Company registration number 4213434 (England and Wales)
FLYING KIWI (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FLYING KIWI (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FLYING KIWI (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,614,784
3,647,974
Investments
4
5,905
280,190
3,620,689
3,928,164
Current assets
Stocks
20,947
20,947
Debtors
6
145,975
117,938
Cash at bank and in hand
45,594
59,495
212,516
198,380
Creditors: amounts falling due within one year
7
(245,633)
(304,487)
Net current liabilities
(33,117)
(106,107)
Total assets less current liabilities
3,587,572
3,822,057
Creditors: amounts falling due after more than one year
8
(2,310,000)
(2,220,284)
Provisions for liabilities
(102,303)
(85,791)
Net assets
1,175,269
1,515,982
Capital and reserves
Called up share capital
102
102
Revaluation reserve
929,203
929,203
Own shares
408
408
Profit and loss reserves
245,556
586,269
Total equity
1,175,269
1,515,982
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FLYING KIWI (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Christopher Moscrip-Coubrough
Director
Company registration number 4213434 (England and Wales)
FLYING KIWI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Flying Kiwi (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Crown Hotel, The Buttlands, Wells-Next-the-Sea, Norfolk, NR23 1EX.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Goods and services includes the sale of food, beverages and the provision of accomodation. Turnover is recognised at the time that the sale is processed through the till system.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of cost of acquisition over the fair value of all the separable assets of the business acquired. Goodwill is amortised through the profit and loss account in equal instalments over it's estimated useful life.
1.4
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:
Freehold buildings
Not depreciated as the assets are stated at open market value
Plant and machinery
25% reducing balance basis
Motor vehicles
25% reducing balance basis
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.
1.5
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.
FLYING KIWI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost is calculated by reference to the latest purchase invoices available at the time of undertaking the stock take.
1.7
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.
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FLYING KIWI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
37
38
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
5,000
Disposals
(5,000)
At 31 March 2024
Amortisation and impairment
At 1 April 2023
5,000
Disposals
(5,000)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
5,905
280,190
FLYING KIWI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
280,190
Disposals
(274,285)
At 31 March 2024
5,905
Carrying amount
At 31 March 2024
5,905
At 31 March 2023
280,190
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
3,570,000
627,979
4,197,979
Additions
500
500
At 31 March 2024
3,570,000
628,479
4,198,479
Depreciation and impairment
At 1 April 2023
550,005
550,005
Depreciation charged in the year
33,690
33,690
At 31 March 2024
583,695
583,695
Carrying amount
At 31 March 2024
3,570,000
44,784
3,614,784
At 31 March 2023
3,570,000
77,974
3,647,974
Freehold land and buildings with a carrying amount of £3,750,000 (2023 - £3,570,000) have been pledged to secure borrowings of the company.
The freehold land and buildings were revalued during the year ended 31 March 2023 on an open market basis by the directors.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
FLYING KIWI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Tangible fixed assets
(Continued)
- 7 -
2024
2023
£
£
Cost
2,132,769
2,132,769
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,616
14,203
Amounts owed by group undertakings
33,601
55,920
Other debtors
94,758
47,815
145,975
117,938
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,099
92,400
Trade creditors
56,875
37,512
Taxation and social security
106,141
82,449
Other creditors
81,518
92,126
245,633
304,487
The bank loans are secured by way of a debenture over all assets of the company, a legal charge over The Crown at Wells-next-the-sea, an intercompany guarantee with the subsidiary, Flying Kiwi Inns Limited and a life policy held against one of the directors.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,310,000
2,220,284
FLYING KIWI (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
The bank loans are secured by way of a debenture over all assets of the company, a legal charge over The Crown at Wells-next-the-sea, an intercompany guarantee with the subsidiary, Flying Kiwi Inns Limited and a life policy held against one of the directors.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
1,850,684
Payable other than by instalments
2,310,000
-
2,310,000
1,850,684
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
5,500
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.25
37,953
23,539
1,071
(4,240)
58,323
37,953
23,539
1,071
(4,240)
58,323