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Registered number: 01962842














KERRINGTON LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
KERRINGTON LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
KERRINGTON LIMITED
REGISTERED NUMBER:01962842

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1,177,611
1,177,611

  
1,177,611
1,177,611

Current assets
  

Debtors: amounts falling due within one year
 5 
17,823,883
17,365,238

Current asset investments
 6 
3,989
3,989

Cash at bank and in hand
 7 
122,444
604,062

  
17,950,316
17,973,289

Creditors: amounts falling due within one year
 8 
(9,144,991)
(9,003,015)

Net current assets
  
 
 
8,805,325
 
 
8,970,274

Total assets less current liabilities
  
9,982,936
10,147,885

  

Net assets
  
9,982,936
10,147,885


Capital and reserves
  

Called up share capital 
 9 
6,110,443
6,110,443

Share premium account
 10 
2,622,170
2,622,170

Capital redemption reserve
 10 
585,210
585,210

Other reserves
 10 
155,000
155,000

Profit and loss account
 10 
510,113
675,062

  
9,982,936
10,147,885


1

 
KERRINGTON LIMITED
REGISTERED NUMBER:01962842
    
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 on 24 December 2023.




G A Lee
Director

The notes on pages 3 to 7 form part of these financial statements.

2

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

1.


General information


Kerrington Limited as principally enagaged in property development and property trading.
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 is the parent undertaking of a small group and as such is not required by the Company Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises:
 
Gross rental income receivable from investment properties;
The value of development work in progress sold; and
Fees from management of properties.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

3

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

2.Accounting policies (continued)

 
2.4

Taxation

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

 Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.7

 Debtors

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

 
2.8

 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. 

 
2.9

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 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 from other third parties, loans from and to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

4

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

4.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 April 2022
1,177,608
3
1,177,611



At 31 March 2023
1,177,608
3
1,177,611





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
14,473,431
12,307,065

Other debtors
3,322,224
5,033,173

Prepayments and accrued income
28,228
25,000

17,823,883
17,365,238



6.


Current asset investments

2023
2022
£
£

Listed investments
3,989
3,989



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
122,444
604,062


5

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,302
5,079

Amounts owed to group undertakings
5,868,593
5,001,064

Other creditors
3,275,096
3,996,871

Accruals and deferred income
-
1

9,144,991
9,003,015


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 Service Limited, Eldington Holdings Limited, Kerrington (Grove) Lodge, Kerrington Limited, Vista Estates Limited, Fletcher Gate Limited, Hilby Limited and Kerrington (Growth) Limited. 

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



12,220,886 ordinary shares of £0.50 each
6,110,443
6,110,443



10.


Reserves

Share premium account

Share premium is recognised when shares are issues at a price higher than their par value.

Capital redemption reserve

This is a non distributable reserve which represents capital from the redemption of shares.

Other reserves

This is a non distributable reserve which represents capital from the redemption of shares.

6

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

11.


Related party transactions

No disclosure has been made of transactions with wholly owned group companies in accordance with FRS102 Section 1A paragraph 1AC.35.
During the year, the company paid £38,894 (2022 - £471,182) to Hilby Limited, a subsidiary company. At the year end, the company was owed £6,018,722 (2021 - £5,979,828) by Hilby Limited, of which £4,700,000 (2022 - £4,700,000) relates to a loan repayable within one year and the effective interest rate is 3%. 
At the year end, the company was owed £130,339 (2022 - £129,449) by Newark Property Development Limited. The loan is interest free and repayable on demand.
During the year, the company received £3,500 (2022 - £24,294 paid to) from Fletcher Gate Limited, a subsidiary company. At the year end, the company was owed £992,437 (2022 - £995,937) by Fletcher Gate Limited. The loan is interest free and repayable on demand. 
At the year end, the company was owed £888,756 (2022 - £888,756 owed) by Plainrise Limited, a subsidiary company. The loan is interest free and repayable on demand.
During the year, the company repaid £NIL (2022 - £1,099) to Nisacrown Limited, a subsidiary company. At the year end, the company owed £1,418,348 (2022 - £1,418,348) to Nisacrown Limited. The loan is interest free and repayable on demand.
During the year, the company received £8,705 (2022 - £44,300 received from) from Islandpost Limited, a subsidiary company. At the year end, the company was owed £1,645,797 (2022 - £1,654,502) by Islandpost Limited. The loan is interest free and repayable on demand.
At the year end, the company owed £32,755 (2022 - £NIL) to Finchley Road Properties Limited, a subsidiary company. The loan is interest free and repayable on demand. 
During the year, the company paid £364,000 (2022 - £125,325 received from) to Merchant City Limited, a subsidiary. At the year end, the company was owed £276,565 (2022 - £87,435 owed to) by Merchant City Limited. The loan is interest free and repayable on demand.
At the year end, the company was owed £94,498 (2022 - £94,498) by Pathfinder Recovery 1 Limited, a subsidiary. The loan is interest free and repayable on demand.
During the year, the company received £957,973 (2022 - £41,752 received) from Total Health Limited, a subsidiary company. At the year end, the company owed £789,591 (2022 - £168,382 was owed by) to Total Health Limited. The loan is interest free and repayable on demand.
During the year, the company paid £1,211,680 (2022 - £2,732,217 received from) to G A Lee, a director. At the year end, the company owed £NIL (2022 - £2,732,217) to G A Lee. The loan is interest free and repayable on demand. 
At the year end, £624,119 (2022 - £624,119) was owed by a close family member of a director. The loan is interest free and repayable on demand.

 
7