Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-01false3333falsetrue 07039612 2024-01-01 2024-12-31 07039612 2023-01-01 2023-12-31 07039612 2024-12-31 07039612 2023-12-31 07039612 2023-01-01 07039612 1 2024-01-01 2024-12-31 07039612 1 2023-01-01 2023-12-31 07039612 5 2024-01-01 2024-12-31 07039612 5 2023-01-01 2023-12-31 07039612 d:Director1 2024-01-01 2024-12-31 07039612 e:Buildings 2024-01-01 2024-12-31 07039612 e:Buildings 2024-12-31 07039612 e:Buildings 2023-12-31 07039612 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07039612 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 07039612 e:Buildings e:ShortLeaseholdAssets 2024-12-31 07039612 e:Buildings e:ShortLeaseholdAssets 2023-12-31 07039612 e:PlantMachinery 2024-01-01 2024-12-31 07039612 e:PlantMachinery 2024-12-31 07039612 e:PlantMachinery 2023-12-31 07039612 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07039612 e:FurnitureFittings 2024-01-01 2024-12-31 07039612 e:FurnitureFittings 2024-12-31 07039612 e:FurnitureFittings 2023-12-31 07039612 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07039612 e:OfficeEquipment 2024-01-01 2024-12-31 07039612 e:OfficeEquipment 2024-12-31 07039612 e:OfficeEquipment 2023-12-31 07039612 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07039612 e:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 07039612 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07039612 e:CurrentFinancialInstruments 2024-12-31 07039612 e:CurrentFinancialInstruments 2023-12-31 07039612 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 07039612 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 07039612 e:ShareCapital 2024-12-31 07039612 e:ShareCapital 2023-12-31 07039612 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07039612 e:RetainedEarningsAccumulatedLosses 2024-12-31 07039612 e:RetainedEarningsAccumulatedLosses 2023-12-31 07039612 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 07039612 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07039612 e:OtherDeferredTax 2024-12-31 07039612 e:OtherDeferredTax 2023-12-31 07039612 d:OrdinaryShareClass1 2024-01-01 2024-12-31 07039612 d:OrdinaryShareClass1 2024-12-31 07039612 d:OrdinaryShareClass1 2023-12-31 07039612 d:FRS102 2024-01-01 2024-12-31 07039612 d:Audited 2024-01-01 2024-12-31 07039612 d:FullAccounts 2024-01-01 2024-12-31 07039612 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07039612 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07039612 2 2024-01-01 2024-12-31 07039612 7 2024-01-01 2024-12-31 07039612 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07039612










KINGSWAY LIF HOLDINGS LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024
 






 



 






 
KINGSWAY LIF HOLDINGS LIMITED
REGISTERED NUMBER: 07039612

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
20,311,935
21,175,193

Current assets
  

Stocks
 6 
114,645
104,068

Debtors: amounts falling due within one year
 7 
335,444
646,075

Cash at bank and in hand
 8 
7,249,202
1,617,373

  
7,699,291
2,367,516

Creditors: amounts falling due within one year
 9 
(20,257,321)
(17,668,645)

Net current liabilities
  
 
 
(12,558,030)
 
 
(15,301,129)

Total assets less current liabilities
  
7,753,905
5,874,064

Provisions for liabilities
  

Deferred tax
 10 
(4,199,159)
(4,199,159)

Net assets
  
 
 
3,554,746
 
 
1,674,905


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
 12 
3,554,745
1,674,904

Shareholder's funds
  
3,554,746
1,674,905


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 income and retained earnings 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 



Mr J D Horowitz
Director

Date: 5 August 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 1

 
KINGSWAY LIF HOLDINGS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,879,841
1,969,587

Adjustments for:

Depreciation of tangible assets
1,000,304
1,000,305

Interest payable
8,597
-

Interest receivable
(142,687)
-

Taxation charge
796,623
758,498

(Increase)/decrease in stocks
(10,577)
-

Decrease in debtors
310,629
251,502

Increase in creditors
236,432
60,395

Increase/(decrease) in amounts owed to groups
1,944,112
(7,189,842)

Corporation tax paid
(388,489)
(517,340)

Net cash generated from operating activities

5,634,785
(3,666,895)


Cash flows from investing activities

Purchase of tangible fixed assets
(137,046)
-

Interest received
142,687
-

Net cash from investing activities

5,641
-

Cash flows from financing activities

Interest paid
(8,597)
-

Net cash used in financing activities
(8,597)
-

Net increase/(decrease) in cash and cash equivalents
5,631,829
(3,666,895)

Cash and cash equivalents at beginning of year
1,617,373
5,284,268

Cash and cash equivalents at the end of year
7,249,202
1,617,373


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,249,202
1,617,373


Page 2

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Kingsway LIF Holdings Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 07039612. The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

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 (see note 3).

The financial statements are rounded to nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS 102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland including the disclosure and presentational requirements of section 1A applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for the foreseeable future, a period of not less than 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks to the business as well as the Company's business model and the availability of cash resources. The Directors cite that the Company was profit making in the period and is in a net asset position at the year end date. The Company meets its day-to-day working capital requirements through its cash holdings, the Company had cash reserves of £7.2m at the year end date. The Company’s forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company will be able to meets its liabilities comfortably with the level of its current cash reserves. The Directors further cite, if necessary, the financial support available from fellow group companies, including that amounts owed to group companies will not be called to the detriment of the Company, should it be required.

Page 3

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional currency is GBP and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

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:
Provision of hotel services - over the period the service is provided.
Rental income - over the period the property is let to the tenant.

 
2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Page 4

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years
Assets under construction
-
Depreciated when construction complete
Plant and machinery
-
15 years
Fixtures and fittings
-
10 years
Office equipment
-
5 years
Other fixed assets
-
5 - 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Page 5

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks consists mainly of uniforms and miscellaneous supplies. Initial base stocks are included at cost, while replacement items are expensed upon their purchase and use.

At each balance sheet 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 the Statement of Income and Retained Earnings.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

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.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 6

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgments, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgments or assumptions in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 33).


5.


Tangible fixed assets





Freehold property
Assets under contsruction
Plant and machinery
Fixtures and fittings
Office equipment and other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
23,039,077
-
9,834,532
2,649,735
131,702
35,655,046


Additions
-
137,046
-
-
-
137,046


Disposals
-
-
-
-
(87,167)
(87,167)



At 31 December 2024

23,039,077
137,046
9,834,532
2,649,735
44,535
35,704,925



Depreciation


At 1 January 2024
4,012,014
-
7,686,402
2,649,735
131,702
14,479,853


Charge for the year on owned assets
344,668
-
655,636
-
-
1,000,304


Disposals
-
-
-
-
(87,167)
(87,167)



At 31 December 2024

4,356,682
-
8,342,038
2,649,735
44,535
15,392,990



Net book value



At 31 December 2024
18,682,395
137,046
1,492,494
-
-
20,311,935



At 31 December 2023
19,027,063
-
2,148,130
-
-
21,175,193

Page 8

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Stocks

2024
2023
£
£

Cleaning equipment, linen and uniforms.
114,645
104,068



7.


Debtors

2024
2023
£
£


Trade debtors
178,897
531,444

Other debtors
432
2,166

Prepayments and accrued income
156,115
112,465

335,444
646,075



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,249,202
1,617,373



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
184,126
243,157

Amounts owed to group undertakings
18,364,587
16,420,475

Corporation tax
747,798
339,664

Other taxation and social security
529,325
468,112

Other creditors
94,175
31,926

Accruals and deferred income
337,310
165,311

20,257,321
17,668,645


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 9

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
4,199,159
4,199,159



At end of year
4,199,159
4,199,159

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
14,959
14,959

Rollover relief
4,184,200
4,184,200

4,199,159
4,199,159


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



12.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

13.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,617,373

5,631,829

7,249,202

Debt due within 1 year

-

-

-


1,617,373
5,631,829
7,249,202

Page 10

 
KINGSWAY LIF HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Related party transactions

The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.
At the year end an amount totalling £18,364,587 (2023:£16,420,474 was due to a companies under common control.The amounts are interest free and are repayable on demand.
During the year the Company paid management fees of £1,220,979 (2023:£1,657,555)  to companies under common control.
During the year Company paid service costs fees of £829,538 (2023:£786,839) to companies under common control.


15.


Parent company

The parent company is Ludgate Northumberland Holdings Limited which has a 100% holding in the Company. The registered office is Albany House, Claremont Lane, Esher,Surrey, KT10 9FQ and principal place of business is 8 Northumberland Ave, London WC2N 5BY. There is no ultimate controlling party.
The smallest and largest group of undertakings into which the results of the Company are consolidated is
headed by Ludgate Northumberland Holdings Limited. The consolidated financial statements can be obtained from Companies House.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 5 August 2025 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 11