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Company registration number: 04245106
Kipfold (Holdings) Limited
Unaudited filleted abridged financial statements
31 March 2024
Kipfold (Holdings) Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Kipfold (Holdings) Limited
Directors and other information
Directors Mr Bharat Mehta
Mr Manish Surendra Mehta
Mr Mukesh Vrajlal Mehta
Mr Rashmi Vrajlal Mehta
Mr Rajesh Hasmukh Mehta
Mr Mayur Vrajlal Mehta
Mrs Nayana Dineshkumar Mehta
Mr Nilesh Vrajlal Mehta
Mr Chirag Mayur Mehta
Mr Jasel Dinesh Mehta
Mr Pratik Rajesh Mehta (Appointed on 8th March 2024)
Secretary Mr Manish Mehta
Company number 04245106
Registered office Cheetwood House
Cheetwood Road
Cheetham
Manchester
M8 8AQ
Accountants DAS, Chartered Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
Kipfold (Holdings) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Kipfold (Holdings) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kipfold (Holdings) Limited for the year ended 31 March 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Kipfold (Holdings) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kipfold (Holdings) Limited and state those matters that we have agreed to state to the board of directors of Kipfold (Holdings) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kipfold (Holdings) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kipfold (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kipfold (Holdings) Limited. You consider that Kipfold (Holdings) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kipfold (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DAS, Chartered Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
12 December 2024
Kipfold (Holdings) Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,582,631 2,635,338
Investments 6 1,001,404 1,001,404
_______ _______
3,584,035 3,636,742
Current assets
Debtors 62,134 245,960
Investments 7 - 82,112
Cash at bank and in hand 2,456,977 1,677,893
_______ _______
2,519,111 2,005,965
Creditors: amounts falling due
within one year ( 121,201) ( 18,107)
_______ _______
Net current assets 2,397,910 1,987,858
_______ _______
Total assets less current liabilities 5,981,945 5,624,600
_______ _______
Net assets 5,981,945 5,624,600
_______ _______
Capital and reserves
Called up share capital 1,000,000 1,000,000
Revaluation reserve 2,505,951 2,505,951
Profit and loss account 2,475,994 2,118,649
_______ _______
Shareholders funds 5,981,945 5,624,600
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 12 December 2024 , and are signed on behalf of the board by:
X
Mr Rashmi Vrajlal Mehta
Director
Company registration number: 04245106
Kipfold (Holdings) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and wales. The address of the registered office is Cheetwood House, Cheetwood Road, Cheetham, Manchester, M8 8AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
£
Cost
At 1 April 2023 and 31 March 2024 3,122,925
_______
Depreciation
At 1 April 2023 487,587
Charge for the year 52,707
_______
At 31 March 2024 540,294
_______
Carrying amount
At 31 March 2024 2,582,631
_______
At 31 March 2023 2,635,338
_______
6. Investments
£
Cost
At 1 April 2023 and 31 March 2024 1,001,404
_______
Impairment
At 1 April 2023 and 31 March 2024 -
_______
Carrying amount
At 31 March 2024 1,001,404
_______
At 31 March 2023 1,001,404
_______
7. Investments
2024 2023
£ £
Other investments - 82,112
_______ _______
Investment held at valuation
Other investment revaluate to Nil as at 31.03.2024.
8. Related party transactions
During the year the company received rent of £38,000 (Rent received in 2023: £32,100) from its subsidiary, Kipfold Limited and paid management charges of £61,619(2023: £62,688). At the year end Nil (2022: Nil) was owed by Kipfold Limited.During the year the company charged management charges of £75,000 (2023: £15,000) to an associate, Remax Calthorpe Limited. During the year, interest of £16,195 (2022: £10,197) was charged to this company. As at 31 March 2023, the loan of Nil (2022: £199,949) and includes management charges and interest balance of Nil (2023: Nil) were owed to Kipfold (Holdings) Limited .During the year the company charged management charges of Nil (2023: Nil) to an associate, Remax Greenfield Limited. During the year, interest of Nil (2023: Nil) was charged to this company. As at 31 March 2024, the loan of Nil (2023: Nil) and includes management charges and interest balance of Nil (2023: Nil) were owed to Kipfold (Holdings) Limited .During the year the company charged management charges of Nil (2023: Nil) to an associate, Remax Quadrant Court Limited. During the year, interest of Nil (2023: Nil) was charged to this company. As at 31 March 2023, the loan of Nil (2023: Nil) and includes management charges and interest balance of Nil (2023: Nil) were owed to Kipfold (Holdings) Limited .At the balance sheet date, V M Textiles Limited, a company related to the directors owed by Kipfold(Holdings) Limited Nil (2023 : Nil). During the year the company charged no interest on this outstanding balance. Management charges of £800 (2023: £636) collected from V M Textiles during the year.At the balance sheet date, Zydex Healthcare Limited, a company related to the directors owed by Kipfold (Holdings) Limited Nil (2023: Nil). Total management charges received from Zydex Healthcare Limited during the year of £1,900 (2023: £2,072)At the balance sheet date, Tradehouse Properties Limited, a company related to the directors was owed Nil (2023: Nil) by Kipfold (Holdings) Limited . This is included within other debtors. This relates to services charges paid on behalf of the company. Management charges collected from Trade House during the year was £1,152 (2023: £948)MAHAVIR Pension Scheme - balance payable at year end Nil (2023: Nil) - directors related to the scheme. Management charges received from Mahavir Pension Scheme during the year was £1,576 (2023: £1,576)ARIHANT Charitable Trust - management charges collected during the year from Arihant Charitable Trust was £1,576 (2023: £1,576)
9. Directors' Personal Guarantees
Deeds of guarantee for £100,000 (2023 : £100,000) have been given by each of the directors previously to support the liabilities of the group's borrowings, has withdrawn during June 2019. Group's borrowings supported by their own term deposit with lien on it.