Lee is a director:
Kerrington Property Services Limited, Eldington Holdings Limited, Kerrington (Grove Lodge) Limited, Kerrington Limited, Vista Estates Ltd, Fletcher Gate Limited and Kerrington Growth Limited.


8.


Deferred taxation




2023


£






At beginning of year
(2,346)


Charged to profit or loss
700



At end of year
(1,646)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,646
2,346

7

 
KERRINGTON PROPERTY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 ordinary shares of £1 each
100
100

There is one class of share. There are no restrictions on the distribution of dividends and the repayment of capital.


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £3,522 (2022 - £2,956). There were no contributions outstanding at the current and prior year end.


11.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
86,250
345,000

Later than 1 year and not later than 5 years
-
86,250

86,250
431,250


12.


Related party transactions

No disclosure has been made of transactions with wholly owned group companies in accordance with FRS102 Section 1A paragraph 1AC.35.

At the year end, the company was owed £NIL (2022 - £597,864) by Eldington Holdings Limited, the ultimate parent company. The loan is interest free and repayable on demand.

 
8