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Registration number: 10877931

Prepared for the registrar

Kinspire Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Kinspire Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Kinspire Group Limited

Company Information

Directors

L R Griffith

V J Griffith

J C M Parker

P S Parker

Registered office

Great Barn North
Brockhampton
Hereford
HR1 4SE

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Kinspire Group Limited

(Registration number: 10877931)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

958

-

Tangible assets

5

143,284

155,851

Investment property

6

335,697

-

Investments

7

411

411

 

480,350

156,262

Current assets

 

Stocks

39,127

76,785

Debtors

8

1,430,704

853,096

Cash at bank and in hand

 

3,348

34,689

 

1,473,179

964,570

Creditors: Amounts falling due within one year

9

(1,443,195)

(805,939)

Net current assets

 

29,984

158,631

Total assets less current liabilities

 

510,334

314,893

Creditors: Amounts falling due after more than one year

9

(442,528)

(263,992)

Deferred tax liabilities

11

(36,061)

(38,963)

Net assets

 

31,745

11,938

Capital and reserves

 

Called up share capital

104

104

Retained earnings

31,641

11,834

Shareholders' funds

 

31,745

11,938

For the financial year ending 30 June 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 


J C M Parker
Director

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Great Barn North
Brockhampton
Hereford
HR1 4SE

 

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.

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.

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current 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 income 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 income 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 income 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

Plant and machinery

20% Reducing balance

Office equipment

25% Straight line

Motor vehicles

15% Reducing balance

Computer and IT equipment

33% 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.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

33% Straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

 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.

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

3

Staff numbers

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

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Office equipment
 £

Computer and IT equipment
 £

Total
£

Cost

At 1 July 2023

143,613

56,301

11,622

1,690

213,226

Additions

6,358

-

160

930

7,448

At 30 June 2024

149,971

56,301

11,782

2,620

220,674

Depreciation

At 1 July 2023

35,432

17,904

3,248

791

57,375

Charge for the year

10,477

5,760

2,909

869

20,015

At 30 June 2024

45,909

23,664

6,157

1,660

77,390

Carrying amount

At 30 June 2024

104,062

32,637

5,625

960

143,284

At 30 June 2023

108,181

38,397

8,374

899

155,851

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

6

Investment properties

£

Additions

335,697

At 30 June 2024

335,697

There has been no valuation of investment property by an independent valuer.

 

7

Investments

2024
£

2023
£

Investments in subsidiaries

411

411

Subsidiaries

£

Cost

At 1 July 2023

411

At 30 June 2024

411

Carrying amount

At 30 June 2024

411

At 30 June 2023

411

Details of undertakings

Details of the investments 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 undertakings

Kinspire Real Estate Limited

England and Wales

Ordinary

100%

100%

Kinspire Developments Limited

England and Wales

Ordinary

100%

100%

WPCC Management Company Limited

England and Wales

Ordinary

100%

100%

Kinspire Renovations Limited

England and Wales

Ordinary

100%

100%

Kinspire Property Limited

England and Wales

Ordinary

100%

100%

Saam Limited

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Kinspire Real Estate Limited

The principal activity of Kinspire Real Estate Limited is the construction of domestic buildings.

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Kinspire Developments Limited

The principal activity of Kinspire Developments Limited is the construction of domestic buildings.

WPCC Management Company Limited

The principal activity of WPCC Management Company Limited is that of property management.

Kinspire Renovations Limited

The principal activity of Kinspire Renovations Limited is the construction of domestic buildings.

Kinspire Property Limited

The principal activity of Kinspire Property Limited is that of construction of domestic buildings.

Saam Limited

The principal activity of Saam Limited is that of property management.

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

8

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

12

1,388,979

801,338

Other debtors

 

19,227

49,543

Prepayments

 

22,498

2,215

   

1,430,704

853,096

 

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

579,487

483,980

Trade creditors

 

413,023

256,026

Amounts due to group undertakings

12

285,371

2,845

Taxation and social security

 

95,110

23,749

Accruals and deferred income

 

31,750

25,756

Other creditors

 

38,454

13,583

 

1,443,195

805,939

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

442,528

263,992

 

Kinspire Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

35,254

45,701

Other borrowings

544,233

438,279

579,487

483,980

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

42,235

77,489

Other borrowings

400,293

186,503

442,528

263,992

 

11

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

36,061

2023

Liability
£

Difference between accumulated depreciation and capital allowances

38,963

 

12

Related party transactions

During the year the company loaned £587,641 (2023 - £679,099) to a group undertaking. At the balance sheet date the amount due from the group undertaking was £1,388,979 (2023 - £801,338). This amount is interest fee and repayable on demand.

During the year the company received £282,526 from a group undertaking (2023 - loaned £18,774 to a group undertaking). At the balance sheet date the amount due to the group undertaking was £285,371 (2023 - £2,845). This amount is interest free and repayable on demand.