Company registration number 10387638 (England and Wales)
KITEWOOD (HOLLAND PARK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (HOLLAND PARK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
KITEWOOD (HOLLAND PARK) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,065
3,103
Investment properties
4
10,520,500
10,520,500
10,523,565
10,523,603
Current assets
Debtors
5
641,221
635,158
Cash at bank and in hand
173,554
53,181
814,775
688,339
Creditors: amounts falling due within one year
6
(8,778,630)
(8,707,902)
Net current liabilities
(7,963,855)
(8,019,563)
Total assets less current liabilities
2,559,710
2,504,040
Provisions for liabilities
7
(616,546)
(616,546)
Net assets
1,943,164
1,887,494
Capital and reserves
Called up share capital
1
1
Other reserves
1,849,640
1,849,640
Profit and loss reserves
93,523
37,853
Total equity
1,943,164
1,887,494

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. 10387638
KITEWOOD (HOLLAND PARK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
1
1,515,255
(3,875)
1,511,381
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
376,113
376,113
Fair value gains on revaluation of investment properties
-
334,385
(334,385)
-
Balance at 30 April 2022
1
1,849,640
37,853
1,887,494
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
55,670
55,670
Balance at 30 April 2023
1
1,849,640
93,523
1,943,164
KITEWOOD (HOLLAND PARK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Kitewood (Holland Park) 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 property

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 (HOLLAND PARK) 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 (HOLLAND PARK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0

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
23,229
Additions
1,470
At 30 April 2023
24,699
Depreciation and impairment
At 1 May 2022
20,126
Depreciation charged in the year
1,508
At 30 April 2023
21,634
Carrying amount
At 30 April 2023
3,065
At 30 April 2022
3,103
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
10,520,500
KITEWOOD (HOLLAND PARK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
4
Investment property
(Continued)
- 6 -

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.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
618,015
618,015
Other debtors
289
145
Prepayments and accrued income
22,917
16,998
641,221
635,158
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
4,148
Amounts owed to group undertakings
8,697,852
8,667,355
Corporation tax
13,076
10,102
Other creditors
67,702
26,297
8,778,630
8,707,902
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
616,546
616,546
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.

KITEWOOD (HOLLAND PARK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
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
9
Financial commitments, guarantees and contingent liabilities

The property held within this company is secured against the loan held within Kitewood Investment Holdings Limited.

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.

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