Company registration number 04375017 (England and Wales)
KICKPOINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KICKPOINT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
KICKPOINT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
3,109,758
3,109,758
Current assets
Debtors
5
917,866
344,942
Cash at bank and in hand
1
1
917,867
344,943
Creditors: amounts falling due within one year
6
(3,476,259)
(2,840,696)
Net current liabilities
(2,558,392)
(2,495,753)
Total assets less current liabilities
551,366
614,005
Capital and reserves
Called up share capital
1
1
Non distributable reserves
(153,715)
(153,715)
Profit and loss reserves
705,080
767,719
Total equity
551,366
614,005

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.

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr G R Jackson
Director
Company Registration No. 04375017
KICKPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Kickpoint Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lugano Building, 57 Melbourne Street, Newcastle upon Tyne, NE1 2JQ. The company registration number is 04375017.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed the company's future prospects and have determined it has sufficient financial resources to continue to trade for the foreseeable future.true

 

The company is reliant on its parent, Lugano Group Limited, for banking facilities and financial support.

 

The directors have considered the availability of continued support from the bank, the parent and other companies in the group, when making their going concern assessment and have concluded the company continues to be a going concern.

1.3
Turnover
Turnover represents amounts receivable for property rentals net of VAT and discounts.
1.4
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. The surplus or deficit on revaluation is recognised in profit or loss.

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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

KICKPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.6
Taxation

The tax expense represents tax currently payable. There are no temporary timing differences, therefore no deferred tax provision is necessary.

 

1.7
Leases

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
5
5
KICKPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
3,109,758

The fair value of the investment properties has been arrived at on the basis of a valuation carried out in June 2021 by Knight Frank LLP, plus any additions since that date at cost. Knight Frank LLP are not connected with the company.

The valuation was carried out on an open market value basis, by reference to market evidence of transaction prices for similar properties.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,747
95,243
Other debtors
865,119
249,699
917,866
344,942
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
3,048
Amounts owed to group undertakings
3,402,427
2,752,980
Other creditors
73,832
84,668
3,476,259
2,840,696
7
Financial commitments, guarantees and contingent liabilities

The company's banking facilities are secured by a debenture dated 13 December 2021 and cross guarantees from the parent company and other wholly owned subsidiaries within the Lugano Group. The exact amount owed by this company under these securities at any one time cannot be separately identified.

KICKPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
6,494,876
6,864,877
9
Related party transactions

At the year end the company owed £3,402,427 (2022: £2,752,980) and was owed £823,264 (2022: £216,677) by various companies in the Lugano group of companies. The company relies on its group holding company for financial and banking facilities, consequently all transactions included in these financial statements are reflected within the intercompany creditor at the year end.

 

All transactions have been incurred at arm's-length. They reflect recharges of income and expenditure from non-group entities, except for a market rate property management, administration and bookkeeping service provided by fellow subsidiary Lugano Developments Limited.

 

The company leases two properties from other group entities and the operating lease commitments for these properties are included in note 8.






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