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Registration number: 07397530

Kiltinan (R) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Kiltinan (R) Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Kiltinan (R) Ltd

(Registration number: 07397530)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

3,496,111

2,432,041

Current assets

 

Stocks

5

14,414

12,557

Debtors

6

114,106

192,320

Cash at bank and in hand

 

223,823

75,445

 

352,343

280,322

Creditors: Amounts falling due within one year

7

(300,549)

(528,502)

Net current assets/(liabilities)

 

51,794

(248,180)

Net assets

 

3,547,905

2,183,861

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

3,547,605

2,183,561

Shareholders' funds

 

3,547,905

2,183,861

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 November 2024 and signed on its behalf by:
 

.........................................
H E Aubrey-Fletcher KCVO
Director

 

Kiltinan (R) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Estate Office
Dorton Road
Chilton
Aylesbury
Buckinghamshire
HP18 9LR

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

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 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Kiltinan (R) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 25).

 

Kiltinan (R) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,169,506

467,186

13,281

2,649,973

Additions

1,103,088

13,857

-

1,116,945

At 31 March 2024

3,272,594

481,043

13,281

3,766,918

Depreciation

At 1 April 2023

19

207,702

10,211

217,932

Charge for the year

73

52,035

767

52,875

At 31 March 2024

92

259,737

10,978

270,807

Carrying amount

At 31 March 2024

3,272,502

221,306

2,303

3,496,111

At 31 March 2023

2,169,487

259,484

3,070

2,432,041

Included within the net book value of land and buildings above is £3,272,502 (2023 - £2,169,487) in respect of freehold land and buildings.
 

5

Stocks

31 March
2024
£

31 March
2023
£

Other inventories

14,414

12,557

6

Debtors

31 March
2024
£

31 March
2023
£

Trade debtors

4,368

-

Prepayments

20,283

24,381

Other debtors

89,455

167,939

114,106

192,320

 

Kiltinan (R) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

31 March
2024
£

31 March
2023
£

Due within one year

Trade creditors

35,404

63,176

Taxation and social security

53,242

17,787

Accruals and deferred income

58,173

131,787

Other creditors

153,730

315,752

300,549

528,502

8

Share capital

Allotted, called up and fully paid shares

31 March
2024

31 March
2023

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

100

100

100

100

Ordinary C Shares of £1 each

100

100

100

100

300

300

300

300

 

Kiltinan (R) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Summary of transactions with parent

During the year Chilton Home Farms Limited recharged costs of £nil (2023: £59,767). During the year Chilton Home Farms Limited Advanced £1,100,000 and took over a prior year loan from Southwater Property Promotion Limited, both of which were waived. At 31st March 2024 the amount due from Chilton Home Farms Limited was £nil (2023: £1,746).
 

Summary of transactions with other related parties

During the year the M&A Trust recharged costs of £Nil (2023: £Nil). At 31st March 2024, the amount due from M&A Trust was £20,318 (2023: £20,318).

During the year Southwater Property Promotion Limited advanced £nil (2023: £300,000). Chilton Home Farms Limited took over a prior year loan from Southwater Property Promotion Limited which was then waived. At 31st March 2024, the amount due to Southwater Property Promotion was £nil (2023: £300,000).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Chilton Home Farms Limited, incorporated in England and Wales.

 The ultimate controlling party is the Discretionary Settlement "No 1" Trust.