Registered number: 01962842
KERRINGTON LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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CONTENTS
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Notes to the financial statements
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KERRINGTON LIMITED
REGISTERED NUMBER:01962842
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BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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1
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KERRINGTON LIMITED
REGISTERED NUMBER:01962842
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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.
The notes on pages 3 to 7 form part of these financial statements.
2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
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Basis of preparation of financial statements
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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:
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:
Interest income is recognised in profit or loss using the effective interest method.
3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 4).
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4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Investments in subsidiary companies
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Investment in joint ventures
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Amounts owed by group undertakings
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Prepayments and accrued income
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Current asset investments
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Cash and cash equivalents
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5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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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.
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Allotted, called up and fully paid
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12,220,886 ordinary shares of £0.50 each
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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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Related party transactions
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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.
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7
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