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Registered number: 11842696











KESTREL HOUSE HOLDINGS LTD


FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
KESTREL HOUSE HOLDINGS LTD
 

COMPANY INFORMATION


Director
R D M Fletcher 




Registered number
11842696



Registered office
Kestrel House
Hanworth Lane

Chertsey

Surrey

KT16 9JX




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
KESTREL HOUSE HOLDINGS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KESTREL HOUSE HOLDINGS LTD
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Kestrel House Holdings LTD (the 'Company') for the year ended 31 May 2023, which comprise the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 1

 
KESTREL HOUSE HOLDINGS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KESTREL HOUSE HOLDINGS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
KESTREL HOUSE HOLDINGS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KESTREL HOUSE HOLDINGS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management and those charged with governance around actual and potential litigation and claims.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
Review of after year end information to ensure expenditure has been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 3

 
KESTREL HOUSE HOLDINGS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KESTREL HOUSE HOLDINGS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Munk FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

6 February 2024
Page 4

 
KESTREL HOUSE HOLDINGS LTD
REGISTERED NUMBER: 11842696

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
9,172
9,172

Investment property
 5 
5,505,000
5,505,000

  
5,514,172
5,514,172

Current assets
  

Debtors: amounts falling due within one year
 6 
60
76,864

Cash at bank and in hand
 7 
554,117
351,792

  
554,177
428,656

Creditors: amounts falling due within one year
 8 
(119,912)
(154,205)

Net current assets
  
 
 
434,265
 
 
274,451

Total assets less current liabilities
  
5,948,437
5,788,623

Provisions for liabilities
  

Deferred tax
 9 
(654,298)
(654,298)

  
 
 
(654,298)
 
 
(654,298)

Net assets
  
5,294,139
5,134,325


Capital and reserves
  

Called up share capital 
 10 
9,172
9,172

Profit and loss account
 11 
5,284,967
5,125,153

  
5,294,139
5,134,325


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 statement of income and retained earnings 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 on 1 February 2024.




................................................
R D M Fletcher
Director

The notes on pages 6 to 11 form part of these financial statements.

Page 5

 
KESTREL HOUSE HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Kestrel House Holdings LTD is a private company limited by shares incorporated in England, United Kingdom. The principal activity of the business is a holding company. The address of registered office given in the company information of these financial statements.

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 is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not it's group.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of property rental and property management services supplied during the year, exclusive of trade discounts.

 
2.3

Current and deferred 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
KESTREL HOUSE HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by either the directors or external valuers 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 and deferred taxation thereon are recognised in the Statement of Comprehensive Income and included within profit and loss reserve as undistributable reserves thereafter.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.  

 
2.8

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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 7

 
KESTREL HOUSE HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
9,172



At 31 May 2023
9,172





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

KESTERPORT LIMITED
England
Class 'A' and 'B' ordinary
100%


5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
5,505,000



At 31 May 2023
5,505,000

The 2023 valuations were made by the Director, with reference to advice recevied by JLL, commercial property agents, on an open market value for existing use basis.




Page 8

 
KESTREL HOUSE HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Debtors

2023
2022
£
£


Other debtors
60
76,864

60
76,864



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
554,117
351,792

554,117
351,792



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,731
-

Corporation tax
39,960
31,667

Other taxation and social security
1,250
-

Other creditors
62,388
107,955

Accruals and deferred income
14,583
14,583

119,912
154,205


Page 9

 
KESTREL HOUSE HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Deferred taxation




2023


£






Charged to profit or loss
(654,298)



At end of year
(654,298)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax on revaluation gains
(654,298)
(654,298)

(654,298)
(654,298)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,090 (2022 - 9,090) A Ordinary shares of £1.00 each
9,090
9,090
82 (2022 - 82) B Ordinary shares of £1.00 each
82
82

9,172

9,172



11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments. It includes the cumulative effect of revaluations of investment properties and deferred taxation thereon totalling £3,558,890 which is not available for distribution as dividends until the properties are sold.


12.


Related party transactions

As at 31 May 2023 the company owed £62,387 (2022 - owed £107,955) to R D M Fletcher and his spouse, in their capacity as shareholders of the company.
During the period, the company received rent from Kesterport Limited, amounting to £200,000 (2022 - £181,250).

Page 10

 
KESTREL HOUSE HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

13.


Controlling party

The company is controlled by R D M Fletcher, the chairman, and his spouse who control 100% of the voting share capital of the company.


Page 11