2023-05-01 2024-04-30 false Capium Accounts Production 1.1 03167908 2023-05-01 2024-04-30 03167908 bus:FullAccounts 2023-05-01 2024-04-30 03167908 bus:FRS102 2023-05-01 2024-04-30 03167908 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03167908 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03167908 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03167908 2023-05-01 2024-04-30 03167908 2024-04-30 03167908 bus:RegisteredOffice 2023-05-01 2024-04-30 03167908 core:WithinOneYear 2024-04-30 03167908 core:AfterOneYear 2024-04-30 03167908 1 2023-05-01 2024-04-30 03167908 bus:Director1 2023-05-01 2024-04-30 03167908 bus:Director1 2024-04-30 03167908 bus:Director1 2022-05-01 2023-04-30 03167908 bus:Director2 2023-05-01 2024-04-30 03167908 bus:Director2 2024-04-30 03167908 bus:Director2 2022-05-01 2023-04-30 03167908 bus:Director3 2023-05-01 2024-04-30 03167908 bus:Director3 2024-04-30 03167908 bus:Director3 2022-05-01 2023-04-30 03167908 2022-05-01 03167908 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 03167908 2022-05-01 2023-04-30 03167908 2023-04-30 03167908 core:WithinOneYear 2023-04-30 03167908 core:AfterOneYear 2023-04-30 03167908 bus:EntityAccountantsOrAuditors 2022-05-01 2023-04-30 03167908 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 03167908 bus:OrdinaryShareClass1 2024-04-30 03167908 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 03167908 bus:OrdinaryShareClass1 2023-04-30 03167908 core:MotorCars 2023-05-01 2024-04-30 03167908 core:MotorCars 2024-04-30 03167908 core:MotorCars 2023-04-30 03167908 core:FurnitureFittings 2023-05-01 2024-04-30 03167908 core:FurnitureFittings 2024-04-30 03167908 core:FurnitureFittings 2023-04-30 03167908 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-04-30 03167908 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-04-30 03167908 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 03167908 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 03167908 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-04-30 03167908 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2024-04-30 03167908 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2024-04-30 03167908 core:Non-currentFinancialInstruments 2024-04-30 03167908 core:Non-currentFinancialInstruments 2023-04-30 03167908 core:ShareCapital 2024-04-30 03167908 core:ShareCapital 2023-04-30 03167908 core:RetainedEarningsAccumulatedLosses 2024-04-30 03167908 core:RetainedEarningsAccumulatedLosses 2023-04-30 03167908 core:ShareCapitalOrdinaryShares 2023-05-01 03167908 core:ShareCapitalOrdinaryShares 2022-05-01 03167908 core:ShareCapitalOrdinaryShares 2023-05-01 2024-04-30 03167908 core:ShareCapitalOrdinaryShares 2022-05-01 2023-04-30 03167908 core:ShareCapitalOrdinaryShares 2024-04-30 03167908 core:ShareCapitalOrdinaryShares 2023-04-30 03167908 core:RetainedEarningsAccumulatedLosses 2023-05-01 03167908 core:RetainedEarningsAccumulatedLosses 2022-05-01 03167908 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 03167908 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 03167908 core:RetainedEarningsAccumulatedLosses 2024-04-30 03167908 core:RetainedEarningsAccumulatedLosses 2023-04-30 03167908 dpl:Item1 2023-05-01 03167908 dpl:Item1 2024-04-30 03167908 dpl:Item1 2022-05-01 03167908 dpl:Item1 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure
Registered Number: 03167908


 

 

 

KITEMILL LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Directors George Samuel KREMPELS
Michael Peter KREMPELS
Susan Jennifer KREMPELS
Registered Number 03167908
Registered Office 42 High Street
Broughton
Kettering
Northamptonshire
NN14 1NG
Accountants Cypher Business Intelligence Limited
Monkswell
Little Baldon
Oxford
OX44 9PU
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 April 2024.
Principal activities
Principal activity of the company during the financial year was property development
Directors
The directors who served the company throughout the year were as follows:
George Samuel KREMPELS
Michael Peter KREMPELS
Susan Jennifer KREMPELS
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 company and the profit or loss of the company 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 financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
George Samuel KREMPELS
Director
----------------------------------
Michael Peter KREMPELS
Director

Date approved: 28 January 2025
2
Report to the directors on the preparation of the unaudited statutory accounts of Kitemill Limited for the year ended 30 April 2024. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kitemill Limited for the year ended 30 April 2024 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information/explanations you have given us. This report is made solely to the Board of Directors of Kitemill Limited, as a body, in accordance with the terms of our engagement letter dated 02 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of Kitemill Limited and state those matters that we have agreed to state to the Board of Directors of Kitemill Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kitemill Limited and its Board of Directors as a body for our work or for this report. It is your duty to ensure that Kitemill Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kitemill Limited. You consider that Kitemill Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Kitemill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................

Cypher Business Intelligence Limited

Monkswell
Little Baldon
Oxford
OX44 9PU
28 January 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 1,157,000    1,822,345 
Cost of sales (940,409)   (1,162,670)
Gross profit 216,591    659,675 
Administrative expenses (133,456)   (193,933)
Other operating expenses (13,625)   (53,040)
Other operating income 369,584    295,489 
Operating profit 439,094    708,191 
Other interest receivable and similar income 15,129    3,622 
Interest payable and similar charges (58,639)   (40,123)
Profit/(Loss) on ordinary activities before taxation 395,584    671,690 
Tax on profit on ordinary activities (38,424)   (128,023)
Profit/(Loss) for the financial year 357,160    543,667 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 10,225    16,729 
Investments 5 102    102 
10,327    16,831 
Current assets      
Stocks 6 3,611,054    4,176,978 
Debtors 7 4,547,820    4,205,829 
Cash at bank and in hand 743,429    334,933 
8,902,303    8,717,740 
Creditors: amount falling due within one year 8 (1,656,778)   (1,374,658)
Net current assets 7,245,525    7,343,082 
 
Total assets less current liabilities 7,255,852    7,359,913 
Creditors: amount falling due after more than one year 9   (334,483)
Provisions for liabilities 10 (3,483)   (221)
Net assets 7,252,369    7,025,209 
 

Capital and reserves
     
Called up share capital 11 1,000    1,000 
Profit and loss account 7,251,369    7,024,209 
Shareholders' funds 7,252,369    7,025,209 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 January 2025 and were signed on its behalf by:


-------------------------------
George Samuel KREMPELS
Director
-------------------------------
Michael Peter KREMPELS
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 May 2022 1,000  6,560,542  6,561,542 
Profit for the year 543,667  543,667 
Total comprehensive income for the year 543,667  543,667 
Dividends (80,000) (80,000)
Total investments by and distributions to owners (80,000) (80,000)
At 30 April 2023 1,000  7,024,209  7,025,209 
At 01 May 2023 1,000  7,024,209  7,025,209 
Profit for the year 357,160  357,160 
Total comprehensive income for the year 357,160  357,160 
Dividends (130,000) (130,000)
Total investments by and distributions to owners (130,000) (130,000)
At 30 April 2024 1,000  7,251,369  7,252,369 
6
General Information
Kitemill Limited is a private company, limited by shares, registered in , registration number 03167908, registration address 42 High Street, Broughton, Kettering, Northamptonshire, NN14 1NG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Straight Line
Fixtures and Fittings 20% Reducing Balance
Fixed asset investments


Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Subsidiary undertakings:
Residential Investments Limited - 100% holding (ordinary shares)

Oakmill Homes Limited - 100% holding (ordinary shares)

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' Emoluments

2024
£
  2023
£
Administrative Expenses
Directors Salaries   9,394 
Directors Pension Contributions   7,615 
  17,009 
 
Number of directors to whom retirement benefits accrued Number   Number
Defined benefit plans   1 

3.

Average number of employees

Average number of employees during the year was 4 (2023 : 5).
4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 May 2023 19,990    2,130    22,120 
Additions 2,000      2,000 
Disposals (8,000)     (8,000)
At 30 April 2024 13,990    2,130    16,120 
Depreciation
At 01 May 2023 3,291    2,100    5,391 
Charge for year 3,998    6    4,004 
On disposals (3,500)     (3,500)
At 30 April 2024 3,789    2,106    5,895 
Net book values
Closing balance as at 30 April 2024 10,201    24    10,225 
Opening balance as at 01 May 2023 16,699    30    16,729 


5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 May 2023 102    102 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 April 2024 102    102 

6.

Stocks

2024
£
  2023
£
Stocks 3,611,054    4,176,978 
3,611,054    4,176,978 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 4,705    3,493 
Amount Owed by Group Undertakings 2,875,367    1,242,138 
Prepayments & Accrued Income 2,398   
Other Debtors 1,665,350    2,371,060 
Directors' Current Accounts   589,138 
4,547,820    4,205,829 

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 71,399    23,378 
Bank Loans & Overdrafts 235,179    40,000 
Amounts Owed to Group Undertakings 1,135,506    1,145,929 
Corporation Tax 35,868    128,274 
PAYE & Social Security 1,328   
Accrued Expenses 1,321    21,989 
Deferred Income 525   
Other Creditors 141,134    15,088 
Directors' Current Accounts 34,518   
1,656,778    1,374,658 

9.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts   334,483 
  334,483 

10.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 2,556   
Pension Provisions 927    221 
3,483    221 

11.

Share Capital

Authorised
1,000 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
1,000 Class A shares of £1.00 each 1,000    1,000 
1,000    1,000 

12.

Related Parties

Michael P Krempels
At 30 April 2024 the Company owed M P Krempels £16,256 (2023 the company was owed: £351,890) on their director's loan account. The loan is unsecured, bears no interest when in credit and has no fixed repayment date.
Kitemill Limited purchased an item of Plant & Machinery costing £2,000 from M P Krempels in the year ending 30 April 2024 (2023: £Nil).  

Susan J Krempels
At 30 April 2024 the Company owed S J Krempels £18,262 (2023 the company was owed: £237,248) on their director's loan account. The loan is unsecured, bears no interest when in credit and has no fixed repayment date.

M P Krempels and S J Krempels
During the year M P Krempels and S J Krempels received rent through the company totaling £12,000 (2023: £10,433).

George S Krempels
At 30 April 2024 the Company owed £1,652 (2023: £Nil) on a creditors account belonging to G S Krempels (a director of Kitemill Limited) relating to company expenditure settled personally. The balance due is unsecured, bears no interest and has no fixed repayment date.

Henry Krempels
H Krempels is a close family member of the directors of Kitemill Limited. 
H Krempels provided professional services to Kitemill Limited during the year ended 30 April 2024 totalling £3,148 (2023: £4,650), of this, there was £Nil owed to H Krempels at the year end date. 

Giles Krempels
Giles Krempels is a close family member of the directors of Kitemill Limited.
At 30 April 2024 the Company owed £58,168 (2023: £8,168) on a creditors account belonging to Giles Krempels relating to company expenditure settled personally. The balance due is unsecured, bears no interest and has no fixed repayment date.

Zilphia Michael Homes Limited
At 30 April 2024 the Company was owed £290,100 (2023: £740,000) by Zilphia Michael Homes Limited, a company which M P Krempels is a director. The loan is unsecured, bears no interest and has no fixed repayment date.

Oakbrook Partners Limited
George Krempels is a director in both Kitemill Limited and Oakbrook Partners Limited.
Kitemill Limited owed Oakbrook Partners Limited £123,814 at the year ended 30 April 2024 (2023: £Nil). The loan is unsecured, bears interest and has no fixed repayment date.

Oakmill Homes Limited

Kitemill Limited owns 100% of the share capital in Oakmill Homes Limited and George Krempels is a director in both entities.
Oakmill Homes Limited owed Kitemill Limited £2,875,367 at the year ended 30 April 2024 (2023: £1,242,138). The loan is unsecured, bears no interest and has no fixed repayment date.
Kitemill Limited sold an item of Plant & Machinery costing £1,450 to Oakmill Homes Limited in the year ending 30 April 2024 (2023: £Nil).


Krempels Partnership (trading as Althorp Coaching Inn)
The directors of Kitemill Limited are also partners in Krempels Partnership (trading as Althorp Coaching Inn), SJ Krempels, MP Krempels and GS Krempels.
Kitemill Limited settled £828 of admin expenses on behalf of Krempels Partnership during the year ended 30 April 2024 (2023: £Nil). These costs have been recharged via the director's loan accounts in both entities.

Residential Investments Limited
At 30 April 2024 the Company owed £1,135,506 (2023: £1,145,929) to Residential Investments Limited, a subsidiary company. This loan bears interest of 2% and has no fixed repayment date.

Dalmatinske Vile D.O.O
Dalmatinske Vile D.O.O is a company incorporated in Croatia of which M P Krempels is a director. The balance owing to the company at 30 April 2024 was £1,375,250 (2023: £1,631,060).


7