Company registration number 03335883 (England and Wales)
KITEWOOD INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KITEWOOD INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
KITEWOOD INVESTMENTS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
6
6
Current assets
Debtors
5
4,500,576
4,500,566
Cash at bank and in hand
832
924
4,501,408
4,501,490
Creditors: amounts falling due within one year
6
(4,432,454)
(4,432,331)
Net current assets
68,954
69,159
Total assets less current liabilities
68,960
69,165
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
68,950
69,155
Total equity
68,960
69,165
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 January 2025 and are signed on its behalf by:
Mr J Faith
Director
Company Registration No. 03335883
KITEWOOD INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
10
42,007
42,017
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
6,027,148
6,027,148
Dividends
-
(6,000,000)
(6,000,000)
Balance at 30 April 2023
10
69,155
69,165
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
(205)
(205)
Balance at 30 April 2024
10
68,950
68,960
KITEWOOD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Kitewood Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Dacre Street, London, England, SW1H 0DJ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when all the risks and rewards are passed to the customer. For agreed contract developments this is based on stage of completion, for speculative builds this is on completion of sale.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account, turnover and related costs as contract activity progresses.
Where work has not been fully completed and the final outcome cannot be assessed with reasonable certainty, then this is included in the accounts as work in progress.
1.3
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.
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
KITEWOOD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
6
6
KITEWOOD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Chestfield Heights Limited
1
Ordinary
100.00
Alton Heights Limited
1
Ordinary
100.00
Orange Lane Limited
1
Ordinary
100.00
Global Court Limited
1
Ordinary
100.00
Altira Business Park I Limited
1
Ordinary
100.00
Padcroft Works Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
7 Dacre Street, London, England, SW1H 0DJ
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,500,556
4,500,556
Other debtors
20
10
4,500,576
4,500,566
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
4,432,448
4,432,325
Other creditors
6
6
4,432,454
4,432,331
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark H Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
8
Related party transactions
KITEWOOD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Related party transactions
(Continued)
- 6 -
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
9
Parent company
Ultimate Parent Company
The ultimate parent company is Kitewood Estates Limited, a company registered in England & Wales.
The smallest and largest group for which the results of the company are included is the consolidated accounts of Kitewood Estates Limited. These consolidated accounts are available from their registered office at 7 Dacre Street, London, SW1H 0DJ.