Kito Asset Holding Limited 10406393 false 2023-02-28 2024-02-27 2024-02-27 The principal activity of the company is that of a property lettings company Digita Accounts Production Advanced 6.30.9574.0 true true false true true false false false 10406393 2023-02-28 2024-02-27 10406393 2024-02-27 10406393 core:AcceleratedTaxDepreciationDeferredTax 2024-02-27 10406393 core:RevaluationInvestmentPropertyDeferredTax 2024-02-27 10406393 core:TaxLossesCarry-forwardsDeferredTax 2024-02-27 10406393 core:CurrentFinancialInstruments 2024-02-27 10406393 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-27 10406393 core:Non-currentFinancialInstruments 2024-02-27 10406393 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-27 10406393 core:AdditionsToInvestments 2024-02-27 10406393 core:CostValuation 2024-02-27 10406393 core:FurnitureFittingsToolsEquipment 2024-02-27 10406393 core:MotorVehicles 2024-02-27 10406393 bus:SmallEntities 2023-02-28 2024-02-27 10406393 bus:AuditExemptWithAccountantsReport 2023-02-28 2024-02-27 10406393 bus:FullAccounts 2023-02-28 2024-02-27 10406393 bus:SmallCompaniesRegimeForAccounts 2023-02-28 2024-02-27 10406393 bus:RegisteredOffice 2023-02-28 2024-02-27 10406393 bus:Director1 2023-02-28 2024-02-27 10406393 bus:Director2 2023-02-28 2024-02-27 10406393 bus:PrivateLimitedCompanyLtd 2023-02-28 2024-02-27 10406393 core:FurnitureFittings 2023-02-28 2024-02-27 10406393 core:FurnitureFittingsToolsEquipment 2023-02-28 2024-02-27 10406393 core:MotorVehicles 2023-02-28 2024-02-27 10406393 core:Subsidiary1 2023-02-28 2024-02-27 10406393 core:Subsidiary1 1 2023-02-28 2024-02-27 10406393 core:Subsidiary2 2023-02-28 2024-02-27 10406393 core:Subsidiary2 1 2023-02-28 2024-02-27 10406393 core:Subsidiary3 2023-02-28 2024-02-27 10406393 core:Subsidiary3 1 2023-02-28 2024-02-27 10406393 core:Subsidiary4 2023-02-28 2024-02-27 10406393 core:Subsidiary4 1 2023-02-28 2024-02-27 10406393 core:Subsidiary5 2023-02-28 2024-02-27 10406393 core:Subsidiary5 1 2023-02-28 2024-02-27 10406393 countries:EnglandWales 2023-02-28 2024-02-27 10406393 2023-02-27 10406393 core:CostValuation 2023-02-27 10406393 core:FurnitureFittingsToolsEquipment 2023-02-27 10406393 core:MotorVehicles 2023-02-27 10406393 2022-02-28 2023-02-27 10406393 2023-02-27 10406393 core:AcceleratedTaxDepreciationDeferredTax 2023-02-27 10406393 core:RevaluationInvestmentPropertyDeferredTax 2023-02-27 10406393 core:TaxLossesCarry-forwardsDeferredTax 2023-02-27 10406393 core:CurrentFinancialInstruments 2023-02-27 10406393 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-27 10406393 core:Non-currentFinancialInstruments 2023-02-27 10406393 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-27 10406393 core:FurnitureFittingsToolsEquipment 2023-02-27 10406393 core:MotorVehicles 2023-02-27 10406393 core:Subsidiary1 1 2022-02-28 2023-02-27 10406393 core:Subsidiary2 1 2022-02-28 2023-02-27 10406393 core:Subsidiary3 1 2022-02-28 2023-02-27 10406393 core:Subsidiary4 1 2022-02-28 2023-02-27 10406393 core:Subsidiary5 1 2022-02-28 2023-02-27 iso4217:GBP xbrli:pure

Registration number: 10406393

Prepared for the registrar

Kito Asset Holding Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 27 February 2024

 

Kito Asset Holding Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Kito Asset Holding Limited

Company Information

Directors

A M Patel

A C Patel

Registered office

Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Kito Asset Holding Limited

(Registration number: 10406393)
Balance Sheet as at 27 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

120,786

107,709

Investment property

4

5,704,214

5,295,427

Investments

6

37

32

 

5,825,037

5,403,168

Current assets

 

Debtors

7

26,412

157,339

Cash at bank and in hand

 

1,097,067

371,119

 

1,123,479

528,458

Creditors: Amounts falling due within one year

8

(1,318,166)

(363,267)

Net current (liabilities)/assets

 

(194,687)

165,191

Total assets less current liabilities

 

5,630,350

5,568,359

Creditors: Amounts falling due after more than one year

8

(5,428,175)

(5,280,310)

Deferred tax liabilities

10

(65,543)

(77,468)

Net assets

 

136,632

210,581

Capital and reserves

 

Called up share capital

5

5

Revaluation reserve

500,787

500,787

Profit and loss account

(364,160)

(290,211)

Shareholders' funds

 

136,632

210,581

For the financial year ending 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 


A M Patel
Director

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures, fittings and equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

Financial Instruments (cont)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

The directors, who are not professionally qualified valuers, consider that the open market value of the property at 27 February 2024 is not significantly different to the carrying value of £5,704,214 (2023 - £5,295,427 as restated) having made reference to market evidence of transaction prices and investment yields for similar properties in its location.

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

 

5

Tangible assets

Fixtures, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost

At 28 February 2023

66,681

70,639

137,320

Additions

22,480

23,053

45,533

At 27 February 2024

89,161

93,692

182,853

Depreciation

At 28 February 2023

15,287

14,324

29,611

Charge for the year

15,125

17,331

32,456

At 27 February 2024

30,412

31,655

62,067

Carrying amount

At 27 February 2024

58,749

62,037

120,786

At 27 February 2023

51,394

56,315

107,709

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

12

7

Investments in associates

25

25

37

32

Subsidiaries

£

Cost

At 28 February 2023

7

Additions

5

At 27 February 2024

12

Provision

Carrying amount

At 27 February 2024

12

At 27 February 2023

7

Associates

£

Cost

At 28 February 2023 and as at 27 February 2024

25

Provision

Carrying amount

At 27 February 2024

25

At 27 February 2023

25

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary & associate undertakings

Tamar Hebask Limited

4-4a Blackburn Road
Accrington
England
BB5 1HD

Ordinary

100%

100%

Xaris Investments Limited

4-4a Blackburn Road
Accrington
Lancashire
BB5 1HD

Ordinary

100%

100%

Discovered Limited

4-4a Blackburn Road
Accrington
England
BB5 1HD

Ordinary

25%

25%

Active Care Organisation Limited

Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

Ordinary

100%

100%

Liberta Care Limited

86-90 Paul Street
3rd Floor
London
England
EC2A 4NE

Ordinary

50%

0%

 

7

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

-

1,277

Amounts owed by group undertakings

-

70,360

Prepayments

 

26,412

85,702

   

26,412

157,339

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

1,500

1,636

Trade creditors

 

41,716

173,252

Amounts due to related parties

1,008,266

170,473

Other creditors

 

1,795

8,884

Accrued expenses

 

22,684

2,900

Deferred income

 

6,160

6,122

Amounts owed to group undertakings

 

236,045

-

 

1,318,166

363,267

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,428,175

5,280,310

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

1,500

1,636

2024
£

2023
£

Non-current loans and borrowings

Related party loans

4,665,343

4,514,748

HP and finance lease liabilities

-

1,500

Director loan account

762,832

764,062

5,428,175

5,280,310

 

Kito Asset Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

11,488

Revaluation of investment property

166,929

Tax losses carried forward

(112,874)

65,543

2023

Liability
£

Accelerated tax depreciation

15,413

Revaluation of investment property

166,929

Tax losses carried forward

(104,874)

77,468