Company registration number 02852063 (England and Wales)
KITEWOOD ESTATES LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
KITEWOOD ESTATES LIMITED
COMPANY INFORMATION
Directors
Mr J Faith
Mr P O Van Reyk
Mr D Faith
Ms R M Van Reyk
Mr A N Meredith
Secretary
Mrs S T Nicklen
Company number
02852063
Registered office
7 Dacre Street
London
England
SW1H 0DJ
Auditor
HJS (Reading) Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ
KITEWOOD ESTATES LIMITED
CONTENTS
Page
Chairman's statement
1
Chief Executive's review
2 - 10
Strategic report
11
Directors' report
12 - 13
Directors' responsibilities statement
14
Independent auditor's report
15 - 18
Group statement of comprehensive income
19
Group balance sheet
20
Company balance sheet
21
Group statement of changes in equity
22
Company statement of changes in equity
23
Group statement of cash flows
24
Company statement of cash flows
KITEWOOD ESTATES LIMITED
CONTENTS
Notes to the financial statements
25 - 45
KITEWOOD ESTATES LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
Whilst the year has seen a significant rise in turnover and operating margin albeit generated towards the back end of our reporting period, our net results reflect the impact of higher interest costs, primarily on our large site at Grasmere Gardens (where sales are now fully on stream).
This policy whereby interest costs are fully recognised in the year incurred is prudent, although it has a significant impact on retained earnings.
Our cash and net asset position remains robust, and with an improving economic backdrop and the seeds of a reducing Bank of England base rate, we anticipate a return to positive retained earnings in the following year.
The outlook remains challenging, and we therefore continue to adopt policies and processes to maintain our cash buffers in the short to medium term.
As usual I thank our specialist team of staff and consultants, whom together with our external funders, make it possible for the Group operations to continue to develop and grow.
..............................
John Faith
Chairman
Date: 07/01/25
- 1 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
I reported last time the on the impact of economic headwinds that have plagued the Housebuilding sector, and whilst there has been some respite in the easing of Bank of England base rate rises and positive new government desire to push up the delivery of housing stock, we remain cautious in our exposure.
We have de-risked our exposure by contracting with Housing Associations, generating both land income and build construction turnover.
We remain focused on a core strategy of driving through planning gain within our portfolio in readiness for when the housing market starts to normalise.
Our investment in both consented and pipeline sites stands at
• 2,738 residential plots
• 663,101 sq. ft. commercial space
I am pleased to highlight activity on a selection of our sites by operational division.
Residential Development – In construction/built
Show complex, Grasmere Gardens, Chestfield, Kent (phase 1: 140 units)
- 2 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential Development – In construction/built
Grasmere Gardens, Chestfield, Kent [phase 1: 140 plots]
• 98 private units in build, of which 18 have been sold.
• We have 31 forward plot sales.
• Forecast GDV still to come is £37.8m
• 42 affordable units under a JCT contract with Moat Homes now handed over.
• Site infrastructure works enabling build start on Phase 2 is substantially complete.
Grasmere Gardens, Chestfield, Kent [Phase 2: 160 plots]
• Phase 2 now has a detailed consent
• The 112 private units have a forecast GDV od £63.5m
• Build has commenced on 48 affordable units for Moat Homes.
Dittons Fields, Polegate, East Sussex [48 plots]
• 2 units as part of further planning gain have been built and sold.
Meadowbridge, Hillborough, Kent [180 plots]
• 96 private units - build commenced July 2024.
• Land representing 84 units had been sold to Moat, with works commenced under a JCT Design & Build contract.
• Combined GDV for private sales and JCT contract is forecast at £53.3m
Blacksole Farm, Herne Bay, Kent [67 plots]
• As part of our wider 'Altira Business Park' holdings, 67 residential units are now in build.
• Combined GDV is £9.9m under contract to sell and build for a HA.
Bridgeside, Rochester, Kent [12 plots]
• 12 waterfront townhouses on track to be build complete by October 2024
• Secured and promoted through planning by Kitewood
• Combined GDV in excess £4 million, plots now being marketed with 1st reservation taken.
- 3 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential Development – In construction/built
Grasmere Gardens, Chestfield, Kent (Phase 1 Laurel 4-bedroom house)
Grasmere Gardens, Chestfield, Kent (construction progress)
- 4 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential Development – In construction/built
Dittons Field, Polegate, East Sussex [48 units build complete]
Bridgeside, Rochester, Kent [12-unit scheme under construction]
- 5 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential Development – In construction/built
Blacksole Farm, Herne Bay, Kent [67 units – site clearance started]
Meadowbridge, Hillborough, Kent [180-unit scheme – prestart conditions being cleared]
- 6 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential Development – Consented
Creekside, Deptford, London [393 plots and commercial space]
• Trinity Laban educational & arts centre issues resolved
• Clearance of reserved matters and the execution of the s106 is imminent.
• Full planning consent and GLA approval - anticipated Autumn 2024
- 7 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential and Commercial Development – strategic land and deals in planning
Gillingham, Kent
• Scheme for 60 houses with a combined GDV of £20 million
• Detailed planning application to be submitted in Autumn 2024.
Headcorn, Kent
• A scheme for up to 75 dwellings is now being promoted through the area Masterplan.
Altira Business Park, Herne Bay, Kent [5.2 hectares]
• The site has an outline consented, allocated for commercial use.
• We have sale contracts and stron interest in place on 4.6 hectares with end users, against which we are making detailed planning application submissions.
• This includes an agreement, subject to planning, for a new David Lloyd leisure and fitness centre on the site.
Hillborough, Kent [300 plots + employment space]
• We have an option to secure under a buyback arrangement 300 plots and 335,000 sq. ft of employment space
• An outline consent has now been granted, enabling the option to be triggered.
- 8 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential and Commercial Development – strategic land and deals in planning
Holtsmere, St Albans [50 acres]
• Part of a consortium to develop a new Garden Community Town bordering Hemel Hempstead providing 11,000 homes & employment uses.
• Long term strategic investment to provide Kitewood with 500 units.
• The consortium is in-conjunction with the LA setting out a Framework for the Masterplan in the anticipation of the emerging Local Plan.
Lewes, East Sussex
• Re-working a scheme submission for 25 units.
• Our application is due to be submitted during Autumn 2024
• Anticipated scheme GDV is £9.8 million.
London Borough of Bromley
• Initial scheme refused and re-submission underway for 54 flats together with 8,691 sq. ft of office space, the anticipated gross development value being in the region of £24 million. • Determination expected in early 2025.
New Haw, Surrey
• Promotion site for 220 units through local consultation, to include into emerging Local Plan.
• The anticipated gross development value being in the region of £80 million.
• Anticipated consent in 2025.
Petworth, West Sussex
• An allocated site for 32 plots with anticipated GDV of £10 million.
• Planning submitted with recommendation to approve, expected December 2024
Sydenham, London
• Brownfield land, site assembly for 180 plots with anticipated GDV of £70 million.
• Appeal determination on phase 1 expected February 2024.
Totton, Hampshire
• Scheme for 30 houses with a combined GDV of £11 million.
• Allocated site, planning application being prepared for Winter 2024 committee.
Woodhill Farm, Deal, Kent
• Draft allocation in Local strategic plan for 70 units with GDV of £36 million.
• Planning application prepared for submission in Winter 2024.
- 9 -
KITEWOOD ESTATES LIMITED
CHIEF EXECUTIVE'S REVIEW
FOR THE YEAR ENDED 30 APRIL 2024
Residential and Commercial Development – strategic land and deals in planning
Altira Business Park, Herne Bay, Kent
..............................
Mr P Van Reyk
Chief Executive Officer
- 10 -
KITEWOOD ESTATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The Directors present the strategic report for the year ended 30 April 2024.
Fair review of the business
The group's turnover amounted to £18.4m (2023 £7.6 m).
The group continues to invest in new opportunities including new sites in the Home counties and Southern England.
Despite ongoing macro economic and Bank of England base rate effects the Directors remain positive in continuing to maintain the group's reserves, and finance the ongoing future developments plans.
Principal risks and uncertainties
The group maintains a strategy to mitigate key risks and uncertainties common within its Industry Sector. The directors continually undertake an assessment of the main operational, financial and compliance risks to which the group may become exposed.
The main activities are the development of, and investment in, freehold property and the perceived financial risks are:
a) Consumer confidence and macro-economic issues: Constant re-appraisal of the group’s re-investment and development programmes in real time.
b) Lack of liquidity: Maintenance of a strong positive cashflow policy
c) A conservative borrowing structure in respect of investment properties at a level of gearing to provide adequate margin of revenues over interest on related borrowings.
..............................
Mr J Faith
Director
07/01/25
- 11 -
KITEWOOD ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The Directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activities of the group during the year were those of land and property owning, management and development of commercial, residential, affordable and key worker accommodation.
Results and dividends
The results for the year are set out on page 19.
No ordinary dividends were paid. The Directors do not recommend payment of a further dividend.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Faith
Mr P O Van Reyk
Mr D Faith
Ms R M Van Reyk
Mr S Millgate
(Resigned 30 April 2024)
Mr A N Meredith
Post reporting date events
The directors have considered the effect of elevated Bank of England base rates and the macroeconomic inflationary pressures in the UK Economy. The property and housing development market remains challenging. In particular in regard to:
• Trading activity
• Asset value
• Going concern
The results for the period to 30th April 2024 have, in the main, been unaffected by the issues. But the directors continue to monitor the financial impact post balance sheet, and make appropriate strategic decisions thereon.
Consequently, the directors do not presently consider any going concern issues.
Market value of land and buildings
The overall property interests in the group have an aggregate value of £50.32m (2023: £48.01m) which is £18.3m (2023: £13.2m) in excess of attributable cost values.
Future developments
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of future developments.
Auditor
HJS (Reading) Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
- 12 -
KITEWOOD ESTATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
By order of the board
..............................
Mrs S T Nicklen
Secretary
- 13 -
KITEWOOD ESTATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 14 -
KITEWOOD ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KITEWOOD ESTATES LIMITED
Qualified opinion on financial statements
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Kitewood Estates Limited (the 'parent company') and its subsidiaries for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for qualified opinion on the financial statements
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The group’s work in progress includes some land. The actual cost of the land has been calculated (prorated) as £1,217,936. The land has been valued at £6,950,000 as at the reporting date. This means there is a valuation uplift of £5,732,064.
The carrying value is assessed by the directors on the basis of Note-1 to the account. As explained in the notes to the accounts, the surplus on revaluation above cost of net realisable value is taken to the revaluation reserve after provision for appropriate taxation. The directors consider that the value of the site as verified by the external chartered surveyors then this provides a conservative value of the assets. However, this treatment does represent a departure from UK generally accepted practice.
FRS 102 states that had the directors should present work in progress at the lower of cost and net realisable value, the carrying value of the stock and work in progress would have been reduced by £5,732,064, the deferred tax provision reduced by £1,433,016. Accordingly, the net current asset would have been reduced by £5,732,064, and shareholder funds would have been reduced by £4,299,048.
The entity has departed from UK GAAP and treated the revaluation movement as if it were an investment property. The correct treatment under FRS 102 would be to not recognise the notional movement in work in progress as applying the principal of lower of cost and net realisable value. The director feel that this departure is necessary to give a truer picture of the annual results.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
- 15 -
KITEWOOD ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KITEWOOD ESTATES LIMITED
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
· the information given in the directors' report for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
· the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
· adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
· the financial statements are not in agreement with the accounting records and returns; or
· certain disclosures of directors' remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
- 16 -
KITEWOOD ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KITEWOOD ESTATES LIMITED
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.
Audit procedures performed by the audit engagement team included:
· Discussions with senior management, including consideration of known or suspected instances of
noncompliance with laws and regulations or instances of fraud;
· Identifying and testing journal entries based on risk criteria;
· Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
· Testing transactions entered into outside of the normal course of the company's business;
· Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
- 17 -
KITEWOOD ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KITEWOOD ESTATES LIMITED
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Mark H Rogers FCCA (Senior Statutory Auditor)
For and on behalf of HJS (Reading) Limited
Chartered Accountants and Statutory Auditor
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ
- 18 -
KITEWOOD ESTATES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
2024
2023
Notes
£
£
Turnover
3
18,415,876
7,687,622
Cost of sales
(14,477,861)
(9,239,893)
Gross profit/(loss)
3,938,015
(1,552,271)
Administrative expenses
(2,735,995)
(1,811,984)
Other operating income/(expenses)
11,276
(6,504)
Operating profit/(loss)
4
1,213,296
(3,370,759)
Interest receivable and similar income
7
396,739
230,977
Interest payable and similar expenses
8
(3,090,081)
(1,726,939)
Fair value gains and losses on investment properties
12
1,268,380
(660,704)
Fair value gains and losses on other assets
(230,197)
7,370,977
(Loss)/profit before taxation
(441,863)
1,843,552
Tax on (loss)/profit
9
(21,791)
(601,651)
(Loss)/profit for the financial year
26
(463,654)
1,241,901
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
- 19 -
KITEWOOD ESTATES LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
14
4,999,478
5,799,478
Tangible assets
11
6,834
8,902
Investment property
12
11,487,372
10,218,992
Investments
13
555,571
334,369
17,049,255
16,361,741
Current assets
Stocks
18
33,830,639
31,987,799
Debtors falling due after more than one year
19
4,693,652
4,479,281
Debtors falling due within one year
19
3,000,159
1,840,618
Cash at bank and in hand
5,786,122
8,151,655
47,310,572
46,459,353
Creditors: amounts falling due within one year
21
(36,497,301)
(34,731,075)
Net current assets
10,813,271
11,728,278
Total assets less current liabilities
27,862,526
28,090,019
Provisions for liabilities
Deferred tax liability
22
4,603,083
4,366,922
(4,603,083)
(4,366,922)
Net assets
23,259,443
23,723,097
Capital and reserves
Called up share capital
25
36,248
36,248
Capital redemption reserve
24
5,625
5,625
Other reserves
13,786,443
13,007,805
Profit and loss reserves
26
9,431,127
10,673,419
Total equity
23,259,443
23,723,097
The financial statements were approved by the board of directors and authorised for issue on
and are signed on its behalf by:
..............................
Mr J Faith
Director
Company registration number 02852063 (England and Wales)
- 20 -
KITEWOOD ESTATES LIMITED
COMPANY BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
14
39,995
39,995
Tangible assets
11
6,834
8,902
Investments
13
557,231
335,928
604,060
384,825
Current assets
Stocks
18
1,746,858
2,769,872
Debtors falling due after more than one year
19
3,500,000
3,523,384
Debtors falling due within one year
19
25,485,835
23,654,523
Cash at bank and in hand
5,355,966
5,871,387
36,088,659
35,819,166
Creditors: amounts falling due within one year
21
(26,794,508)
(21,212,538)
Net current assets
9,294,151
14,606,628
Total assets less current liabilities
9,898,211
14,991,453
Provisions for liabilities
Deferred tax liability
22
31,917
(31,917)
-
Net assets
9,866,294
14,991,453
Capital and reserves
Called up share capital
25
36,248
36,248
Capital redemption reserve
24
5,625
5,625
Other reserves
95,751
(70,151)
Profit and loss reserves
26
9,728,670
15,019,731
Total equity
9,866,294
14,991,453
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £5,125,160 (2023 - £733,677 loss).
The financial statements were approved by the board of directors and authorised for issue on
and are signed on its behalf by:
..............................
Mr J Faith
Director
Company registration number 02852063 (England and Wales)
- 21 -
KITEWOOD ESTATES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
36,248
5,625
4,831,717
18,678,374
23,551,964
(15,368)
23,536,596
Prior period adjustment
-
-
3,166,200
(4,221,600)
(1,055,400)
-
(1,055,400)
As restated
36,248
5,625
7,997,917
14,456,774
22,496,564
(15,368)
22,481,196
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
1,241,901
1,241,901
-
1,241,901
Transfers
-
-
(22,817)
(5,025,256)
(5,048,073)
-
(5,048,073)
Transfers
-
-
5,032,705
-
5,032,705
15,368
5,048,073
Balance at 30 April 2023
36,248
5,625
13,007,805
10,673,419
23,723,097
23,723,097
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
-
(463,654)
(463,654)
-
(463,654)
Transfers
-
-
778,638
(778,638)
-
-
-
Balance at 30 April 2024
36,248
5,625
13,786,443
9,431,127
23,259,443
23,259,443
- 22 -
KITEWOOD ESTATES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
36,248
5,625
(47,334)
15,730,591
15,725,130
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
-
(733,677)
(733,677)
Transfers
-
-
(22,817)
22,817
-
Balance at 30 April 2023
36,248
5,625
(70,151)
15,019,731
14,991,453
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
(5,125,159)
(5,125,159)
Transfers
-
-
165,902
(165,902)
-
Balance at 30 April 2024
36,248
5,625
95,751
9,728,670
9,866,294
- 23 -
KITEWOOD ESTATES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(2,490,022)
(15,692,442)
Interest paid
(3,090,081)
(1,726,939)
Income taxes (paid)/refunded
(1)
923,423
Net cash outflow from operating activities
(5,580,104)
(16,495,958)
Investing activities
Purchase of intangible assets
-
(39,995)
Purchase of tangible fixed assets
(1,348)
-
Interest received
396,739
230,977
Net cash generated from investing activities
395,391
190,982
Financing activities
Advances of bank loans
2,806,149
13,714,507
Net cash generated from financing activities
2,806,149
13,714,507
Net decrease in cash and cash equivalents
(2,378,564)
(2,590,469)
Cash and cash equivalents at beginning of year
8,151,655
10,742,124
Cash and cash equivalents at end of year
5,773,091
8,151,655
Relating to:
Cash at bank and in hand
5,786,122
8,151,655
Bank overdrafts included in creditors payable within one year
(13,031)
-
- 24 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
Company information
Kitewood Estates Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7 Dacre Street, London, England, SW1H 0DJ.
The group consists of Kitewood Estates Limited and all of its subsidiaries.
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.
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Kitewood Estates Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.3
Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
- 25 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
For developments contracted prior to the development commencing, where the outcome of the contract can be reliably estimated, revenues and costs are recognised according to the stage of completion.
For developments not contracted prior to the development commencing revenue is recognised at the point in time when all the risks and rewards of ownership are passed to the customer being the date of legal completion.
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.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 Years. Amortisation begins to be recognised only when the asset it relates to comes into use.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
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, fittings & equipment
33.33% on reducing balance basis
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 recognised in the profit and loss account.
1.7
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.
- 26 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
Other investments are Cryptocurrencies which are initially measured at cost and subsequently carried at fair value. Changes in fair value are recognised in the Statement of Comprehensive Income. Valuations are derived from current market information.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10
Stocks
- 27 -
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 location and 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.
1.11
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 ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
- 28 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
- 29 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Realisable value of work in progress
The work in progress is included in the financial statements at the lower of cost and net realisable value. The realisable value will be impacted by the ability to obtain planning permission on each development. The directors for each site have to make a judgement if planning permission will be obtained.
Classification of cryptocurrencies
The group holds various cryptocurrencies. FRS102 makes no reference to such assets and the Financial Reporting Council (FRC) has not issued any guidance on accounting issues relating to cryptocurrencies.
Cryptocurrency is not recognised as 'currency' or a form of legal tender in the UK. The price of cryptocurrencies has been highly volatile, they have no rights to contractual cash flows, and the company do not use them during the ordinary course of operations. Management have therefore considered the most appropriate basis to classify such assets is in investments as they are holding them for long-term capital appreciation.
- 30 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment properties
The directors consider the main area of judgement and key source of estimation uncertainty is the valuation of investment properties. The open market value basis is adopted by management in determining the assets fair value with their property interests being held for rental income. Valuations have been performed by both external valuers and by management who are RICS qualified.
Revenue recognition
To ensure that contract revenues and costs can be reliably measured in respect of the stage of completion of a development the Group budget and continually monitor the realisable value of a site and estimated costs to complete.
In determining the recoverability of contract costs management consider budgeted costs to the year end date then consider the total expected costs to the completion of the contract. In instances where management determine it is probable that contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense in the Statement of comprehensive income.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sale of land and buildings
18,415,876
7,687,622
2024
2023
£
£
Other revenue
Interest income
396,739
230,977
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
3,416
4,443
Amortisation of intangible assets
800,000
-
Operating lease charges
80,000
93,442
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
35,700
34,026
- 31 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Auditor's remuneration
(Continued)
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
367,248
352,434
Company pension contributions to defined contribution schemes
1,321
1,324
Sums paid to third parties for directors' services
1,292,146
1,269,950
1,660,715
1,623,708
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
678,073
659,975
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
77,008
290
Other interest income
319,731
230,687
Total income
396,739
230,977
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
77,008
290
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,086,057
1,724,736
Other finance costs:
Other interest
4,024
2,203
Total finance costs
3,090,081
1,726,939
- 32 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
7,606
Adjustments in respect of prior periods
(120,020)
Total current tax
(112,414)
Deferred tax
Origination and reversal of timing differences
21,791
714,065
Total tax charge
21,791
601,651
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(441,863)
1,843,552
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(110,466)
460,888
Tax effect of expenses that are not deductible in determining taxable profit
8,465
8,725
Adjustments in respect of prior years
193,041
11,955
Other permanent differences
(21,791)
503,792
Other adjustments
(15,989)
(494,821)
Consolidation adjustments not taxable
(31,469)
111,112
Taxation charge
21,791
601,651
Change in tax rate
In accordance with the Finance Bill 2021, Deferred tax has been calculated at 25%.
- 33 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin staff
8
5
8
5
Management staff
9
8
9
8
Direct cost staff
5
4
5
4
22
17
22
17
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,742,545
1,763,095
1,742,545
493,145
Social security costs
219,339
266,527
219,339
266,527
Pension costs
18,661
14,599
18,661
14,599
1,980,545
2,044,221
1,980,545
774,271
11
Tangible fixed assets
Group
Fixtures, fittings & equipment
£
Cost
At 1 May 2023
124,696
Additions
1,348
At 30 April 2024
126,044
Depreciation and impairment
At 1 May 2023
115,794
Depreciation charged in the year
3,416
At 30 April 2024
119,210
Carrying amount
At 30 April 2024
6,834
At 30 April 2023
8,902
- 34 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Tangible fixed assets
(Continued)
Company
Fixtures, fittings & equipment
£
Cost
At 1 May 2023
124,696
Additions
1,348
At 30 April 2024
126,044
Depreciation and impairment
At 1 May 2023
115,794
Depreciation charged in the year
3,416
At 30 April 2024
119,210
Carrying amount
At 30 April 2024
6,834
At 30 April 2023
8,902
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
10,218,992
-
Net gains or losses through fair value adjustments
468,380
-
Other changes
800,000
-
At 30 April 2024
11,487,372
-
Investment property comprises of property interests held for their rental income, and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by Mr J S Faith who is a director and RICS qualified. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
1,660
1,560
Investments in associates
16
1
1
1
1
Other investments
555,570
334,368
555,570
334,367
555,571
334,369
557,231
335,928
- 35 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Fixed asset investments
(Continued)
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
1
334,368
334,369
Valuation changes
-
221,202
221,202
At 30 April 2024
1
555,570
555,571
Carrying amount
At 30 April 2024
1
555,570
555,571
At 30 April 2023
1
334,368
334,369
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
1,561
334,367
335,928
Additions
100
-
100
Valuation changes
-
221,203
221,203
At 30 April 2024
1,661
555,570
557,231
Carrying amount
At 30 April 2024
1,661
555,570
557,231
At 30 April 2023
1,561
334,367
335,928
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
5,799,478
Amortisation and impairment
At 1 May 2023
Amortisation charged for the year
800,000
At 30 April 2024
800,000
- 36 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
14
Intangible fixed assets
(Continued)
Carrying amount
At 30 April 2024
4,999,478
At 30 April 2023
5,799,478
Company
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
39,995
Amortisation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
39,995
At 30 April 2023
39,995
15
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
- 37 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Subsidiaries
(Continued)
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Altira Business Park 1 Limited
A
Ordinary
-
100.00
Alton Heights Limited
A
Ordinary
-
100.00
Arlington Road Limited
A
Ordinary
-
100.00
Bentinck Projects Limited
A
Ordinary
100.00
-
Cascade Egham Limited
A
Ordinary
-
100.00
Chestfield Heights Limited
A
Ordinary
-
100.00
Creekside Village Developments Limited
A
Ordinary
100.00
-
Crowncoast Limited
A
Ordinary
100.00
-
Global Court Limited
A
Ordinary
-
100.00
Kitewood Bromley Limited
A
Ordinary
100.00
-
Kingshall Heights Limited
A
Ordinary
100.00
-
Kitewood (Charlwood) Limited
A
Ordinary
100.00
-
Kitewood (Peasmarsh) Limited
A
Ordinary
100.00
-
Kitewood (Clarendon) Limited
A
Ordinary
100.00
-
Kitewood (Congleton Development) Limited
A
Ordinary
100.00
-
Kitewood (Congleton Mill) Limited
A
Ordinary
100.00
-
Kitewood (Fairclough Farm) Limited
A
Ordinary
100.00
-
Kitewood (Sandgate) Limited
A
Ordinary
100.00
-
Kitewood (Staveley) Limited
A
Ordinary
100.00
-
Kitewood (Sydenham) Limited
A
Ordinary
100.00
-
Kitewood Development Projects Ltd
A
Ordinary
100.00
-
Kitewood Homes Limited
A
Ordinary
100.00
-
Kitewood Investments Limited
A
Ordinary
100.00
-
Kitewood Limited
A
Ordinary
100.00
-
Kitewood Projects Limited
A
Ordinary
100.00
-
Kitewood (Lewes) Limited
A
Ordinary
100.00
-
Kitewood Securities Limited
A
Ordinary
100.00
-
May Street Developments Limited
A
Ordinary
100.00
-
Neville Way Limited
A
Ordinary
100.00
-
Kitewood (Grasmere Gardens) Limited
A
Ordinary
-
100.00
Octave Homes Limited
A
Ordinary
100.00
-
Orange Lane Limited
A
Ordinary
-
100.00
Padcroft Works Limited
A
Ordinary
-
100.00
Polegate Land Limited
A
Ordinary
100.00
-
Tavistock Projects Limited
A
Ordinary
100.00
-
Kitewood (Astley Heights) Limited
A
Ordinary
100.00
-
Kitewood (Holtsmere) Limited
A
Ordinary
100.00
-
Holtsmere End Farm Limited
A
Ordinary
100.00
-
Altira Business Park 3 Limited
A
Ordinary
100.00
-
Kitewood (New Haw) Limited
A
Ordinary
100.00
-
Kitewood (Dunsfold) Limited
A
Ordinary
100.00
-
Kitewood (Petworth) Limited
A
Ordinary
100.00
-
Kitewood Congleton LLP
A
Ordinary
100.00
-
Kitewood (Braggs Lane) LLP
A
Ordinary
100.00
-
Altira Business Park 4 Limited
A
Ordinary
100.00
-
- 38 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Subsidiaries
(Continued)
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Kitewood (Osborne Gardens) Limited
A
Ordinary
100.00
-
Altira Business Park 5 Limited
A
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
A
7 Dacre Street, London, SW1H 0DJ
The following companies have taken exemption from audit under the Companies Act 2006, Section 479A:
Company name Company No.
Altira Business Park 1 Ltd 05900438
Altira Business Park 3 Limited 13145232
Altira Business Park 4 Limited 13733813
Altira Business Park 5 Limited 15333844
Alton Heights Ltd 06514629
Bentinck Projects Ltd 07296100
Chestfield Heights Ltd 06577149
Creekside Village Developments Limited 07296013
Crowncoast Ltd 04396503
Global Court Ltd 05908369
Holtsmere End Farm Limited 03425883
Kingshall Heights Ltd 07296101
Kitewood Ltd 04113740
Kitewood (Charlwood) Ltd 07988473
Kitewood (Clarendon) Ltd 06728984
Kitewood (Congleton Development) Limited 09967117
Kitewood (Congleton Mill) Limited 09606097
Kitewood (Fairclough Farm) Ltd 09962274
Kitewood (Holtsmere) Limited 12410803
Kitewood Homes Ltd 03321832
Kitewood (New Haw) Limited 12971329
Kitewood Projects Ltd 03759193
Kitewood (Sandgate) Ltd 06499281
Kitewood Securities Ltd 06798931
Kitewood (Staveley) Ltd 08168839
Kitewood (Sydenham) Ltd 06266568
May Street Development Ltd 06066044
Neville way Ltd 07162885
Orange Lane Ltd 06049305
Padcroft Works Ltd 05634135
16
Associates
Details of associates at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Kitewood (Creekside) Limited
3rd Floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS
Ordinary
25
- 39 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Joint ventures
Details of joint ventures at 30 April 2024 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
Altira Park JV LLP
50 New Bond Street, London, W1S 1BJ
Ordinary
50
Kitewood Wilson LLP
7 Dacre Street, London, SW1H 0DJ
Ordinary
50
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
33,830,639
31,987,799
1,746,858
2,769,872
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
15,209
409,919
4,174
291,047
Corporation tax recoverable
131,977
131,977
Amounts owed by group undertakings
-
-
22,369,854
20,940,073
Other debtors
1,871,660
1,035,107
1,855,659
1,495,171
Prepayments and accrued income
981,313
263,615
1,256,148
928,232
3,000,159
1,840,618
25,485,835
23,654,523
Amounts falling due after more than one year:
Other debtors
3,500,000
3,500,000
3,500,000
3,500,000
Deferred tax asset (note 22)
1,193,652
979,281
23,384
4,693,652
4,479,281
3,500,000
3,523,384
Total debtors
7,693,811
6,319,899
28,985,835
27,177,907
- 40 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,693,811
6,319,899
28,985,835
27,557,907
Equity instruments measured at cost less impairment
555,570
334,368
555,570
334,367
Carrying amount of financial liabilities
Measured at amortised cost
31,857,752
30,350,699
27,585,434
22,191,819
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
28,842,202
26,023,022
Trade creditors
2,262,613
1,481,237
1,173,701
1,295,062
Amounts owed to group undertakings
20,271,077
12,382,996
Other taxation and social security
18,233
6,727
7,711
6,707
Other creditors
2,256,018
2,803,897
2,480,074
2,336,629
Accruals and deferred income
3,118,235
4,416,192
2,861,945
5,191,144
36,497,301
34,731,075
26,794,508
21,212,538
The bank loan is secured via a fixed charge over the land being developed as well as a fixed and floating charge over the assets of the subsidiary companies.
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Investment property revaluations
4,571,166
3,311,522
-
-
Prior period adjustment
-
1,055,400
-
-
Other revaluations
-
-
1,193,652
955,897
Cryptocurrency revaluations
31,917
-
-
23,384
4,603,083
4,366,922
1,193,652
979,281
- 41 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
22
Deferred taxation
(Continued)
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Cryptocurrency revaluations
31,917
-
-
23,384
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 May 2023
3,387,641
(23,384)
Credit to profit or loss
(225,700)
-
Other
247,490
55,301
Liability at 30 April 2024
3,409,431
31,917
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,661
14,599
A defined contribution pension schemes is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Capital redemption reserve
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
25
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
33,747 Ordinary A of £1 each
36,248
36,248
None of the classes of shares include the right to fixed income. All classes of shares have the right to participate in the profits of the company however the A and C shares are the only ones which have the right to participate in the capital and give the right to vote at any general meeting of the company.
- 42 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
26
Profit and loss reserves
Profit and loss reserves represent cumulative profits or losses, net of dividends paid and other adjustments.
27
Financial commitments, guarantees and contingent liabilities
A third party as reported last time has purchased a latent interest in the rights of a trade contractor used by the Group over 5 years ago. This dispute has now been settled in the year.
28
Related party transactions
Remuneration of key management personnel
The directors consider the key management personnel to be the same as the directors of this company and therefore you can find the amount disclosed under the directors remuneration note.
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Associated companies
2,332,593
2,332,769
Company
Associated companies
1,803,624
1,893,800
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2024
2024
2023
2023
2023
Balance
Provision
Net
Balance
Provision
Net
£
£
£
£
£
£
Group
Associated companies
6,119,461
1,503,386
4,616,075
5,618,301
1,503,386
4,114,915
Company
Associated companies
6,078,270
1,463,386
4,614,884
6,078,271
1,463,386
4,614,885
29
Controlling party
There is no single ultimate controlling party of the company.
- 43 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
30
Cash absorbed by group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(463,654)
1,241,901
Adjustments for:
Taxation charged
21,791
601,651
Finance costs
3,090,081
1,726,939
Investment income
(396,739)
(230,977)
Fair value (gain)/loss on exchange contracts
(221,203)
30,423
Fair value (gain)/loss on investment properties
(1,268,380)
660,704
Amortisation and impairment of intangible assets
800,000
-
Depreciation and impairment of tangible fixed assets
3,416
4,443
Movements in working capital:
Increase in stocks
(1,842,840)
(18,752,089)
Increase in debtors
(1,159,541)
(215,761)
(Decrease)/increase in creditors
(1,052,954)
295,724
Cash absorbed by operations
(2,490,023)
(14,637,042)
31
Analysis of changes in net debt - group
2024
£
Opening net funds/(debt)
Cash and cash equivalents
8,151,655
Loans
(26,023,022)
(17,871,367)
Changes in net debt arising from:
Cash flows of the entity
(5,184,713)
Closing net funds/(debt) as analysed below
(23,056,080)
Closing net funds/(debt)
Cash and cash equivalents
5,786,122
Loans
(28,842,202)
(23,056,080)
32
Prior period adjustment
- 44 -
KITEWOOD ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
32
Prior period adjustment
(Continued)
Reconciliation of changes in equity - group
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Correction to Deferred Tax on Revaluations
-
(1,055,400)
Equity as previously reported
23,536,596
24,778,497
Equity as adjusted
23,536,596
23,723,097
Analysis of the effect upon equity
Other reserves
-
3,166,200
Profit and loss reserves
-
(4,221,600)
-
(1,055,400)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
1,241,901
Profit as adjusted
1,241,901
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(733,677)
Loss as adjusted
(733,677)
- 45 -
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