Company registration number 09754232 (England and Wales)
KITEWOOD INVESTMENT HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KITEWOOD INVESTMENT HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
KITEWOOD INVESTMENT HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
505
505
Current assets
Debtors
6
25,694,393
21,276,959
Cash at bank and in hand
14,922
2,187,259
25,709,315
23,464,218
Creditors: amounts falling due within one year
7
(2,057,730)
(1,735,637)
Net current assets
23,651,585
21,728,581
Total assets less current liabilities
23,652,090
21,729,086
Creditors: amounts falling due after more than one year
8
(23,406,000)
(21,788,000)
Provisions for liabilities
9
(95,142)
(12,386)
Net assets/(liabilities)
150,948
(71,300)
Capital and reserves
Called up share capital
1
1
Hedging reserve
285,423
37,157
Profit and loss reserves
(134,476)
(108,458)
Total equity
150,948
(71,300)

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. 09754232
KITEWOOD INVESTMENT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
1
(116,932)
(107,960)
(224,891)
Year ended 30 April 2022:
Loss for the year
-
-
(498)
(498)
Other comprehensive income:
Cash flow hedge movements
-
193,903
-
193,903
Tax relating to other comprehensive income
-
(39,814)
-
0
(39,814)
Total comprehensive income for the year
-
0
154,089
(498)
153,591
Balance at 30 April 2022
1
37,157
(108,458)
(71,300)
Year ended 30 April 2023:
Loss for the year
-
-
(26,018)
(26,018)
Other comprehensive income:
Cash flow hedge movements
-
331,022
-
331,022
Tax relating to other comprehensive income
-
(82,756)
-
0
(82,756)
Total comprehensive income for the year
-
0
248,266
(26,018)
222,248
Balance at 30 April 2023
1
285,423
(134,476)
150,948
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Kitewood Investment Holdings 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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
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.

1.4
Financial instruments

The company 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.

KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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.

 

1.5
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.

1.6
Hedge accounting

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

Cash flow hedges are used to cover the group's exposure to variability in cash flows that is attributable to particular risks associated with a recognised asset or liability or a firm commitment which could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income through the hedging reserve in equity, whilst the ineffective portion is recognised in profit or loss.

1.7
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.

KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
505
505
4
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Greenwich 2 Limited
1
Ordinary
100.00
Kitewood (Holland Park) Limited
1
Ordinary
100.00
Travistock Investment 2 Limited
1
Ordinary
100.00
Greenwich 1 Limited
1
Ordinary
100.00
Kitewood Peckham Limited
1
Ordinary
100.00
Tavistock Investment 1 Limited
1
Ordinary
100.00
Kitewood (St James) Limited
1
Ordinary
100.00
Tavistock Road Limited
1
Ordinary
100.00
Greenwich Heights Limited
1
Ordinary
100.00
Kitewood Property Investments Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
7 Dacre Street, London, England, SW1H 0DJ
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
380,565
49,543
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
23,926,356
18,839,866
Other debtors
1,768,037
2,437,093
25,694,393
21,276,959
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,057,225
1,735,132
Other creditors
505
505
2,057,730
1,735,637
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,406,000
21,788,000

Bank loans are secured via a fixed and floating charge on the investment property held within the group companies.

 

These loans are also secured via a fixed charge over the shares in subsidiaries held within the company.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Interest rate swap revaluations
95,142
12,386
2023
Movements in the year:
£
Liability at 1 May 2022
12,386
Charge to other comprehensive income
82,756
Liability at 30 April 2023
95,142

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 INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
10
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

 

11
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Kitewood Estates Limited
1,387,471
2,387,550
Other information

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.

12
Parent company

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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