REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
KEA NEW LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
KEA NEW LTD |
KEA NEW LTD (REGISTERED NUMBER: 09845225) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KEA NEW LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Baird House |
Seebeck Place |
Knowlhill |
Milton Keynes |
Buckinghamshire |
MK5 8FR |
KEA NEW LTD (REGISTERED NUMBER: 09845225) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEA NEW LTD (REGISTERED NUMBER: 09845225) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Kea New Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
The capital contribution represent payments made to the employee ownership trust. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
KEA NEW LTD (REGISTERED NUMBER: 09845225) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
7. | CONTINGENT LIABILITIES |
On the 27th September 2023, 100% of the shares in Kea New Ltd were acquired by The Kea Employee Ownership Trust.The trustees of which being Trident Trust Company (U.K.) Limited. |
During the year Kea Consultants Limited a 100% subsidiary of the company, gifted £1,250,000 to the Employee Ownership Trust which is treated as a reduction in equity via capital contribution. |
As at 31 December 2023, £18,981,795 is outstanding for which the company acts as guarantor to the trust. This will be repaid by the trust inline with an agreed payment plan, on the basis that the group remains profitable in the future. |
8. | RELATED PARTY DISCLOSURES |
During the year, the company received dividends of £1,250,000 (2022: £4,569,047) from Kea Global |
Limited, its subsidiary company. During the year, the company paid out dividends of £NIL (2022: £1,656,406) to Mrs C Sage and Mrs C Allen. At the year end, the company owed £2,024,019 (2022: £1,951,665) to Kea Consultants Limited. Kea Consultants Limited is a subsidiary of Kea Global Limited. |
At the balance sheet date Kea Global Limited owed the company £2,000 (2022: £2,000). |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is The Kea Employee Ownership Trust. The trustees of which being Trident Trust Company (U.K.) Limited.The trust holds the controlling stake in the company for the benefit of the employees. |
10. | EMPLOYEE OWNERSHIP TRUST |
During the year the company gifted £1,250,000 to the Employee Ownership Trust which is treated as a reduction in equity via capital contribution.from retaining earnings. |
At the balance sheet date the employee ownership trust owed the company £80,133 (2022: £Nil). |