Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3106503259property rental2022-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06503259 2022-04-01 2023-03-31 06503259 2021-04-01 2022-03-31 06503259 2023-03-31 06503259 2022-03-31 06503259 c:Director1 2022-04-01 2023-03-31 06503259 d:Buildings 2023-03-31 06503259 d:Buildings 2022-03-31 06503259 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06503259 d:PlantMachinery 2022-04-01 2023-03-31 06503259 d:PlantMachinery 2023-03-31 06503259 d:PlantMachinery 2022-03-31 06503259 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06503259 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06503259 d:FreeholdInvestmentProperty 2023-03-31 06503259 d:FreeholdInvestmentProperty 2022-03-31 06503259 d:CurrentFinancialInstruments 2023-03-31 06503259 d:CurrentFinancialInstruments 2022-03-31 06503259 d:Non-currentFinancialInstruments 2023-03-31 06503259 d:Non-currentFinancialInstruments 2022-03-31 06503259 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06503259 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06503259 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06503259 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06503259 d:ShareCapital 2023-03-31 06503259 d:ShareCapital 2022-03-31 06503259 d:OtherMiscellaneousReserve 2023-03-31 06503259 d:OtherMiscellaneousReserve 2022-03-31 06503259 d:RetainedEarningsAccumulatedLosses 2023-03-31 06503259 d:RetainedEarningsAccumulatedLosses 2022-03-31 06503259 c:OrdinaryShareClass1 2022-04-01 2023-03-31 06503259 c:OrdinaryShareClass1 2023-03-31 06503259 c:FRS102 2022-04-01 2023-03-31 06503259 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06503259 c:FullAccounts 2022-04-01 2023-03-31 06503259 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06503259 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06503259 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 06503259 d:OtherDeferredTax 2023-03-31 06503259 d:OtherDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06503259














KERRINGTON (GROVE LODGE) LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
KERRINGTON (GROVE LODGE) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
KERRINGTON (GROVE LODGE) LIMITED
REGISTERED NUMBER:06503259

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,359,895
1,364,000

Investment property
 5 
1,420,534
1,420,534

  
2,780,429
2,784,534

Current assets
  

Debtors: amounts falling due within one year
 6 
446,247
339,998

Cash at bank and in hand
 7 
1,434
4,693

  
447,681
344,691

Creditors: amounts falling due within one year
 8 
(3,216,464)
(3,013,237)

Net current liabilities
  
 
 
(2,768,783)
 
 
(2,668,546)

Total assets less current liabilities
  
11,646
115,988

Creditors: amounts falling due after more than one year
 9 
(263,356)
(390,907)

Provisions for liabilities
  

Deferred tax
 10 
(37,869)
(38,675)

  
 
 
(37,869)
 
 
(38,675)

Net liabilities
  
(289,579)
(313,594)


Capital and reserves
  

Called up share capital 
 11 
1
1

Non-distributable profit and loss reserve
  
1,118,769
1,118,769

Profit and loss account
  
(1,408,349)
(1,432,364)

  
(289,579)
(313,594)


1

 
KERRINGTON (GROVE LODGE) LIMITED
REGISTERED NUMBER:06503259
    
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: 18 December 2023

The notes on pages 3 to 9 form part of these financial statements.

2

 
KERRINGTON (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Kerrington (Grove Lodge) Limited is principally engaged in property rental.

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 the 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 this basis, the directors are satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Turnover

Turnover represents amounts receivable for sale of properties and rental income. 
Revenue from sales of properties are recognised on an exchange of contracts. Rental income is recognised in the period in which it is due.

 
2.4

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 received in respect of interest and finanace charges on the Coronavirus Bounce Back Loan are included in other operating income.

 
2.5

Finance costs

Finance costs are charged to statement of comprehensive income 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 (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

 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.

 
2.7

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.

4

 
KERRINGTON (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Plant and machinery
-
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.
Land and buildings are recognised under the revaluation model. fair value are determined from market based evidence undertaken by the directors.

Revaluation gains or losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in statement of comprehensive income.

 
2.8

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in statement of comprehensive income.

 
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. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

5

 
KERRINGTON (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

 Financial instruments

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


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2022
1,349,466
20,935
1,370,401



At 31 March 2023

1,349,466
20,935
1,370,401



Depreciation


At 1 April 2022
-
6,401
6,401


Charge for the year on owned assets
-
4,105
4,105



At 31 March 2023

-
10,506
10,506



Net book value



At 31 March 2023
1,349,466
10,429
1,359,895



At 31 March 2022
1,349,466
14,534
1,364,000

6

 
KERRINGTON (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,420,534



At 31 March 2023
1,420,534

The 2023 valuations were made by the directors, on an open market value for existing use basis.





If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,052,508
1,052,508


6.


Debtors

2023
2022
£
£


Trade debtors
2,623
8,307

Amounts owed by group undertakings
436,146
325,921

Other debtors
3,068
-

Prepayments and accrued income
4,410
5,770

446,247
339,998



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,434
4,693


7

 
KERRINGTON (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
7,929
81,733

Trade creditors
1,403
1,458

Amounts owed to group undertakings
3,174,043
2,788,387

Corporation tax
-
15,008

Other taxation and social security
935
13,418

Other creditors
13,154
95,233

Accruals and deferred income
19,000
18,000

3,216,464
3,013,237


The bank overdraft is secured by a floating charge over the assets owned by the company.
The bank loan is secured by the first legal mortgage over the freehold property and personal gurantee provided by the director in the sum of £150,000.
At 31 March 2023, the contingent liability, for which the company is jointly and severally liable, in respect of the intercompany unlimited cross guarantess amounts to £4,742,849 (2022 - £4,742,892).
There are intercompany unlimited cross guarantees between the following companies, of which G A Lee is a director:
Kerrington Property Service Limited, Eldington Holdings Limited, Kerrington (Grove Lodge) Limited, Kerrington Limited, Vista Estates Limited, Fletcher Gate Limited, Hilby Limited and Kerrington Growth Limited.
The bank loan of £7,929 (2022 - £7,733) included in creditors due within one year is the Coronavirus Bounce Bank Loan, 100% guaranteed by the government.
 

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
263,356
390,907


The bank loan of £19,289 (2022 - £27,218) included in creditors due after more than one year is the Coronavirus Bounce Bank Loan, 100% guaranteed by the government.

8

 
KERRINGTON (GROVE LODGE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023


£






At beginning of year
(38,675)


Charged to profit or loss
806



At end of year
(37,869)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
17,376
18,182

Capital gains timing differences
20,493
20,493

37,869
38,675


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 ordinary share of £1
1
1


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


12.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in acccrdance with FRS 102 Section 1A paragraph 1AC.35.

At the year end, the company was owed £154,000 (2022 - £154,000) by Eldington Holdings Limited, the ultimate parent company.

 
9