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Registered number: 14770335










KIT KEMP DESIGN LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

 
KIT KEMP DESIGN LIMITED
REGISTERED NUMBER: 14770335

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

  

Current assets
  

Stocks
 4 
302,866
-

Debtors: amounts falling due within one year
 5 
584,578
100

  
887,444
100

Creditors: amounts falling due within one year
 6 
(73,953)
-

Net current assets
  
 
 
813,491
 
 
100

  

Net assets
  
813,491
100


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
 8 
813,391
-

  
813,491
100


Page 1

 
KIT KEMP DESIGN LIMITED
REGISTERED NUMBER: 14770335
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2025

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




T J R Kemp
Director

Date: 17 July 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
KIT KEMP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Kit Kemp Design Limited is a private company, limited by shares, incorporated and registered in England and Wales, under the Companies Act 2006, registered number 14770335. The company's registered office is 18 Thurloe Place, London, SW7 2SP. 
The principal activities of the company are provision of design services to the Firmdale Hotels group and to third party clients for residential properties. It also comprises Shop Kit Kemp which sells exclusive design led homeware and beauty products. 
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Firmdale Holdings Limited as at 31 January 2025 and these financial statements may be obtained from  the Registrar of
Companies.

Page 3

 
KIT KEMP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.3

Going concern

The directors review the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the Group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The net current liabilities figure of £370m reported in the January 2024 Group Financial Statements was driven by three very substantial long term loans maturing in November 2024, a total of £386m. In London the maturing debt of £236m was successfully refinanced with Lloyds and HSBC banks, both facilities for a term of five years. The New York US$200m maturing debt, the equivalent of £150m, was rolled over by exercising the second of three options to extend for a further twelve months. The third option remains available for us to exercise in November 2025, but in the interim we are undertaking a review of the lending market with local debt advisory professionals to see if available terms for an early full refinance are attractive.
Trading for the first quarter of the 2025/26 financial year has exceeded budget in both London and New York. Forward booking are strong, and prospects for delivering on budget for the remainder of the financial year remain good. 
In light of the positive trading and cash generation projections, continuing delivery of financial covenant requirements and supportive banks, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required. 
The company generated a profit before tax in the year to 31 January 2025 of £813,391 (2024: £Nil) and net current assets at the reporting date of £813,491 (2024: £100). 
The directors therefore consider the going concern basis to remain appropriate. 

Page 4

 
KIT KEMP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
KIT KEMP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.6

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 reporting date in the countries where the Company operates and generates income.


 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Directors
4
2

Page 6

 
KIT KEMP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Stocks

2025
2024
£
£

Finished goods
302,866
-

302,866
-



5.


Debtors

2025
2024
£
£


Amounts owed by group undertakings
333,760
100

Other debtors
37,479
-

Prepayments and accrued income
213,339
-

584,578
100



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Accruals and deferred income
73,953
-

73,953
-



7.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



100 (2024 - 100) Ordinary shares of £1.00 each
100
100

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.


Page 7

 
KIT KEMP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

8.


Reserves

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,258 (2024 - £Nil). Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.


11.


Controlling party

The immediate parent and controlling company is Firmdale Holdings Limited, a company registered in England and Wales.
The company is included within the consolidation of the Firmdale Holdings Limited group and this is the parent of the smallest and largest group which draws up consolidated financial statements. Firmdale Holdings Limited registered office address is 18 Thurloe Place, London, SW7 2SP. The consolidated accounts of this group are publicly available from the Registrar of Companies.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2025 was unqualified.

The audit report was signed on 17 July 2025 by Rajeev Shaunak BSc FCA (Senior statutory auditor) on behalf of MHA.

 
Page 8