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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Statement of income and retained earnings |
10 |
Statement of financial position |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered Accountants & statutory auditor |
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61 Macrae Road |
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Ham Green |
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Bristol |
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BS20 0DD |
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Bankers |
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P.O.Box 221 |
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13 High Street |
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Westbury-on-Trym |
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Bristol |
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BS99 5AL |
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Strategic Report |
Registered office: |
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Directors' Report |
B.G.T. Rowe
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Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered Accountants & statutory auditor |
61 Macrae Road |
Ham Green |
Bristol |
BS20 0DD |
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Statement of Income and Retained Earnings |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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– |
------------ |
--------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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--------- |
--------- |
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Operating profit/(loss) |
6 |
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(
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Interest receivable |
10 |
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--------- |
--------- |
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Profit/(loss) before taxation |
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(
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Taxation on ordinary activities |
11 |
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--------- |
--------- |
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Profit/(loss) for the financial year and total comprehensive income |
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(
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--------- |
--------- |
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Dividends paid and payable |
12 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Tangible assets |
13 |
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Investments |
14 |
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------------ |
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Stocks |
15 |
– |
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Debtors |
16 |
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Investments |
17 |
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– |
Cash at bank and in hand |
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Creditors: amounts falling due within one year |
19 |
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Net current assets |
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Total assets less current liabilities |
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Taxation including deferred tax |
20 |
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Net assets |
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Called up share capital |
23 |
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Fair value reserve |
24 |
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Profit and loss account |
24 |
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Shareholders funds |
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Statement of Cash Flows |
2024 |
2023 |
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Note |
£ |
£ |
Profit/(loss) for the financial year |
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(
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Adjustments for: |
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Depreciation of tangible assets |
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Interest receivable |
(
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(
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Loss on disposal of tangible assets |
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Taxation on ordinary activities |
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Accrued expenses/(income) |
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(
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
(
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Trade and other creditors |
(
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--------- |
--------- |
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Cash generated from operations |
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(
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Interest received |
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--------- |
-------- |
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Net cash from/(used in) operating activities |
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(
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--------- |
-------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
(
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(
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Acquisition of subsidiaries |
– |
(
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--------- |
-------- |
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Net cash used in investing activities |
(
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(
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--------- |
-------- |
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Proceeds from borrowings |
– |
(
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Proceeds from loans from group undertakings |
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(
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Dividends paid |
(
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(
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--------- |
--------- |
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Net cash from/(used in) financing activities |
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(
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--------- |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
342,549 |
850,284 |
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--------- |
--------- |
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Cash and cash equivalents at end of year |
18 |
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--------- |
--------- |
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Notes to the Financial Statements |
Fixtures and fittings |
- |
Over 5 years |
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Motor vehicles |
- |
Over 4 years |
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Equipment |
- |
Over 5 years |
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2024 |
2023 |
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£ |
£ |
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Management charges |
430,000 |
315,305 |
Development income |
821,169 |
– |
------------ |
--------- |
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------------ |
--------- |
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2024 |
2023 |
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£ |
£ |
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Rental income |
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--------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Depreciation of tangible assets |
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Loss on disposal of tangible assets |
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------- |
------- |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------- |
------- |
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Audit-related assurance services |
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Taxation compliance services |
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------- |
------- |
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4,000 |
3,950 |
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------- |
------- |
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2024 |
2023 |
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No. |
No. |
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Administrative staff |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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-------- |
--------- |
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-------- |
--------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
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-------- |
------- |
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2024 |
2023 |
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£ |
£ |
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UK current tax expense |
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– |
Origination and reversal of timing differences |
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-------- |
-------- |
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Taxation on ordinary activities |
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-------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Profit/(loss) on ordinary activities before taxation |
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(
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--------- |
--------- |
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Profit/(loss) on ordinary activities by rate of tax |
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(
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
(
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(
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Utilisation of tax losses |
(
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– |
Unused tax losses |
– |
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Deferred tax movement |
13,837 |
67,661 |
--------- |
--------- |
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Tax on profit/(loss) |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Equity dividends on ordinary shares |
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--------- |
-------- |
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Freehold property |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2023 |
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44,292 |
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Additions |
– |
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– |
– |
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------------ |
-------- |
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At 30 June 2024 |
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44,292 |
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------------ |
-------- |
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Depreciation |
|||||
At 1 July 2023 |
– |
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33,436 |
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Charge for the year |
– |
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– |
2,901 |
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Disposals |
– |
(
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– |
– |
(
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------------ |
-------- |
-------- |
-------- |
------------ |
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At 30 June 2024 |
– |
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36,337 |
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------------ |
-------- |
-------- |
-------- |
------------ |
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Carrying amount |
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At 30 June 2024 |
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7,955 |
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------------ |
-------- |
-------- |
-------- |
------------ |
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At 30 June 2023 |
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10,856 |
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------------ |
-------- |
-------- |
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Shares in group undertakings |
Investment property |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 July 2023 and 30 June 2024 |
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-------- |
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Impairment |
|||
At 1 July 2023 and 30 June 2024 |
– |
– |
– |
-------- |
------------ |
------------ |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Company | Business sector | Shareholding | |
Kitto Construction Limited | Building and construction | 100.00% | |
Kitto Developments Limited | Dormant | 100.00% | |
Kitto Joinery Limited | Joinery manufacture | 100.00% | |
Company | Profit/(loss) | Capital and reserves | |
Kitto Construction Limited | £85,008 | £12,784 | |
Kitto Developments Limited | Nil | £5,000 | |
Kitto Joinery Limited | £(39,237) | £(34,237) | |
Company | Profit/(loss) | Capital and reserves | |
Kitto Construction Limited | £(37,661) | £(72,224) | |
Kitto Developments Limited | Nil | £5,000 | |
Kitto Joinery Limited | Nil | £5,000 | |
2024 |
2023 |
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£ |
£ |
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Work in progress |
– |
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---- |
--------- |
|
2024 |
2023 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Directors loan account |
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Other debtors |
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– |
--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Short-term deposits |
700,000 |
– |
--------- |
---- |
|
2024 |
2023 |
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£ |
£ |
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Cash at bank and in hand |
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Short-term deposits |
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– |
--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Corporation tax |
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– |
Social security and other taxes |
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Other creditors |
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--------- |
--------- |
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--------- |
--------- |
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Deferred tax (note 21) |
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£ |
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At 1 July 2023 |
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Additions |
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--------- |
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At 30 June 2024 |
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--------- |
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2024 |
2023 |
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£ |
£ |
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Included in provisions (note 20) |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Accelerated capital allowances |
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Revaluation of tangible assets |
|
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--------- |
--------- |
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286,721 |
272,884 |
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--------- |
--------- |
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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73,000 |
|
73,000 |
|
|
19,400 |
|
19,400 |
|
|
4,600 |
|
4,600 |
-------- |
-------- |
-------- |
-------- |
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-------- |
-------- |
-------- |
-------- |
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At 1 Jul 2023 |
Cash flows |
At 30 Jun 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(99,565) |
|
Debt due within one year |
(155,862) |
(186,106) |
(341,968) |
Current asset investments |
– |
700,000 |
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--------- |
--------- |
--------- |
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--------- |
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Notes to the Financial Statements (continued) |
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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------------ |
------------ |
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------------ |
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