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Company No: 14859813 (England and Wales)

KITESFIELD ESTATES LIMITED

Unaudited Financial Statements
For the financial period from 10 May 2023 to 31 March 2024
Pages for filing with the registrar

KITESFIELD ESTATES LIMITED

Unaudited Financial Statements

For the financial period from 10 May 2023 to 31 March 2024

Contents

KITESFIELD ESTATES LIMITED

COMPANY INFORMATION

For the financial period from 10 May 2023 to 31 March 2024
KITESFIELD ESTATES LIMITED

COMPANY INFORMATION (continued)

For the financial period from 10 May 2023 to 31 March 2024
DIRECTORS A P H A Ibbett (Appointed 19 June 2023)
J C Ibbett (Appointed 10 May 2023, Resigned 19 June 2023)
P J Ibbett (Appointed 19 June 2023)
Y A Ibbett (Appointed 10 May 2023, Resigned 19 June 2023)
REGISTERED OFFICE Milton Parc
Milton Ernest
MK44 1YU
United Kingdom
COMPANY NUMBER 14859813 (England and Wales)
ACCOUNTANT S&W Partners LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
KITESFIELD ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
KITESFIELD ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 8,250
Investment property 4 3,676,277
Investments 5 835,302
4,519,829
Current assets
Debtors 6 42,561
Cash at bank and in hand 1,366,485
1,409,046
Creditors: amounts falling due within one year 7 ( 86,117)
Net current assets 1,322,929
Total assets less current liabilities 5,842,758
Net assets 5,842,758
Capital and reserves
Called-up share capital 3
Share premium account 5,822,137
Profit and loss account 20,618
Total shareholder's funds 5,842,758

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Kitesfield Estates Limited (registered number: 14859813) were approved and authorised for issue by the Board of Directors on 10 April 2025. They were signed on its behalf by:

P J Ibbett
Director
KITESFIELD ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 10 May 2023 to 31 March 2024
KITESFIELD ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 10 May 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Kitesfield Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Milton Parc, Milton Ernest, MK44 1YU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Kitesfield Estates Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover represents income from investments and investment properties. Rental income is recognized on a straight line basis over the term of the lease. Dividend income is recognized when the dividend is declared.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Assets under construction not depreciated
Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
10.05.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Tangible assets

Assets under construc-
tion
Plant and machinery Total
£ £ £
Cost
At 10 May 2023 0 0 0
Additions 3,300 5,400 8,700
At 31 March 2024 3,300 5,400 8,700
Accumulated depreciation
At 10 May 2023 0 0 0
Charge for the financial period 0 450 450
At 31 March 2024 0 450 450
Net book value
At 31 March 2024 3,300 4,950 8,250

4. Investment property

Investment property
£
Valuation
As at 10 May 2023 0
Additions 3,676,277
As at 31 March 2024 3,676,277

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 10 May 2023 0 0
Additions 750,039 750,039
Movement in fair value 85,263 85,263
At 31 March 2024 835,302 835,302
Carrying value at 31 March 2024 835,302 835,302

6. Debtors

31.03.2024
£
Trade debtors 2,205
Accrued income 35,207
VAT recoverable 3,056
Other debtors 2,093
42,561

7. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 5,659
Amounts owed to directors 1,301
Accruals and deferred income 48,145
Deferred tax liability 27,981
Other creditors 3,031
86,117

8. Deferred tax

31.03.2024
£
At the beginning of financial period 0
Charged to the Statement of Income and Retained Earnings ( 27,981)
At the end of financial period ( 27,981)

9. Ultimate controlling party

Parent Company:

Kitesfield Holdings Limited
Milton Parc, Milton Ernest, Bedfordshire, United Kingdom, MK44 1YU