Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue2023-01-01falseNo description of principal activity34The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10578097 2023-01-01 2023-12-31 10578097 2022-01-01 2022-12-31 10578097 2023-12-31 10578097 2022-12-31 10578097 2022-01-01 10578097 1 2023-01-01 2023-12-31 10578097 1 2022-01-01 2022-12-31 10578097 5 2023-01-01 2023-12-31 10578097 5 2022-01-01 2022-12-31 10578097 d:Director2 2023-01-01 2023-12-31 10578097 e:FreeholdInvestmentProperty 2023-01-01 2023-12-31 10578097 e:FreeholdInvestmentProperty 2023-12-31 10578097 e:FreeholdInvestmentProperty 2022-12-31 10578097 e:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 10578097 e:CurrentFinancialInstruments 2023-12-31 10578097 e:CurrentFinancialInstruments 2022-12-31 10578097 e:Non-currentFinancialInstruments 2023-12-31 10578097 e:Non-currentFinancialInstruments 2022-12-31 10578097 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10578097 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10578097 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 10578097 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 10578097 e:ShareCapital 2023-01-01 2023-12-31 10578097 e:ShareCapital 2023-12-31 10578097 e:ShareCapital 2022-01-01 2022-12-31 10578097 e:ShareCapital 2022-12-31 10578097 e:ShareCapital 2022-01-01 10578097 e:RevaluationReserve 2023-01-01 2023-12-31 10578097 e:RevaluationReserve 2023-12-31 10578097 e:RevaluationReserve 1 2023-01-01 2023-12-31 10578097 e:RevaluationReserve 5 2023-01-01 2023-12-31 10578097 e:RevaluationReserve 2022-01-01 2022-12-31 10578097 e:RevaluationReserve 2022-12-31 10578097 e:RevaluationReserve 2022-01-01 10578097 e:RevaluationReserve 5 2022-01-01 2022-12-31 10578097 e:RevaluationReserve 8 2022-01-01 2022-12-31 10578097 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10578097 e:RetainedEarningsAccumulatedLosses 2023-12-31 10578097 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 10578097 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10578097 e:RetainedEarningsAccumulatedLosses 2022-12-31 10578097 e:RetainedEarningsAccumulatedLosses 2022-01-01 10578097 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 10578097 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10578097 d:OrdinaryShareClass1 2023-12-31 10578097 d:OrdinaryShareClass1 2022-12-31 10578097 d:FRS102 2023-01-01 2023-12-31 10578097 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10578097 d:FullAccounts 2023-01-01 2023-12-31 10578097 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10578097 2 2023-01-01 2023-12-31 10578097 6 2023-01-01 2023-12-31 10578097 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10578097









KINGWELL (BEACHAMPTON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KINGWELL (BEACHAMPTON) LIMITED
REGISTERED NUMBER: 10578097

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
101
101

Investment property
 5 
5,112,350
4,112,350

  
5,112,451
4,112,451

Current assets
  

Stocks
 6 
3,440,969
1,890,296

Debtors: amounts falling due after more than one year
 7 
94,151
56,772

Debtors: amounts falling due within one year
 7 
66,914
141,229

Cash at bank and in hand
 8 
158
175,942

  
3,602,192
2,264,239

Creditors: amounts falling due within one year
 9 
(1,779,425)
(837,972)

Net current assets
  
 
 
1,822,767
 
 
1,426,267

Total assets less current liabilities
  
6,935,218
5,538,718

Creditors: amounts falling due after more than one year
 10 
(4,520,149)
(4,803,149)

Provisions for liabilities
  

Deferred tax
  
(567,370)
(292,271)

  
 
 
(567,370)
 
 
(292,271)

Net assets
  
1,847,699
443,298


Capital and reserves
  

Called up share capital 
 11 
1
1

Revaluation reserve
  
2,418,788
1,245,996

Profit and loss account
  
(571,090)
(802,699)

  
1,847,699
443,298


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.
 
Page 1

 
KINGWELL (BEACHAMPTON) LIMITED
REGISTERED NUMBER: 10578097
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




Alistair James Hugh Emery
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
KINGWELL (BEACHAMPTON) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1
1,245,996
(802,699)
443,298


Comprehensive income for the year

Profit for the year
-
-
231,609
231,609

Surplus on revaluation of freehold property
-
1,447,891
-
1,447,891

Deferred tax
-
(275,099)
-
(275,099)
Total comprehensive income for the year
-
1,172,792
231,609
1,404,401


At 31 December 2023
1
2,418,788
(571,090)
1,847,699


The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
KINGWELL (BEACHAMPTON) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1
505,490
(819,503)
(314,012)


Comprehensive income for the year

Profit for the year
-
-
16,804
16,804

Surplus on revaluation of freehold property
-
914,205
-
914,205

Deferred tax
-
(173,699)
-
(173,699)
Total comprehensive income for the year
-
740,506
16,804
757,310


At 31 December 2022
1
1,245,996
(802,699)
443,298


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Belport (Beachampton) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.
Revenue comprises rental income, that from farming activities, grants received and net profit on sales of property.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income as received.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investment property is capitalised on the date of completion.

 
2.7

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.8

Stocks and work in progress

Stocks and work in progress of properties to develop are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase and development cost incurred thereafter.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short term debtors are measured at transaction price.

Page 6

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured net of transaction costs.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 7

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
101



At 31 December 2023
101




Investments comprise of a £1 share and membership in Ouse and Cherwell Trading Co. Limited, a farm supplies consortium, and, 100 £1 ordinary shares in Bailoh Limited, a solar farm joint venture.


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
4,112,350


Additions at cost
7,056


Disposals
(454,947)


Revaluation
1,447,891



At 31 December 2023
5,112,350

The 2023 valuations were made by Bidwells, on an open market value for existing use basis.





6.


Stocks

2023
2022
£
£

Work in progress of properties to development
3,440,969
1,890,296

3,440,969
1,890,296


Page 8

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Bailoh loan
94,151
41,772

One Planet deposit
-
15,000

94,151
56,772


2023
2022
£
£

Due within one year

Trade debtors
5,248
-

VAT repayable
61,576
141,229

Prepayments
90
-

66,914
141,229



8.


Cash

2023
2022
£
£

Bank current account
158
15,485

Bank deposit account
-
160,457

158
175,942


Page 9

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,467,345
-

Trade creditors
240,051
230,184

Kingwell (Aubrey) Limited
25,000
600,000

Other creditors
35,050
-

Accruals
11,979
7,788

1,779,425
837,972


The bank loan is from Coutts and attracted interest of 7.75% - 8% to December 2023. The loan must be repaid within 25 months of the original drawdown on 13 July 2022.
The loan is secured on the property at Manor Farm, Beachampton.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
1,467,345

Loan from Kingwell Asset Investments LLP
2,255,167
1,727,167

Loan interest bearing - KH IV Lending 102 Sarl (Capital)
1,409,909
1,009,909

Loan interest bearing - KH IV Lending 102 Sarl (Interest)
404,322
278,071

Loan interest bearing - Kingwell Capital Partners LP (Capital)
350,674
250,674

Loan interest bearing - Kingwell Capital Partners LP (Interest)
100,077
69,983

4,520,149
4,803,149


The interest-bearing loans provided via shareholders attract interest at a rate of 10% pa which has been accrued and added to the loans outstanding. The loans will not be repaid until after 31 December 2024 and so are included in creditors amounts falling due after more than one year. 


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 10

 
KINGWELL (BEACHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related parties

The company is wholly owned by Kingwell Asset Investments LLP. 
Funding in addition to bank loans has been provided to the company by the partners in that business.
Kingwell Management Limited (KM Ltd) and Kingwell Asset Investments LLP (K Inv LLP) are related parties as the directors of the company have interests in those companies. During the year KM Ltd charged £70,000 (2022 - £42,000) for asset management services. K Inv LLP charged £20,000 (2022 - £20,000) as a management fee.

 
Page 11