Kedleston (Ivytree) Limited 14460386 false 2022-11-03 2023-12-31 2023-12-31 The principal activity of the company is that of letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 14460386 2022-11-03 2023-12-31 14460386 2023-12-31 14460386 bus:Consolidated 2023-12-31 14460386 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 14460386 core:CurrentFinancialInstruments 2023-12-31 14460386 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14460386 core:LandBuildings 2023-12-31 14460386 bus:SmallEntities 2022-11-03 2023-12-31 14460386 bus:Audited 2022-11-03 2023-12-31 14460386 bus:FullAccounts 2022-11-03 2023-12-31 14460386 bus:SmallCompaniesRegimeForAccounts 2022-11-03 2023-12-31 14460386 bus:RegisteredOffice 2022-11-03 2023-12-31 14460386 bus:Director1 2022-11-03 2023-12-31 14460386 bus:Director2 2022-11-03 2023-12-31 14460386 bus:PrivateLimitedCompanyLtd 2022-11-03 2023-12-31 14460386 core:LandBuildings 2022-11-03 2023-12-31 14460386 core:UKTax 2022-11-03 2023-12-31 14460386 1 2022-11-03 2023-12-31 14460386 countries:EnglandWales 2022-11-03 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 14460386

Prepared for the registrar

Kedleston (Ivytree) Limited

Annual Report and Financial Statements

for the Period from 3 November 2022 to 31 December 2023

 

Kedleston (Ivytree) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Kedleston (Ivytree) Limited

Company Information

Directors

P A Brosnan

A R Hurran

Registered office

Unit 7
Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Kedleston (Ivytree) Limited

(Registration number: 14460386)
Balance Sheet as at 31 December 2023

Note

31 December 2023
£

Fixed assets

 

Tangible assets

6

895,123

Current assets

 

Debtors

7

239

Creditors: Amounts falling due within one year

8

(879,556)

Net current liabilities

 

(879,317)

Net assets

 

15,806

Capital and reserves

 

Called up share capital

1

Profit and loss account

15,805

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 Board on 25 October 2024 and signed on its behalf by:
 


P A Brosnan
Director

 

Kedleston (Ivytree) Limited

Notes to the Financial Statements for the Period from 3 November 2022 to 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:
Unit 7
Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

 

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.

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

The financial statements cover a period of 424 days. The accounting period has been lengthened to bring the year end in line with that of its ultimate parent undertaking, Kedleston Schools Limited.

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
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.

 

Kedleston (Ivytree) Limited

Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023

Financial instruments (continued)

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 period, was as follows:

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

 

5

Taxation

Tax charged/(credited) in the profit and loss account

3 November 2022 to 31 December 2023
 £

Current taxation

UK corporation tax

8,000

Deferred taxation

Arising from origination and reversal of timing differences

(238)

Tax expense in the profit and loss account

7,762

 

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Fixed asset timing differences

238

238

 

6

Tangible assets

Land and buildings
£

Cost

Additions and at 31 December 2023

903,556

Depreciation

Charge for the period and at 31 December 2023

8,433

Carrying amount

At 31 December 2023

895,123

 

7

Debtors

31 December 2023
 £

Amounts owed by group undertakings

1

Deferred tax assets

238

239

 

8

Creditors

31 December 2023
 £

Due within one year

Amounts due to group undertakings

871,556

Corporation tax liability

8,000

879,556

 

Kedleston (Ivytree) Limited

Notes to the Financial Statements for the Period from 3 November 2022 to 31 December 2023

 

9

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).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Kedleston Schools Limited, incorporated in England and Wales.

 The ultimate parent is Kyanite Limited, incorporated in Jersey.

 There is considered to be no single controlling party.

 

11

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.
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 October 2024 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.