Company registration number 07904553 (England and Wales)
K & Z NEWHAVEN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
K & Z NEWHAVEN LIMITED
CONTENTS
Page
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
6 - 16
K & Z NEWHAVEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The results for the period under review and the financial position at the period end were considered satisfactory by the directors. The company's objective is to achieve sustainable rates of growth and returns through a combination of organic growth.

 

As shown in the company's profit and loss account set out on page 9, the company made a loss after tax of £216,598 (2023: £398,001). There was also an improvement on the earnings before interest, tax, depreciation and amortisation (EBITDA) from a negative EBITDA of £13,591 to a positive EBITDA of £62,831. These losses are a result of elevated inflation in food, labour and energy costs as well as strategic investments in our team to establish robust foundations for sustained growth and high standards.

 

The company's balance sheet on page 10 shows its net liabilities and is valued at £149,736 (2023: £66,762 net asset) and net current assets of £831,005 (2023: £1,319,531).

 

The performance aligns with our expectations, reflecting our strategic investment in refurbishing and updating our existing estate to enhance customer experience and sustain sales.

 

Key Performance Indicators

The board monitors progress on the overall company strategy and the individual strategic elements by reference to a number of key performance indicators. The key financial performance indicators of the company are gross profit margins and turnover.

 

The gross profit of the company for the period under review was £2,241,739 (2023: £1,957,421), producing a satisfactory gross margin of 31.20% (2023: 28.41%) on a turnover of £7,185,262 (2023: £6,889,904).

 

The key non-financial performance indicators are adherence to a high quality of operational standards and food hygiene standards set by the franchisors.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are reviewed by the director and the appropriate processes put in place to monitor and mitigate them. The key business risks affecting the company are set out below:-

 

Inherent risk

The company operates as a Kentucky Friend Chicken (KFC) franchisee and thus is required to maintain the operational and health and safety standards set by KFC. The management ensure compliance with the guidelines regularly to avoid any disruption in operations.

 

Financial Risk Management

The main financial risks inherent from the company's operations are:

 

(a) Credit risk

The company has no significant concentrations of credit risk. The nature of its operations results in a large customer base and a significant of cash sales.

 

(b) Interest rate risk

The company's interest rate risk arises from long-term borrowings. The directors monitor the net debt, banking facilities and cash flows on a regular basis and adequate working capital facilities are in place.

 

(c) Liquidity risk.

The company manages its exposure to liquidity risk through a naturally low level of debtors, maintaining a diversity of funding sources.

 

K & Z NEWHAVEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Development and performance

Competition

The company operates in a highly competitive market particularly around service offering, price and product quality. There is a risk that we will not meet our customers expectations. In order to mitigate this risk, the marketing teams from the franchisor monitor market offerings and pricing on an ongoing basis and the company, through the franchisor, undertakes regular mystery guest visits to all our restaurants to ensure menu offering and customer service are maintained to a high standard.

 

Employees

The company's performance depends largely on its managers and staff. The resignation of key individuals and the inability to recruit people with the right experience and skills could adversely impact the company's results. To mitigate these issues the company has invested in a training programme for all staff to maintain high service levels and have a number of schemes linked to the company's results that are designed to reward and retain key individuals.

 

Business

The company has an established base of suppliers and prides itself on the quality of its products. The company could be adversely affected by food safety and food-borne illnesses affecting the food chain. In order to mitigate this, the company purchases its food supplies from accredited suppliers.

 

Future Developments

The director aims to continue with management policies which has resulted in the company's steady growth in recent years.

 

The outlook for 2024/25 is reasonably encouraging with the director being optimistic that the current performance can be maintained.

On behalf of the board

Mr S M Nanji
Director
13 September 2024
K & Z NEWHAVEN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
-
0
81,207
Tangible assets
7
1,010,291
1,060,285
Investments
8
52,215
52,215
1,062,506
1,193,707
Current assets
Stocks
65,725
74,532
Debtors
10
1,860,013
1,884,454
Cash at bank and in hand
374,543
399,044
2,300,281
2,358,030
Creditors: amounts falling due within one year
11
(1,469,276)
(1,038,499)
Net current assets
831,005
1,319,531
Total assets less current liabilities
1,893,511
2,513,238
Creditors: amounts falling due after more than one year
12
(1,981,218)
(2,382,685)
Provisions for liabilities
(62,029)
(63,691)
Net (liabilities)/assets
(149,736)
66,862
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(149,836)
66,762
Total equity
(149,736)
66,862

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 13 September 2024 and are signed on its behalf by:
Mr S M Nanji
Director
Company registration number 07904553 (England and Wales)
K & Z NEWHAVEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
464,763
464,863
Year ended 31 March 2023:
Loss and total comprehensive income
-
(398,001)
(398,001)
Balance at 31 March 2023
100
66,762
66,862
Year ended 31 March 2024:
Loss and total comprehensive income
-
(216,598)
(216,598)
Balance at 31 March 2024
100
(149,836)
(149,736)
K & Z NEWHAVEN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
557,290
11,149
Interest paid
(34,541)
(116,834)
Income taxes paid
-
0
(113,291)
Net cash inflow/(outflow) from operating activities
522,749
(218,976)
Investing activities
Purchase of tangible fixed assets
(115,349)
(89,059)
Net cash used in investing activities
(115,349)
(89,059)
Financing activities
Repayment of borrowings
(35,999)
(39,633)
Repayment of bank loans
(395,902)
(401,074)
Net cash used in financing activities
(431,901)
(440,707)
Net decrease in cash and cash equivalents
(24,501)
(748,742)
Cash and cash equivalents at beginning of year
399,044
1,147,786
Cash and cash equivalents at end of year
374,543
399,044
K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Company information

K & Z Newhaven Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kalamu House, 11 Coldbath Square, London, EC1R 5HL.

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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.2
Going concern

The company made a trueloss in the year of £216,598 (2023: £398,001), has net liabilities of £149,736 (2023: £66,762 net assets), net current assets of £831,005 (2023: £1,319,531) and an improved earnings before interest, tax, depreciation and amortisation (EBITDA) of £62,831 (2023: negative £13,591).

 

The shareholder and the company's lenders will continue to provide financial support to the group as required and thus the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The directors have reviewed and assessed forecast budgets for the potential impact of uncertainties including inflationary pressures. The directors also considered the company’s financing facilities and future funding plans. Based on this, we confirmed that the application of the going concern basis for the preparation of the financial statements continued to be appropriate.

 

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. The directors are not aware of any likely events, conditions or business risks beyond this period that may cast significant doubt on the company's ability to continue as a going concern. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and so continue to prepare to prepare these financial statements on the going concern basis.

1.3
Turnover

Turnover represents the invoiced value, net of Value Added Tax, of food and beverage provided to customers. Turnover from restaurants is recognised when payment is tendered by the customer at the point of sale.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Amortised over the term of the lease
Fixtures and fittings
25% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
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.

K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.10
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.

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.

1.11
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.

1.12
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.

K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
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.

1.13
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. The small business and retail, leisure and hospitality grants are expected to support the operations over two years and thus have been apportioned accordingly.

 

K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible and intangible assets

Depreciation and amortisation is provided on all tangible and intangible assets respectively, calculated to write off the cost of each asset over it estimated useful life. The estimation of an asset's useful economic life has a significant effect on the annual depreciation and amortisation charge. The Directors review the useful lives and residual values of the items of tangible and intangible assets on a regular basis.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 139 (2023 - 150).

2024
2023
Number
Number
Total
139
150
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
15,625
16,309
5
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(1,662)
(2,290)
K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Taxation
(Continued)
- 12 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(218,260)
(400,291)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(54,565)
(76,055)
Tax effect of expenses that are not deductible in determining taxable profit
5,472
2,950
Unutilised tax losses carried forward
36,238
64,867
Permanent capital allowances in excess of depreciation
13,502
8,238
Deferred tax adjustment for the year
(1,662)
(2,290)
Revenue item capitalised
(647)
-
0
Taxation credit for the year
(1,662)
(2,290)
6
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
812,069
Amortisation and impairment
At 1 April 2023
730,862
Amortisation charged for the year
81,207
At 31 March 2024
812,069
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
81,207
K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
7
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
962,394
1,870,561
2,832,955
Additions
11,864
103,485
115,349
At 31 March 2024
974,258
1,974,046
2,948,304
Depreciation and impairment
At 1 April 2023
321,956
1,450,714
1,772,670
Depreciation charged in the year
47,820
117,523
165,343
At 31 March 2024
369,776
1,568,237
1,938,013
Carrying amount
At 31 March 2024
604,482
405,809
1,010,291
At 31 March 2023
640,438
419,847
1,060,285
8
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
52,215
52,215
9
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
K&Z South London Ltd
England and Wales
Takeaway food & restuarant
Ordinary
100.00
K&Z Crawley Ltd
England and Wales
Takeaway food & restuarant
Ordinary
100.00
K&Z Property Ltd
England and Wales
Property investment and letting to group companies
Ordinary
100.00
K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
137,290
50,137
Amounts owed by group undertakings
1,294,443
1,431,364
Other debtors
428,280
402,953
1,860,013
1,884,454
11
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
351,926
382,360
Trade creditors
416,091
290,405
Amounts owed to group undertakings
218,410
14,705
Taxation and social security
267,850
216,714
Other creditors
214,999
134,315
1,469,276
1,038,499
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
895,947
1,261,415
Other borrowings
1,085,271
1,121,270
1,981,218
2,382,685

The bank loan is secured by following:

 

The loans are subject to monthly repayments and commercial rates of interest.

 

Included in bank loans is a loan received prior year from HSBC Bank under the Bounce Back Loan Scheme (BBLS)amounting to £50,000. The loan was paid off during the year.

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
56,393
K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
62,029
63,691
2024
Movements in the year:
£
Liability at 1 April 2023
63,691
Credit to profit or loss
(1,662)
Liability at 31 March 2024
62,029

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
Date of audit report:
13 September 2024
15
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:

2024
2023
£
£
Within one year
285,316
299,276
Between two and five years
1,129,230
1,174,220
In over five years
1,952,917
2,246,917
3,367,463
3,720,413
K & Z NEWHAVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
16
Related party transactions

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group.

 

At the year-end the company had an outstanding balance receivable from its associated company, K & Z Enterprises Limited, of £73,681 (2023: £59,522) and K & Z Wallington Limited of £7,171.

 

At the year-end the company had an outstanding balance owed to its associated company, K & Z Enterprises Limited, of £4,893.

 

Included in other creditors due after more than one year is £1,085,271 (2023: £1,121,270), other loans from directors.

17
Parent company

The parent company is K & Z Holdings Limited and its registered office is Kalamu House, 11 Coldbath Square London, EC1R 5HL.

The largest group in which the entity is consolidated is K & Z Holdings Limited. The copies of the consolidated financial statements can be obtained from Kalamu House, 11 Coldbath Square, London EC1R 5HL.

18
Contingent Liability

The company has given unlimited cross guarantees as a security for the debts of group companies.

19
Cash generated from operations
2024
2023
£
£
Loss for the year after tax
(216,598)
(398,001)
Adjustments for:
Taxation credited
(1,662)
(2,290)
Finance costs
34,541
116,834
Amortisation and impairment of intangible assets
81,207
81,207
Depreciation and impairment of tangible fixed assets
165,343
188,659
Movements in working capital:
Decrease/(increase) in stocks
8,807
(8,858)
Decrease in debtors
24,441
15,766
Increase in creditors
461,211
17,832
Cash generated from operations
557,290
11,149
2024-03-312023-04-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr N S HusseinMrs Nazmina HusseinMr S M Nanjifalsefalse079045532023-04-012024-03-3107904553bus:Director32023-04-012024-03-31079045532024-03-31079045532023-03-3107904553core:NetGoodwill2024-03-3107904553core:NetGoodwill2023-03-3107904553core:LandBuildings2024-03-3107904553core:OtherPropertyPlantEquipment2024-03-3107904553core:LandBuildings2023-03-3107904553core:OtherPropertyPlantEquipment2023-03-3107904553core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107904553core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107904553core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3107904553core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107904553core:CurrentFinancialInstruments2024-03-3107904553core:CurrentFinancialInstruments2023-03-3107904553core:Non-currentFinancialInstruments2024-03-3107904553core:Non-currentFinancialInstruments2023-03-3107904553core:ShareCapital2024-03-3107904553core:ShareCapital2023-03-3107904553core:RetainedEarningsAccumulatedLosses2024-03-3107904553core:RetainedEarningsAccumulatedLosses2023-03-3107904553core:ShareCapital2022-03-3107904553core:RetainedEarningsAccumulatedLosses2022-03-3107904553core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31079045532022-04-012023-03-3107904553core:RetainedEarningsAccumulatedLosses2023-04-012024-03-310790455312023-04-012024-03-310790455312022-04-012023-03-31079045532023-03-31079045532022-03-3107904553core:Goodwill2023-04-012024-03-3107904553core:LeaseholdImprovements2023-04-012024-03-3107904553core:FurnitureFittings2023-04-012024-03-3107904553core:UKTax2023-04-012024-03-3107904553core:UKTax2022-04-012023-03-310790455322023-04-012024-03-310790455322022-04-012023-03-3107904553core:NetGoodwill2023-03-3107904553core:NetGoodwill2023-04-012024-03-3107904553core:LandBuildings2023-03-3107904553core:OtherPropertyPlantEquipment2023-03-3107904553core:LandBuildings2023-04-012024-03-3107904553core:OtherPropertyPlantEquipment2023-04-012024-03-3107904553core:WithinOneYear2024-03-3107904553core:WithinOneYear2023-03-3107904553core:BetweenTwoFiveYears2024-03-3107904553core:BetweenTwoFiveYears2023-03-3107904553core:MoreThanFiveYears2024-03-3107904553core:MoreThanFiveYears2023-03-3107904553bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107904553bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107904553bus:FRS1022023-04-012024-03-3107904553bus:Audited2023-04-012024-03-3107904553bus:Director12023-04-012024-03-3107904553bus:Director22023-04-012024-03-3107904553bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP