Company registration number 09754232 (England and Wales)
KITEWOOD INVESTMENT HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KITEWOOD INVESTMENT HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
KITEWOOD INVESTMENT HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
505
505
Current assets
Debtors
6
24,789,593
25,694,393
Cash at bank and in hand
1,543,587
14,922
26,333,180
25,709,315
Creditors: amounts falling due within one year
7
(2,799,623)
(2,057,730)
Net current assets
23,533,557
23,651,585
Total assets less current liabilities
23,534,062
23,652,090
Creditors: amounts falling due after more than one year
8
(23,406,000)
(23,406,000)
Provisions for liabilities
9
(56,576)
(95,142)
Net assets
71,486
150,948
Capital and reserves
Called up share capital
1
1
Hedging reserve
169,729
285,423
Profit and loss reserves
(98,244)
(134,476)
Total equity
71,486
150,948
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. 09754232
KITEWOOD INVESTMENT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
1
37,157
(108,458)
(71,300)
Year ended 30 April 2023:
Loss for the year
-
-
(26,018)
(26,018)
Other comprehensive income:
Cash flow hedge movements
-
331,022
-
331,022
Tax relating to other comprehensive income
-
(82,756)
(82,756)
Total comprehensive income for the year
248,266
(26,018)
222,248
Balance at 30 April 2023
1
285,423
(134,476)
150,948
Year ended 30 April 2024:
Profit for the year
-
-
36,232
36,232
Other comprehensive income:
Cash flow hedge movements
-
(154,260)
-
(154,260)
Tax relating to other comprehensive income
-
38,566
38,566
Total comprehensive income for the year
(115,694)
36,232
(79,462)
Balance at 30 April 2024
1
169,729
(98,244)
71,486
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Kitewood Investment Holdings 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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.
1.4
Financial instruments
The company 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.
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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.
1.6
Hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
Cash flow hedges are used to cover the group's exposure to variability in cash flows that is attributable to particular risks associated with a recognised asset or liability or a firm commitment which could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income through the hedging reserve in equity, whilst the ineffective portion is recognised in profit or loss.
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.
Deferred tax arising in respect of cash flow hedge movements is recognised within the Hedging reserve held by the company.
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
505
505
4
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Greenwich 2 Limited
1
Ordinary
100.00
Kitewood (Holland Park) Limited
1
Ordinary
100.00
Travistock Investment 2 Limited
1
Ordinary
100.00
Greenwich 1 Limited
1
Ordinary
100.00
Kitewood Peckham Limited
1
Ordinary
100.00
Tavistock Investment 1 Limited
1
Ordinary
100.00
Kitewood (St James) Limited
1
Ordinary
100.00
Tavistock Road Limited
1
Ordinary
100.00
Greenwich Heights Limited
1
Ordinary
100.00
Kitewood Property Investments Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
7 Dacre Street, London, England, SW1H 0DJ
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
226,305
380,565
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
23,084,642
23,926,356
Other debtors
1,704,951
1,768,037
24,789,593
25,694,393
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
2,790,903
2,057,225
Corporation tax
8,215
Other creditors
505
505
2,799,623
2,057,730
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,406,000
23,406,000
Bank loans are secured via a fixed and floating charge on the investment property held within the group companies.
These loans are also secured via a fixed charge over the shares in subsidiaries held within the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Interest rate swap revaluations
56,576
95,142
KITEWOOD INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Deferred taxation
(Continued)
- 7 -
2024
Movements in the year:
£
Liability at 1 May 2023
95,142
Credit to profit or loss
(38,566)
Liability at 30 April 2024
56,576
Deferred tax is provided at the prevailing corporation tax rate, set in the Finance Bill 2021.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark H Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
Date of audit report:
13 January 2025
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Kitewood Estates Limited
1,388,644
1,387,471
Other information
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.
12
Parent company
Ultimate Parent Company
The ultimate parent company is Kitewood Holdings Limited, a company registered in England & Wales.
The smallest and largest group for which the results of the company are included is the consolidated accounts of Kitewood Holdings Limited. These consolidated accounts are available from their registered office at 7 Dacre Street, London, SW1H 0DJ.
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