Loveday Kensington Limited 12688047 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision of nursing home services. Digita Accounts Production Advanced 6.30.9574.0 true true 12688047 2023-01-01 2023-12-31 12688047 2023-12-31 12688047 bus:Consolidated 2023-12-31 12688047 core:CurrentFinancialInstruments 2023-12-31 12688047 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12688047 core:FurnitureFittingsToolsEquipment 2023-12-31 12688047 core:MotorVehicles 2023-12-31 12688047 bus:SmallEntities 2023-01-01 2023-12-31 12688047 bus:Audited 2023-01-01 2023-12-31 12688047 bus:FullAccounts 2023-01-01 2023-12-31 12688047 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12688047 bus:RegisteredOffice 2023-01-01 2023-12-31 12688047 bus:CompanySecretary1 2023-01-01 2023-12-31 12688047 bus:Director2 2023-01-01 2023-12-31 12688047 bus:Director3 2023-01-01 2023-12-31 12688047 bus:Director4 2023-01-01 2023-12-31 12688047 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12688047 core:FurnitureFittings 2023-01-01 2023-12-31 12688047 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 12688047 core:MotorVehicles 2023-01-01 2023-12-31 12688047 core:OfficeEquipment 2023-01-01 2023-12-31 12688047 countries:EnglandWales 2023-01-01 2023-12-31 12688047 2022-12-31 12688047 core:FurnitureFittingsToolsEquipment 2022-12-31 12688047 core:MotorVehicles 2022-12-31 12688047 2022-01-01 2022-12-31 12688047 2022-12-31 12688047 core:CurrentFinancialInstruments 2022-12-31 12688047 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12688047 core:FurnitureFittingsToolsEquipment 2022-12-31 12688047 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 12688047

Prepared for the registrar

Loveday Kensington Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Loveday Kensington Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Loveday Kensington Limited

Company Information

Directors

G R F Geller

J G Maitland-Cook

L S Geller

Company secretary

J G Maitland-Cook

Registered office

3rd Floor
243 Knightsbridge
London
SW7 1DN

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Loveday Kensington Limited

(Registration number: 12688047)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

84,431

48,354

Current assets

 

Stocks

18,060

7,963

Debtors

5

918,847

250,215

Cash at bank and in hand

 

596,130

143,389

 

1,533,037

401,567

Creditors: Amounts falling due within one year

6

(2,621,946)

(1,454,399)

Net current liabilities

 

(1,088,909)

(1,052,832)

Net liabilities

 

(1,004,478)

(1,004,478)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(1,004,479)

(1,004,479)

Shareholders' deficit

 

(1,004,478)

(1,004,478)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 


L S Geller
Director

 

Loveday Kensington Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
243 Knightsbridge
London
SW7 1DN

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

Not withstanding the net liability position shown on the balance sheet, the financial statements have been prepared on the going concern basis. The directors have considered the forecast cash flows and the cash requirements of the business in their assessment of going concern. As a result of this assessment it was concluded that the cash requirements of the business for the 12 months from signing will be met through a combination of operational cash flows and intergroup loans and thus the business is deemed to operate as a going concern.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Motor vehicles

33% straight line

Office equipment

33% straight line

 

Loveday Kensington Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Loveday Kensington Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

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

 

Loveday Kensington Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

55,936

-

55,936

Additions

82,115

1,384

83,499

Disposals

(19,362)

-

(19,362)

At 31 December 2023

118,689

1,384

120,073

Depreciation

At 1 January 2023

7,582

-

7,582

Charge for the year

30,930

77

31,007

Eliminated on disposal

(2,947)

-

(2,947)

At 31 December 2023

35,565

77

35,642

Carrying amount

At 31 December 2023

83,124

1,307

84,431

At 31 December 2022

48,354

-

48,354

 

5

Debtors

2023
 £

2022
 £

Trade debtors

289,782

53,234

Amounts owed by group undertakings

491,953

140,615

Other debtors

-

1

Prepayments

137,112

56,365

 

918,847

250,215

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

116,792

115,103

Amounts due to group undertakings

57,284

-

Social security and other taxes

 

108,980

35,690

Outstanding defined contribution pension costs

 

10,605

4,375

Other creditors

 

1,615,788

785,320

Accrued expenses

 

171,722

80,027

Deferred income

 

540,775

433,884

 

2,621,946

1,454,399

 

7

Obligations under leases and hire purchase contracts

The total of future minimum lease payments is £8,929 (2022 - £17,676).

 

Loveday Kensington Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Loveday & Co (UK) Limited, incorporated in England and Wales. The ultimate parent is Geller Family Holdings Limited, incorporated in England and Wales which is the most senior parent company producing publicly available financial statements.The ultimate controlling party is LS Geller.

 

9

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.