Company registration number 10691693 (England and Wales)
KITEWOOD (PECKHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (PECKHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
KITEWOOD (PECKHAM) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,425
3,618
Investment properties
4
5,914,800
5,914,800
5,917,225
5,918,418
Current assets
Debtors
5
193,388
191,004
Cash at bank and in hand
78,471
58,254
271,859
249,258
Creditors: amounts falling due within one year
6
(5,587,098)
(5,641,775)
Net current liabilities
(5,315,239)
(5,392,517)
Total assets less current liabilities
601,986
525,901
Provisions for liabilities
7
(78,700)
(78,700)
Net assets
523,286
447,201
Capital and reserves
Called up share capital
1
1
Other reserves
236,100
236,100
Profit and loss reserves
287,185
211,100
Total equity
523,286
447,201
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 January 2024 and are signed on its behalf by:
Mr J Faith
Director
Company Registration No. 10691693
KITEWOOD (PECKHAM) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
1
(16,200)
146,521
130,322
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
316,879
316,879
Transfers
-
252,300
(252,300)
-
Balance at 30 April 2022
1
236,100
211,100
447,201
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
76,085
76,085
Balance at 30 April 2023
1
236,100
287,185
523,286
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Kitewood (Peckham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Dacre Street, London, England, SW1H 0DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below
1.2
Turnover
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss and transferred, net of tax, to other reserves.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax arising in respect of revaluation gains and losses of investment properties is transferred to or from Other reserves respectively.
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2022 and 30 April 2023
21,305
Depreciation and impairment
At 1 May 2022
17,687
Depreciation charged in the year
1,193
At 30 April 2023
18,880
Carrying amount
At 30 April 2023
2,425
At 30 April 2022
3,618
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
5,914,800
The investment property has been last valued on an open market basis on the 26th January 2022 by Lambert Smith Hampton which makes reference to market evidence of transaction prices for similar properties. The valuation was made on behalf of the companies funders. The Directors have reviewed the value and consider this to have remained the same at the 30th April 2023.
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,246
Amounts owed by group undertakings
190,400
190,400
Other debtors
742
604
193,388
191,004
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,441
13,182
Amounts owed to group undertakings
5,549,106
5,594,292
Corporation tax
18,127
15,210
Other creditors
17,424
19,091
5,587,098
5,641,775
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property revaluations
78,700
78,700
There were no deferred tax movements in the year.
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25% and this became substantively enacted as part of the Finance Bill 2021 on 24 May 2021. Deferred tax has been calculated at this rate.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
9
Financial commitments, guarantees and contingent liabilities
The property held within this company is secured against the loan held within Kitewood Investment Holdings Limited.
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
10
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Bank loans held within Kitewood Investment Holdings Limited are secured via a fixed and floating charge upon the investment property of the company.
11
Parent company
Parent Company
The parent company is Kitewood Investment Holdings Limited and its registered office is 7 Dacre Street, London, SW1H 0DJ.
Ultimate Parent Company
The ultimate parent company is Kitewood Holdings Limited, a company registered in England & Wales.
The smallest and largest group for which the results of the company are included is the consolidated accounts of Kitewood Holdings Limited. These consolidated accounts are available from their registered office at 7 Dacre Street, London, SW1H 0DJ.