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Registered number: 01338973











KESTERPORT LIMITED

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

 
KESTERPORT LIMITED
 

COMPANY INFORMATION


Directors
R D M Fletcher 
H L E Fletcher 
S M Anderson 
T W Hughes 




Company secretary
S Copping



Registered number
01338973



Registered office
Kestrel House
Hanworth Lane

Surrey

KT16 9JX




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
KESTERPORT LIMITED
REGISTERED NUMBER: 01338973

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
22,336
19,518

Investments
 6 
201
201

  
22,537
19,719

Current assets
  

Stocks
 7 
1,306,446
1,521,791

Debtors: amounts falling due within one year
 8 
712,961
839,709

Cash at bank and in hand
 9 
813,680
813,042

  
2,833,087
3,174,542

Creditors: amounts falling due within one year
 10 
(1,309,359)
(1,658,031)

Net current assets
  
 
 
1,523,728
 
 
1,516,511

Total assets less current liabilities
  
1,546,265
1,536,230

Creditors: amounts falling due after more than one year
 11 
(245,000)
(445,000)

Provisions for liabilities
  

Deferred tax
 13 
(812)
-

Other provisions
 14 
(223,520)
(289,713)

  
 
 
(224,332)
 
 
(289,713)

Net assets
  
1,076,933
801,517


Capital and reserves
  

Called up share capital 
 15 
9,172
9,172

Share premium account
  
1,500
1,500

Capital redemption reserve
  
1,828
1,828

Profit and loss account
  
1,064,433
789,017

  
1,076,933
801,517


Page 1

 
KESTERPORT LIMITED
REGISTERED NUMBER: 01338973

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

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 on 7 February 2024.




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

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
KESTERPORT LIMITED
 

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

1.


General information

Kesterport Limited is incorporated in England and Wales and limited by shares. The principal activity of the company is that of furniture importers and wholesalers. The address of the registered office is given in the company's information page 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 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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover is recognised by the company when furniture is despatched with appropriate adjustment made in respect of income received in advance being included within accruals and deferred income.
Turnover is recognised to the extent that it is probable the economic benefits will flow to the Company and can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, exclusive of trade discounts.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
KESTERPORT LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

  
2.6

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 Income and Retained Earnings in the
same period as the related expenditure.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
KESTERPORT LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

  
2.10

Website

Website expenditure is only recognised on the balance sheet where it is specifically for development, rather than for maintenance and general updates. The website is being amortised over 3 years.

 
2.11

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.

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% on cost
Motor vehicles
-
20% on cost
Office equipment
-
20% - 33.33% on cost

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.

Page 5

 
KESTERPORT LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Valuation of investments

Subsidiary Undertakings:

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 
2.14

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.15

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. 

 
2.16

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.

 
2.17

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 23 (2022 - 25).

Page 6

 
KESTERPORT LIMITED
 

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

4.


Intangible assets




Website
Total

£
£



Cost


At 1 June 2022
20,020
20,020



At 31 May 2023

20,020
20,020



Amortisation


At 1 June 2022
20,020
20,020



At 31 May 2023

20,020
20,020



Net book value



At 31 May 2023
-
-



At 31 May 2022
-
-



Page 7

 
KESTERPORT LIMITED
 

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

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
16,000
259,630
153,965
429,595


Additions
-
11,000
9,794
20,794


Disposals
-
(259,630)
(140,354)
(399,984)



At 31 May 2023

16,000
11,000
23,405
50,405



Depreciation


At 1 June 2022
11,199
254,581
144,297
410,077


Charge for the year on owned assets
2,888
2,291
7,435
12,614


Charge for the year on financed assets
313
5,049
-
5,362


Disposals
-
(259,630)
(140,354)
(399,984)



At 31 May 2023

14,400
2,291
11,378
28,069



Net book value



At 31 May 2023
1,600
8,709
12,027
22,336



At 31 May 2022
4,801
5,049
9,668
19,518

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
5,049

Office equipment
-
6,180

-
11,229

Page 8

 
KESTERPORT LIMITED
 

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

6.


Investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
201



At 31 May 2023
201





7.


Stocks

2023
2022
£
£

Stocks
1,306,446
1,521,791

1,306,446
1,521,791



8.


Debtors

2023
2022
£
£


Trade debtors
574,805
725,300

Amounts owed by group undertakings
1,731
-

Other debtors
371
1,053

Prepayments and accrued income
136,054
112,037

Deferred taxation
-
1,319

712,961
839,709



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
813,680
813,042

813,680
813,042


Page 9

 
KESTERPORT LIMITED
 

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

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
200,000
200,000

Trade creditors
475,898
481,419

Other taxation and social security
321,296
515,571

Obligations under finance lease and hire purchase contracts
-
12,431

Other creditors
5,537
5,367

Accruals and deferred income
306,628
443,243

1,309,359
1,658,031


The bank loans of £200,000 (2022 - £200,000) are secured by a fixed and floating charge over all the assets of the Company. The hire purchase agreements of £nil (2022 - £12,431) are secured on the assets to which they relate.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
245,000
445,000

245,000
445,000


The bank loans of £245,000 (2022 - £445,000) are secured by a fixed and floating charge over all the assets of the Company.

Page 10

 
KESTERPORT LIMITED
 

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

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
200,000
200,000


200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000


200,000
200,000

Amounts falling due 2-5 years

Bank loans
45,000
245,000


45,000
245,000


445,000
645,000



13.


Deferred taxation




2023


£






At beginning of year
1,319


Charged to profit or loss
(2,131)



At end of year
(812)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(812)
1,319

(812)
1,319

Page 11

 
KESTERPORT LIMITED
 

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

14.


Provisions




Deferred income

£





At 1 June 2022
289,713


Charged to profit or loss
(66,193)



At 31 May 2023
223,520

The income received in advance at the year end was £223,520 (2022 - £289,713).


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,090 (2022 - 9,090) Class "A" ordinary shares of £1.00 each
9,090
9,090
82 (2022 - 82) Class "B" ordinary shares of £1.00 each
82
82

9,172

9,172



16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,835 (2022 - £115,237). Contributions totalling £5,537 (2022 - £5,367) were payable to the fund at the balance sheet date and are included in creditors.


17.Other financial commitments

At 31 May 2023 the company was committed to £276,683 (2022 - £1,198,945) in respect of forward currency contracts. Fair value measurement at the year end amounted to an derivative loss of £15,916   (2022 - gain of £30,602).


18.


Related party transactions

The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS 102 and therefore transactions with group companies have not been disclosed.

Page 12

 
KESTERPORT LIMITED
 

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

19.


Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary of Kestrel House Holdings LTD, a company incorporated in England and Wales.
The ultimate controlling parties are R D M Fletcher and N Fletcher by virtue of shareholding in Kestrel House Holdings Limited.


20.


Auditor's information

The auditor's report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 14 February 2024 by Philip Munk FCA FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 of the Companies Act 2006. Our 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.


Page 13