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REGISTERED NUMBER: 14322665 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

KITE PROJECTS LTD

KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KITE PROJECTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: G Holmes
M Holmes





REGISTERED OFFICE: The Nursery Littleton Lane
Sparsholt
Winchester
SO21 2LS





REGISTERED NUMBER: 14322665 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 653,293 728,673
Tangible assets 5 98,045 83,035
751,338 811,708

CURRENT ASSETS
Stocks 211,332 621,318
Debtors 6 557,694 256,791
Cash at bank and in hand 477,255 270,845
1,246,281 1,148,954
CREDITORS
Amounts falling due within one year 7 771,492 796,689
NET CURRENT ASSETS 474,789 352,265
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,226,127

1,163,973

CREDITORS
Amounts falling due after more than one
year

8

(930,786

)

(1,051,145

)

PROVISIONS FOR LIABILITIES (23,548 ) (20,759 )
NET ASSETS 271,793 92,069

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 271,693 91,969
271,793 92,069

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

BALANCE SHEET - continued
31ST DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th July 2024 and were signed on its behalf by:




G Holmes - Director



M Holmes - Director


KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Kite Projects Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 753,800
AMORTISATION
At 1st January 2023 25,127
Amortisation for year 75,380
At 31st December 2023 100,507
NET BOOK VALUE
At 31st December 2023 653,293
At 31st December 2022 728,673

KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 - 28,903 2,050
Additions 4,283 - 369
Disposals - - -
At 31st December 2023 4,283 28,903 2,419
DEPRECIATION
At 1st January 2023 - 2,411 170
Charge for year 428 6,625 562
Eliminated on disposal - - -
At 31st December 2023 428 9,036 732
NET BOOK VALUE
At 31st December 2023 3,855 19,867 1,687
At 31st December 2022 - 26,492 1,880

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 54,384 5,411 90,748
Additions 41,000 3,105 48,757
Disposals (844 ) - (844 )
At 31st December 2023 94,540 8,516 138,661
DEPRECIATION
At 1st January 2023 4,532 600 7,713
Charge for year 22,520 2,838 32,973
Eliminated on disposal (70 ) - (70 )
At 31st December 2023 26,982 3,438 40,616
NET BOOK VALUE
At 31st December 2023 67,558 5,078 98,045
At 31st December 2022 49,852 4,811 83,035

KITE PROJECTS LTD (REGISTERED NUMBER: 14322665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 525,045 240,825
Other debtors 32,649 15,966
557,694 256,791

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,690 15,500
Trade creditors 131,504 415,947
Amounts owed to group undertakings 340,700 197,595
Taxation and social security 188,038 59,813
Other creditors 105,560 107,834
771,492 796,689

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 2,799 8,489
Other creditors 927,987 1,042,656
930,786 1,051,145

9. ULTIMATE CONTROLLING PARTY

The company's parent company is Corporation Holdings Ltd, which is incorporated in England and Wales. The registered office and principal place of business is The Nursery, Littleton Lane, Sparsholt, Winchester, SO21 2LS.