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Registration number: 01009049

Kavatina Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Kavatina Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Kavatina Limited

(Registration number: 01009049)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

723

965

Investment property

5

1,651,145

1,636,145

Investments

6

1,465,260

1,478,691

 

3,117,128

3,115,801

Current assets

 

Debtors

7

4,938

4,615

Cash at bank and in hand

 

248,498

152,997

 

253,436

157,612

Creditors: Amounts falling due within one year

8

(14,464)

(9,694)

Net current assets

 

238,972

147,918

Total assets less current liabilities

 

3,356,100

3,263,719

Provisions for liabilities

(26,756)

(7,252)

Net assets

 

3,329,344

3,256,467

Capital and reserves

 

Called up share capital

17,000

17,000

Profit and loss account

3,312,344

3,239,467

Shareholders' funds

 

3,329,344

3,256,467

For the financial year ending 30 September 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 9 May 2025 and signed on its behalf by:
 

 

Kavatina Limited

(Registration number: 01009049)
Statement of Financial Position as at 30 September 2024 (continued)


Mr D P H Peschier
Director


Dr D E Peschier
Director

 

Kavatina Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Red Roofs
16 Melville Avenue
South Croydon
SURREY
CR2 7HY

Principal activity

The principal activity of the company is that of an investment company.

2

Accounting policies

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Kavatina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

Office equipment

- 25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

 

Kavatina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Kavatina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

4,596

4,596

At 30 September 2024

4,596

4,596

Depreciation

At 1 October 2023

3,631

3,631

Charge for the year

242

242

At 30 September 2024

3,873

3,873

Carrying amount

At 30 September 2024

723

723

At 30 September 2023

965

965

5

Investment properties

2024
£

At 1 October

1,636,145

Fair value adjustments

15,000

At 30 September

1,651,145


Investment properties held at valuation

Valuation

Historical cost

Flat 13, Beddington Manor

230,000

141,025

Flat 11, St Anne's Court

230,000

167,397

Flat 9, 32-34 Albion Road

230,000

145,398

Flat 5, Bonnington House

230,000

163,434

Flat 3, 32-34 Albion Road

230,000

164,748

Farranairagh, Caherdaniel

490,000

258,000

Flat 13 Beddington Manor

11,145

11,145

1,651,145

1,051,147

 

Kavatina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Investment properties (continued)

The properties in England were revalued at their market value, with vacant possession, by the directors.

The property in Ireland was revalued at its market value, with vacant possession, by Tom Spillane & Company Limited, as at 03 December 2024.

The directors have reviewed the presentation and believe that including the properties as investment properties presents the company's activities more fairly.

6

Investments

Quoted investments
£

Total
£

Non-current financial assets

Cost

At 1 October 2023

1,478,691

1,478,691

Revaluations

87,653

87,653

Disposals

(101,084)

(101,084)

At 30 September 2024

1,465,260

1,465,260

Impairment

At 30 September 2024

-

-

Carrying amount

At 30 September 2024

1,465,260

1,465,260

Quoted investments are included at market value at the balance sheet date. The historical cost of these assets is £1,667,048 (2023 £1,768,132).

7

Debtors

2024
£

2023
£

Trade debtors

-

336

Prepayments

4,938

4,279

4,938

4,615

 

Kavatina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

90

95

Taxation and social security

8,010

6,424

Accruals and deferred income

6,364

3,175

14,464

9,694

9

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. £446,943 (2023 £344,290) of the reserve is non-distributable.