REGISTERED NUMBER: 13344352 (England and Wales) |
KWHOUSING INVESTMENTS LTD |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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. |
for and on behalf of |
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) |
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 | ( |
) | ( |
) |
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 |
Investment property | 7 |
CURRENT ASSETS |
Debtors: amounts falling due after more than one year |
8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (804,345 | ) | (315,231 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Registered office: 54 Portland Place, London, W1B 1DY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 54 Portland Place, London, W1B 1DY |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
Aggregate amounts | 569,216 | 346,689 |
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 |
135,316 | 118,553 |
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 |
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: | £ | £ |
Ordinary A | £1 | 2,010,833 | 2,010,833 |
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) |