Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-07-01falseInvestment property00truetruefalse 01479792 2023-07-01 2024-06-30 01479792 2022-07-01 2023-06-30 01479792 2024-06-30 01479792 2023-06-30 01479792 c:Director3 2023-07-01 2024-06-30 01479792 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 01479792 d:FreeholdInvestmentProperty 2024-06-30 01479792 d:FreeholdInvestmentProperty 2023-06-30 01479792 d:CurrentFinancialInstruments 2024-06-30 01479792 d:CurrentFinancialInstruments 2023-06-30 01479792 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01479792 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01479792 d:ShareCapital 2024-06-30 01479792 d:ShareCapital 2023-06-30 01479792 d:RetainedEarningsAccumulatedLosses 2024-06-30 01479792 d:RetainedEarningsAccumulatedLosses 2023-06-30 01479792 c:OrdinaryShareClass1 2023-07-01 2024-06-30 01479792 c:OrdinaryShareClass1 2024-06-30 01479792 c:OrdinaryShareClass1 2023-06-30 01479792 c:FRS102 2023-07-01 2024-06-30 01479792 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 01479792 c:FullAccounts 2023-07-01 2024-06-30 01479792 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01479792 6 2023-07-01 2024-06-30 01479792 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01479792










Kerenite Limited








Unaudited

Financial statements

For the year ended 30 June 2024

 
Kerenite Limited
Registered number: 01479792

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1
1

Investment property
 5 
-
1,300,000

  
1
1,300,001

Current assets
  

Debtors: amounts falling due within one year
 6 
70,408
72,773

Bank and cash balances
  
1,450,982
127,153

  
1,521,390
199,926

Creditors: amounts falling due within one year
 7 
(1,525,792)
(1,534,718)

Net current liabilities
  
 
 
(4,402)
 
 
(1,334,792)

Total assets less current liabilities
  
(4,401)
(34,791)

  

Net liabilities
  
(4,401)
(34,791)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(4,403)
(34,793)

  
(4,401)
(34,791)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L G Marks
Director
Date: 26 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Kerenite Limited
 

 
Notes to the Financial Statements
For the year ended 30 June 2024

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England & Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF. The company's principal activity during the year was property investment. The company's investment property was sold during the year. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £4,402 (2023: £1,334,792). Included within the Creditors: Amounts due within one year is an amount of £1,465,000 (2023: £1,465,000) due to Cardinal Group Limited. Cardinal Group Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.

  
2.4

Turnover

Turnover represents rents, service charges and insurance receivable from tenants, credit for which is taken on an accruals basis, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Investment properties

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

 
Kerenite Limited
 

 
Notes to the Financial Statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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



3.


Employees

The average monthly number of employees, excluding directors, during the year was 0 (2023 - 0).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 July 2023
1



At 30 June 2024
1




Page 3

 
Kerenite Limited
 

 
Notes to the Financial Statements
For the year ended 30 June 2024

5.


Investment property


Freehold investment properties

£





At 1 July 2023
1,300,000


Disposals
(1,300,000)



At 30 June 2024
-





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
-
2,184,942

Accumulated depreciation and impairments
-
(559,506)

-
1,625,436


6.


Debtors

2024
2023
£
£


Trade debtors
22,209
41,477

Amounts owed by group undertakings
34,890
27,076

Other debtors
13,309
-

Prepayments and accrued income
-
4,220

70,408
72,773



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
2,111

Amounts owed to group undertakings
1,465,000
1,465,000

Corporation tax
-
32,608

Other taxation and social security
1,371
355

Accruals and deferred income
59,421
34,644

1,525,792
1,534,718


Page 4

 
Kerenite Limited
 

 
Notes to the Financial Statements
For the year ended 30 June 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1 each
2
2



9.


Contingent liabilities

The company forms a VAT group with its subsidiary company, Lanemarket Limited, and as such it is jointly and severally liable for any liabilities when they fall due. The total VAT liability outstanding at the year end, not recognised in these accounts is £Nil (2023: £2,474).


10.


Controlling party

The company regards Cardinal Estates Limited as its immediate parent company and Cardinal Group Limited as its ultimate parent company.
The company considers its ultimate control relationship to be the directors of Cardinal Group Limited.
All companies mentioned above are registered in England and Wales.


Page 5