Company registration number 00398346 (England and Wales)
KIND & CO. (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KIND & CO. (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KIND & CO. (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,610,000
1,610,000
Current assets
Debtors
5
-
0
1,969
Cash at bank and in hand
8,908
18,370
8,908
20,339
Creditors: amounts falling due within one year
6
(52,875)
(113,296)
Net current liabilities
(43,967)
(92,957)
Total assets less current liabilities
1,566,033
1,517,043
Creditors: amounts falling due after more than one year
7
-
0
(160,000)
Provisions for liabilities
(54,537)
-
0
Net assets
1,511,496
1,357,043
Capital and reserves
Called up share capital
76,087
76,087
Share premium account
4,348
4,348
Non-distributable profits reserve
891,004
891,004
Distributable profit and loss reserves
540,057
385,604
Total equity
1,511,496
1,357,043

The notes on pages 3 to 7 form part of these financial statements.

KIND & CO. (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr R P Wilsher
Director
Company registration number 00398346 (England and Wales)
KIND & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Kind & Co. (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackenhill, Poole, BH13 6LT.

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 at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The directors consider truethat the company will be able to generate and maintain sufficient levels of cash in order to meet its liabilities as they fall due for at least the period under review. The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Investment property

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. Changes in fair value are recognised in profit or loss.

1.4
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 current liabilities.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

KIND & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

KIND & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

The company is an associated employer of a multi-employer defined benefit scheme. The assets of the scheme are held under trust within a non-segregated fund. The trustees of the scheme have not been able to identify each participating employer company's share of the pension scheme assets and liabilities on a reasonable and consistent basis.

In accordance with FRS 102 Section 28, each employer should account for its contributions to the Scheme as if it were a defined contribution scheme and disclose any available information about the scheme surplus or deficit.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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 assumptionsare reviewed on an ongoing basis and are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

Estimating the fair value of the investment property at the balance sheet date is the only area where management judgement has had a significant effect on amounts recognised in the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
8
5
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,610,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

KIND & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
0
500
Deferred tax asset
-
0
1,469
-
0
1,969
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
11,703
6,722
Other creditors
38,672
89,074
Accruals and deferred income
2,500
17,500
52,875
113,296
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
160,000
8
Financial commitments, guarantees and contingent liabilities

The company is subject to the normal post-sales contingencies attaching to property developers.

9
Pension commitments

The Kind & Co (Holdings) Limited 1972 Pension and Life Assurance Scheme (the "Scheme") is a multi-employer defined benefit scheme. Kind & Co (Builders) Limited is the Scheme's principal employer and Kind & Co. (Holdings) Limited is the other associated employer. The scheme's trustees and members approved the cessation of further accruals to members' benefits with effect from 30th November 2007.

The assets of the Scheme are held under trust within a non-segregated fund. It has not been possible for the assets of the Scheme to be allocated to each participating employer company on a reasonable and consistent basis.

In accordance with paragraph 28.11 of FRS 102 Section 28 - Employee Benefits, each employer should account for its contributions to the Scheme as if it were a defined contribution scheme and disclose any available information about the surplus or deficit.

Contributions to the Scheme are determined on the basis of triennial actuarial valuations carried out by an independent, qualified actuary. The Scheme funding levels are assessed by measuring the extent to which the scheme's assets are sufficient to meet the members' accrued benefits on two separate bases:

Ongoing Basis - assumes the scheme will continue in existence for the indefinite future, and commutation of pensions will be financially neutral, i.e. that the option of taking cash at retirement will be worth the same as the alternative pension.

Solvency Basis - assumes the scheme is terminated and benefits are purchased from an insurance company.

KIND & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Pension commitments
(Continued)
- 7 -
Full actuarial valuation
The results of the most recent full actuarial valuation of the scheme, carried out as at 31st March 2023 under Rule 19 (2) of the Trust Deed and Rules dated 25 June 2001 and Section 224 of the Pensions Act 2004, were as follows:
Ongoing Basis
Solvency Basis
£
£
Present value of the scheme's liabilities
6,221,000
7,503,000
Market value of the scheme's assets
6,412,000
6,420,000
Surplus/(Deficit)
191,000
(1,083,000)
Funding level (March 2023 Valuation)
103%
86%
Funding level (March 2020 Valuation)
92%
62%
The following actuarial assumptions were applied to the current/(previous) valuation:
Discount rate before and after retirement
4.10% per annum (2.00%)
RPI inflation
3.26% per annum (2.76%)
CPI inflation
0.70% per annum (2.06%)
Pension increases in deferment
0.70% per annum (2.06%)
Pension increases in payment
- Pre April 1988
0.00% per annum (0.00%)
- Between April 1988 and April 1997
2.17% per annum (1.87%)
- Between April 1997 and April 2005
3.16% per annum (2.73%)
- Post April 2005
2.20% per annum (2.03%)
Assumptions relating to pre and post retirement mortality are in accordance with published actuarial tables.
The expenses of running the Scheme, including any contributions due, are to be met by the participating employer companies.
Contributions payable of £220,000 were provided for at 31st December 2022 as part of the recovery plan to make good the deficit identified in the 2020 actuarial valuation.
The most recent actuarial valuation indicated that the scheme's assets are expected to be sufficient to meet the benefits which have accrued to members and there is no longer a requirement to provide for the contributions agreed as payable by the participating employer companies.
The company has agreed to continue funding the scheme with £60,000 payable within one year and £150,000 payable after one year.
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