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REGISTERED NUMBER: 13344352 (England and Wales)

















KWHOUSING INVESTMENTS LTD

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Income Statement 6

Consolidated Balance Sheet 7

Company Balance Sheet 8

Notes to the Consolidated Financial Statements 9


KWHOUSING INVESTMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E J Andrews
S E Law
Ms I Stamate-Rocha





SECRETARY: Broughton Secretaries Limited





REGISTERED OFFICE: 54 Portland Place
London
United Kingdom
W1B 1DY





REGISTERED NUMBER: 13344352 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

E J Andrews
S E Law
Ms I Stamate-Rocha

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 company and the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Keelings Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





E J Andrews - Director


17 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KWHOUSING INVESTMENTS LTD

Opinion
We have audited the financial statements of KWHousing Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 this gives rise to a material misstatement in the financial statements themselves. 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KWHOUSING INVESTMENTS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by management which were contrary to applicable laws and regulations, including fraud. These included,but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations and applicable Health and Safety and Employment Legislation. We made enquiries of the directors of the group to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
- agreeing the financial statement disclosures to underlying supporting documentation;
- enquiring of management about known or suspected instances of non-compliance with laws and regulations;
- reviewing minutes of board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring from fraud, rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KWHOUSING INVESTMENTS LTD


Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

17 March 2025

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 1,261,509 661,411

Administrative expenses 343,447 282,084
OPERATING PROFIT 918,062 379,327


Interest payable and similar expenses 4 1,498,131 582,658
LOSS BEFORE TAXATION (580,069 ) (203,331 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (580,069 ) (203,331 )

Loss attributable to:
Owners of the parent (580,069 ) (203,331 )

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 6 - -
Investment property 7 19,616,797 19,575,191
19,616,797 19,575,191

CURRENT ASSETS
Debtors: amounts falling due within one year 8 569,216 346,689
Cash at bank 751,325 74,541
1,320,541 421,230
CREDITORS
Amounts falling due within one year 9 135,316 118,553
NET CURRENT ASSETS 1,185,225 302,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,802,022

19,877,868

CREDITORS
Amounts falling due after more than one
year

10

19,510,799

18,006,576
NET ASSETS 1,291,223 1,871,292

CAPITAL AND RESERVES
Called up share capital 12 2,116,666 2,116,666
Retained earnings (825,443 ) (245,374 )
SHAREHOLDERS' FUNDS 1,291,223 1,871,292

The financial statements have been prepared 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 17 March 2025 and were signed on its behalf by:





E J Andrews - Director


KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 6 102 102
Investment property 7 - -
102 102

CURRENT ASSETS
Debtors: amounts falling due after more than
one year

8

8,426,889

8,276,498

CREDITORS
Amounts falling due within one year 9 6,000 8,730
NET CURRENT ASSETS 8,420,889 8,267,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,420,991

8,267,870

CREDITORS
Amounts falling due after more than one
year

10

7,544,424

6,586,958
NET ASSETS 876,567 1,680,912

CAPITAL AND RESERVES
Called up share capital 12 2,116,666 2,116,666
Retained earnings (1,240,099 ) (435,754 )
SHAREHOLDERS' FUNDS 876,567 1,680,912

Company's loss for the financial year (804,345 ) (315,231 )

The financial statements have been prepared 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 17 March 2025 and were signed on its behalf by:





E J Andrews - Director


KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

KWHousing Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The parent of the company's parent has undertaken to provide the company with such financial support as it may need for at least the twelve months after these accounts are approved and so the directors have prepared these accounts on the going concern basis.

Basis of consolidation
These financial statements consolidate the results of KWHousing Investments Limited and its subsidiaries.

The consolidated financial statements present the results of the group as if it were a single entity. The entities that comprise the group have been consolidated on a line by line basis. On consolidation, investments in subsidiary undertakings, and balances and transactions between group companies, have been eliminated. All group entities have adopted uniform accounting policies and have the same balance sheet date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 694,386 364,493
Interest payable to group
undertakings 803,745 218,165
1,498,131 582,658

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


6. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 102
NET BOOK VALUE
At 31 December 2023 102
At 31 December 2022 102

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

KWHousing Holdings Limited
Registered office: 54 Portland Place, London, W1B 1DY
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

KW Housing Holdings 2 Limited
Registered office: 54 Portland Place, London, W1B 1DY
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00


The following is a wholly-owned subsidiary undertaking of KWHousing Holdings Limited:

Name Class of Shares Principal Activity

KWHousing West Drayton Limited Ordinary Property investment

The above company has its registered office at 54 Portland Place, London, England, W1B 1DY.

The following are wholly-owned subsidiary undertakings of KW Housing Holdings 2 Limited:

Name Class of Shares Principal Activity

KW Housing Kings Lynn Limited Ordinary Property investment
KW Housing Torbay Limited Ordinary Property investment

The above companies have their registered offices at 54 Portland Place, London, England, W1B 1DY.

7. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 19,575,191
Additions 41,606
At 31 December 2023 19,616,797
NET BOOK VALUE
At 31 December 2023 19,616,797
At 31 December 2022 19,575,191

The above book value of investment properties is based on the acquisition values. The directors are of the opinion that there is no material difference between the book value of the properties and their market value at the balance sheet date,

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 493,958 338,359 - -
Other debtors 75,258 8,330 - -
569,216 346,689 - -

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 8,426,889 8,276,498

Aggregate amounts 569,216 346,689 8,426,889 8,276,498

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts 48,521 - - -
Other creditors 86,795 118,553 6,000 8,730
135,316 118,553 6,000 8,730

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 11,969,703 11,419,617 - -
Amounts owed to group undertakings 7,541,096 6,586,959 7,544,424 6,586,958
19,510,799 18,006,576 7,544,424 6,586,958

Amounts falling due in more than five years:

Group
2023 2022
£    £   
Repayable otherwise than by instalments
Bank loans due after more than
5 years not by instalments 11,749,266 11,419,617
11,749,266 11,419,617

KWHOUSING INVESTMENTS LTD (REGISTERED NUMBER: 13344352)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 12,018,224 11,419,617

The bank loans are secured by fixed and floating charges over the group's freehold properties.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,010,833 Ordinary A £1 2,010,833 2,010,833
105,833 Ordinary B £1 105,833 105,833
2,116,666 2,116,666

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

The company owed its parent £7,164,057 (2022 - £6,241,933) at the balance sheet date. This loan bears interest at 10% per annum and, save in the instance of a breach in the terms of the loan agreement, is due to be repaid by 23 April 2031. Interest charged on this loan during the year amounted to £803,745 (2022 - £218,165)