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Company No: 14736261 (England and Wales)

KONTOR LEASING LIMITED

Unaudited Financial Statements
For the financial period from 17 March 2023 to 31 December 2023
Pages for filing with the registrar

KONTOR LEASING LIMITED

Unaudited Financial Statements

For the financial period from 17 March 2023 to 31 December 2023

Contents

KONTOR LEASING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
KONTOR LEASING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023
£
Fixed assets
Intangible assets 3 295,102
Tangible assets 4 2,447
297,549
Current assets
Stocks 50,000
Debtors 5 231,575
Cash at bank and in hand 86,855
368,430
Creditors: amounts falling due within one year 6 ( 551,279)
Net current liabilities (182,849)
Total assets less current liabilities 114,700
Net assets 114,700
Capital and reserves
Called-up share capital 7 410,294
Profit and loss account ( 295,594 )
Total shareholder's funds 114,700

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kontor Leasing Limited (registered number: 14736261) were approved and authorised for issue by the Board of Directors on 05 July 2024. They were signed on its behalf by:

S J M Haworth
Director
KONTOR LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 March 2023 to 31 December 2023
KONTOR LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 March 2023 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Kontor Leasing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 33 Gresse Street, London, W1T 1QU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

Period from
17.03.2023 to
31.12.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 17 March 2023 0 0
Additions 313,383 313,383
At 31 December 2023 313,383 313,383
Accumulated amortisation
At 17 March 2023 0 0
Charge for the financial period 18,281 18,281
At 31 December 2023 18,281 18,281
Net book value
At 31 December 2023 295,102 295,102

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 17 March 2023 0 0 0
Additions 2,257 708 2,965
At 31 December 2023 2,257 708 2,965
Accumulated depreciation
At 17 March 2023 0 0 0
Charge for the financial period 439 79 518
At 31 December 2023 439 79 518
Net book value
At 31 December 2023 1,818 629 2,447

5. Debtors

31.12.2023
£
Trade debtors 208,582
Amounts owed by fellow subsidiaries 19,993
Accrued income 3,000
231,575

6. Creditors: amounts falling due within one year

31.12.2023
£
Trade creditors 12,102
Amounts owed to Ultimate Parent undertakings 92,120
Amounts owed to fellow subsidiaries 39,266
Amounts owed to connected companies 94,358
Accruals 210,364
Other taxation and social security 91,265
Other creditors 11,804
551,279

7. Called-up share capital

31.12.2023
£
Allotted, called-up and fully-paid
410,294 Ordinary shares of £ 1.00 each 410,294

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.12.2023
£
Unpaid contributions due to the fund (inc. in other creditors) 4,575