Company registration number 00417886 (England and Wales)
KITEWOOD (GRASMERE GARDENS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (GRASMERE GARDENS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
KITEWOOD (GRASMERE GARDENS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
555,975
555,975
Current assets
Stocks
16,786,131
14,963,552
Debtors
4
10,177,023
8,490,431
Cash at bank and in hand
1,936,713
26,963,154
25,390,696
Creditors: amounts falling due within one year
5
(25,985,139)
(24,852,785)
Net current assets
978,015
537,911
Total assets less current liabilities
1,533,990
1,093,886
Provisions for liabilities
6
(138,993)
(138,993)
Net assets
1,394,997
954,893
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
416,982
416,982
Profit and loss reserves
977,015
536,911
Total equity
1,394,997
954,893
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. 00417886
KITEWOOD (GRASMERE GARDENS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
1,000
416,982
2,138,106
2,556,088
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(1,601,195)
(1,601,195)
Balance at 30 April 2023
1,000
416,982
536,911
954,893
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
440,104
440,104
Balance at 30 April 2024
1,000
416,982
977,015
1,394,997
KITEWOOD (GRASMERE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Kitewood (Grasmere Gardens) 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
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. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Investment property
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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 (GRASMERE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
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.
KITEWOOD (GRASMERE GARDENS) 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
The company is operated by the directors, who are remunerated through other group entities.
3
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
555,975
Investment property is comprised of freehold property. The investment property has been valued on an open market basis at 30 April 2024 by the directors. The valuation was made with reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
118,282
118,282
Corporation tax recoverable
131,977
Amounts owed by group undertakings
9,917,228
8,351,254
Other debtors
9,536
20,895
10,177,023
8,490,431
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,277,300
23,629,980
Trade creditors
23,619
26,451
Amounts owed to group undertakings
423,628
423,628
Other creditors
260,592
772,726
25,985,139
24,852,785
The bank loan is secured via a fixed charge over the land being developed included in work in progress and in investment properties as well as a fixed and floating charge over the assets of the company.
KITEWOOD (GRASMERE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
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
138,993
138,993
There were no deferred tax movements in the year.
In accordance with the Finance Bill 2021, Deferred tax has been calculated at 25%.
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
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
Parent Company
The parent company is Chestfield Heights Limited and its registered office 7 Dacre Street, London, SW1H 0DJ.
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.