Company registration number 13458876 (England and Wales)
KITEWOOD (OSBORNE GARDENS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (OSBORNE GARDENS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
KITEWOOD (OSBORNE GARDENS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
6,357,542
8,930,731
Debtors
3
6,429,522
459,958
Cash at bank and in hand
1,866
5,128
12,788,930
9,395,817
Creditors: amounts falling due within one year
4
(2,333,765)
(2,158,268)
Net current assets
10,455,165
7,237,549
Provisions for liabilities
(1,737,500)
(1,850,350)
Net assets
8,717,665
5,387,199
Capital and reserves
Called up share capital
100
100
Other reserves
5,212,500
5,551,050
Profit and loss reserves
3,505,065
(163,951)
Total equity
8,717,665
5,387,199

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. 13458876
KITEWOOD (OSBORNE 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
100
-
-
0
100
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
5,387,099
5,387,099
Transfers
-
-
(5,551,050)
(5,551,050)
Other movements
-
5,551,050
-
5,551,050
Balance at 30 April 2023
100
5,551,050
(163,951)
5,387,199
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
3,330,466
3,330,466
Transfers
-
(338,550)
338,550
-
Balance at 30 April 2024
100
5,212,500
3,505,065
8,717,665
KITEWOOD (OSBORNE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Kitewood (Osborne 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Stocks

Stocks are stated at the realisable value prior to any commencement of development, and reflect the external valuation by LSH on the 15th July 2022 for the purposes of bank funding.

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only enters into Basic financial instrument transactions.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

KITEWOOD (OSBORNE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

1.8
Leases

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.

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

The average monthly number of persons (including 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
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30
30
Amounts owed by group undertakings
6,429,382
459,828
Other debtors
110
100
6,429,522
459,958
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,018,654
2,153,149
Amounts owed to group undertakings
91,243
5,119
Other creditors
207,780
-
0
Accruals and deferred income
16,088
-
0
2,333,765
2,158,268
5
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
1,737,500
1,850,350
KITEWOOD (OSBORNE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Deferred taxation
(Continued)
- 6 -
2024
Movements in the year:
£
Liability at 1 May 2023
1,850,350
Credit to profit or loss
(112,850)
Liability at 30 April 2024
1,737,500

In accordance with the Finance Bill 2021, Deferred tax has been calculated at 25%.

6
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 qualified and the auditor reported as follows:

KITEWOOD (OSBORNE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Audit report information
(Continued)
- 7 -

Qualified opinion on the financial statements

In our opinion, except for the effect of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

 

 

We have audited the financial statements of Kitewood Osborne Gardens Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet 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 company’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.

 

Senior Statutory Auditor:
Mark H Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
7
Related party transactions
KITEWOOD (OSBORNE GARDENS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Related party transactions
(Continued)
- 8 -

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.

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