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REGISTERED NUMBER: 13963556 (England and Wales)

















KW HOUSING TORBAY LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD 8 MARCH 2022 TO 31 DECEMBER 2022






KW HOUSING TORBAY LIMITED (REGISTERED NUMBER: 13963556)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 8 MARCH 2022 TO 31 DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KW HOUSING TORBAY LIMITED

COMPANY INFORMATION
FOR THE PERIOD 8 MARCH 2022 TO 31 DECEMBER 2022







DIRECTORS: S E Law
Ms I Stamate-Rocha





REGISTERED OFFICE: 54 Portland Place
London
United Kingdom
W1B 1DY





REGISTERED NUMBER: 13963556 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

KW HOUSING TORBAY LIMITED (REGISTERED NUMBER: 13963556)

BALANCE SHEET
31 DECEMBER 2022

Notes £    £   
FIXED ASSETS
Investment property 4 5,025,884

CURRENT ASSETS
Debtors 5 122,109

CREDITORS
Amounts falling due within one year 6 58,549
NET CURRENT ASSETS 63,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,089,444

CREDITORS
Amounts falling due after more than one year 7 4,949,466
NET ASSETS 139,978

CAPITAL AND RESERVES
Called up share capital 2
Retained earnings 139,976
139,978

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





Ms I Stamate-Rocha - Director


KW HOUSING TORBAY LIMITED (REGISTERED NUMBER: 13963556)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 8 MARCH 2022 TO 31 DECEMBER 2022

1. STATUTORY INFORMATION

KW Housing Torbay Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Going concern
The parent of the company's parent's parent has undertaken to provide the company with such financial support as it may need for at least the twelve months after these accounts are approved and so the directors have prepared these accounts on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports. The estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual results may differ from those anticipated.

In preparing these financial statements, the directors have exercised judgement in the following principal areas:
- In evaluating the recoverability of debtors and estimating the quantum of associated doubtful debts when collection of the full amount is no longer probable. The directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.
- In determining whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of the asset.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is included at fair value. Any surplus or deficit arising from changes in fair value is recognised in the Income Statement.

Any fair value gains or losses do not represent distributable profits and so they are credited to a separate non-distributable reserve.

Depreciation is not provided on the investment properties, which is a departure from the Companies Act 2006. In the opinion of the directors, the properties are primarily investments and so their current value is of more significance than any measure of consumption; consequently, they believe that any depreciation charge would distort the true and fair view presented by the accounts and therefore the accounts do not include a depreciation charge in respect of these properties.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

KW HOUSING TORBAY LIMITED (REGISTERED NUMBER: 13963556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 8 MARCH 2022 TO 31 DECEMBER 2022

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 5,025,884
At 31 December 2022 5,025,884
NET BOOK VALUE
At 31 December 2022 5,025,884

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 119,609
Other debtors 2,500
122,109

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other creditors 58,549

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Bank loans 3,150,000
Amounts owed to group undertakings 1,799,466
4,949,466

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 3,150,000

8. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 3,150,000

The bank loan is secured by a fixed and floating charge over the company's investment property.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited

10. RELATED PARTY DISCLOSURES

The company owed £1,635,666 to its immediate parent at the balance sheet date. This loan is interest-free and no repayment terms have been set, save that the parent has confirmed that it will not seek repayment within one year of the balance sheet date.