Company registration number 09606981 (England and Wales)
KENSINGTON UK HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KENSINGTON UK HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr G J Huntley
Mr C Huntley
Mr C Huntley
Mr L C Huntley
Company number
09606981
Registered office
42-46 Lodge Causeway
Fishponds
Bristol
BS16 3JB
Accountants
Oldfield Advisory LLP
Santis House
Curriers Close
Coventry
CV4 8AW
KENSINGTON UK HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
KENSINGTON UK HOLDINGS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
-
0
300,000
Investments
3
20,004
20,004
20,004
320,004
Current assets
Debtors
4
555,193
718,828
Cash at bank and in hand
469,064
-
0
1,024,257
718,828
Creditors: amounts falling due within one year
5
(529,479)
(644,165)
Net current assets
494,778
74,663
Total assets less current liabilities
514,782
394,667
Creditors: amounts falling due after more than one year
6
(380,000)
(380,000)
Net assets
134,782
14,667
Capital and reserves
Called up share capital
1,022
1,000
Profit and loss reserves
133,760
13,667
Total equity
134,782
14,667

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

KENSINGTON UK HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Mr C Huntley
Director
Company registration number 09606981 (England and Wales)
KENSINGTON UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Kensington UK Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 42-46 Lodge Causeway, Fishponds, Bristol, BS16 3JB.

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 freehold properties and to include investment properties and certain financial instruments at fair value]. 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
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.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

1.6
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.

KENSINGTON UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
20,004
20,004

Fixed asset investments not carried at market value

Investments in subsidiary undertakings are recognised at cost.

KENSINGTON UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
304,782
468,828
Other debtors
411
-
0
305,193
468,828
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
250,000
250,000
Total debtors
555,193
718,828
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,194
-
0
Taxation and social security
43,275
2,483
Other creditors
483,010
641,682
529,479
644,165
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
380,000
380,000

Other creditors includes redeemable shares of £380,000. The redeemable shares, which were issued at par, are redeemable at par at the option of the shareholder. There are no fixed dates for redemption.

7
Related party transactions

Included within debtors is an intercompany loan account with the company's subsidiary undertaking of £554,782 (2022: £718,828). The amount falling due after more than one year is £250,000 (2022: £250,000). A market rate of interest is charged on the loan.

 

Included within other creditors falling due within one year are loans from directors totalling £416,832 (2022: £565,805). A market rate of interest is charged on the loans.

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