Company registration number 10691693 (England and Wales)
KITEWOOD (PECKHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (PECKHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
KITEWOOD (PECKHAM) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,617
2,425
Investment properties
4
5,914,800
5,914,800
5,916,417
5,917,225
Current assets
Debtors
5
191,852
193,388
Cash at bank and in hand
49,433
78,471
241,285
271,859
Creditors: amounts falling due within one year
6
(5,519,068)
(5,587,098)
Net current liabilities
(5,277,783)
(5,315,239)
Total assets less current liabilities
638,634
601,986
Provisions for liabilities
7
(78,700)
(78,700)
Net assets
559,934
523,286
Capital and reserves
Called up share capital
1
1
Other reserves
236,100
236,100
Profit and loss reserves
323,833
287,185
Total equity
559,934
523,286

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. 10691693
KITEWOOD (PECKHAM) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
1
236,100
211,100
447,201
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
76,085
76,085
Balance at 30 April 2023
1
236,100
287,185
523,286
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
36,648
36,648
Balance at 30 April 2024
1
236,100
323,833
559,934
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Kitewood (Peckham) 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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below

1.2
Turnover

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.3
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:

Fixtures and fittings
33% reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss and transferred, net of tax, to other reserves.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.6
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.

KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.

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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

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.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

Deferred tax arising in respect of revaluation gains and losses of investment properties is transferred to or from Other reserves respectively.

KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0

The company is operated by the directors, who are remunerated through other group entities.

3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2023 and 30 April 2024
21,305
Depreciation and impairment
At 1 May 2023
18,880
Depreciation charged in the year
808
At 30 April 2024
19,688
Carrying amount
At 30 April 2024
1,617
At 30 April 2023
2,425
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
5,914,800

The investment property has been last valued on an open market basis on the 26th January 2022 by Lambert Smith Hampton which makes reference to market evidence of transaction prices for similar properties. The valuation was made on behalf of the companies funders. The Directors have reviewed the value and consider this to have remained the same at the 30th April 2024.

KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
257
2,246
Amounts owed by group undertakings
190,400
190,400
Other debtors
1,195
742
191,852
193,388
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,180
2,441
Amounts owed to group undertakings
5,482,573
5,549,106
Corporation tax
9,479
18,127
Other creditors
25,836
17,424
5,519,068
5,587,098
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property revaluations
78,700
78,700
There were no deferred tax movements in the year.

Deferred tax is provided at the prevailing corporation tax rate, set in the Finance Bill 2021.

8
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
Date of audit report:
3 January 2025
KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Financial commitments, guarantees and contingent liabilities

The property held within this company is secured against the loan held within Kitewood Investment Holdings Limited.

KITEWOOD (PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Related party transactions

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.

 

Bank loans held within Kitewood Investment Holdings Limited are secured via a fixed and floating charge upon the investment property of the company.

11
Parent company

Parent Company

 

The parent company is Kitewood Investment Holdings Limited and its registered office is 7 Dacre Street, London, SW1H 0DJ.

Ultimate Parent Company

 

The ultimate parent company is Kitewood Holdings 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 Holdings Limited. These consolidated accounts are available from their registered office at 7 Dacre Street, London, SW1H 0DJ.

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