Registration number:
Prepared for the registrar
for the
Period from 3 November 2022 to 31 December 2023
Kedleston (Ivytree) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Kedleston (Ivytree) Limited
Company Information
Directors |
P A Brosnan A R Hurran |
Registered office |
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Auditors |
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Kedleston (Ivytree) Limited
(Registration number: 14460386)
Balance Sheet as at 31 December 2023
Note |
31 December 2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
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Profit and loss account |
15,805 |
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Shareholders' funds |
15,806 |
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
Director
Kedleston (Ivytree) Limited
Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Name of parent of group
These financial statements are consolidated in the financial statements of Kedleston Schools Limited, Kedleston Group Limited and Kyanite Limited.
The financial statements of Kedleston Schools Limited and Kedleston Group Limited may be obtained from Companies House. The financial statements of Kyanite Limited may be obtained from One The Esplanade, St Helier, JE2 3QA upon written request to the Directors.
Disclosure of long or short period
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Kedleston (Ivytree) Limited
Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023
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 taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% straight line with 20% residual value |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Financial instruments
Classification
Recognition and measurement
Kedleston (Ivytree) Limited
Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023
Financial instruments (continued)
Impairment
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was as follows:
3 November 2022 to 31 December 2023 |
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Average number of employees |
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Auditors' remuneration |
Auditors' remuneration has been borne by a related party.
Kedleston (Ivytree) Limited
Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
3 November 2022 to 31 December 2023 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
Tax expense in the profit and loss account |
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Deferred tax |
Deferred tax assets and liabilities
2023 |
Asset |
Fixed asset timing differences |
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Tangible assets |
Land and buildings |
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Cost |
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Additions and at 31 December 2023 |
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Depreciation |
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Charge for the period and at 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Debtors |
31 December 2023 |
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Amounts owed by group undertakings |
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Deferred tax assets |
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239 |
Creditors |
31 December 2023 |
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Due within one year |
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Amounts due to group undertakings |
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Corporation tax liability |
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Kedleston (Ivytree) Limited
Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023
Contingent liabilities |
The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group at the balance sheet date. The amount guaranteed is £63,000,000 (2022 - £61,000,000).
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Audit 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.