Company Registration No. 06728984 (England and Wales)
KITEWOOD (CLARENDON) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (CLARENDON) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
KITEWOOD (CLARENDON) LTD
BALANCE SHEET
AS AT 30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
734,075
1,132,381
Debtors
2
26,033
35,372
Cash at bank and in hand
8,457
3,484
768,565
1,171,237
Creditors: amounts falling due within one year
3
(673,522)
(1,070,532)
Net current assets
95,043
100,705
Capital and reserves
Called up share capital
4
10
10
Profit and loss reserves
95,033
100,695
Total equity
95,043
100,705
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 December 2019 and are signed on its behalf by:
Mr J Faith
Mr P O Van Reyk
Director
Director
Company Registration No. 06728984
KITEWOOD (CLARENDON) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2017
10
51,611
51,621
Year ended 30 April 2018:
Profit and total comprehensive income for the year
-
49,084
49,084
Balance at 30 April 2018
10
100,695
100,705
Year ended 30 April 2019:
Loss and total comprehensive income for the year
-
(5,662)
(5,662)
Balance at 30 April 2019
10
95,033
95,043
KITEWOOD (CLARENDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Kitewood (Clarendon) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
85 Gracechurch Street, London, EC3V 0AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
the sale of property
provided in the normal course of business
, and
is shown net of VAT
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income
. Sale of property is recognised when contracts are exchanged.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company
only enters into basic financial instrument transactions
.
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.
KITEWOOD (CLARENDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,033
10,372
2019
2018
Amounts falling due after more than one year:
£
£
Other debtors
25,000
25,000
Total debtors
26,033
35,372
KITEWOOD (CLARENDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 5 -
3
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
158,806
554,608
Trade creditors
9,012
4,370
Amounts owed to group undertakings
503,989
477,313
Other creditors
1,715
34,241
673,522
1,070,532
The bank loans are secured via a fixed and floating charge over all property and undertakings of Kitewood (Clarendon) Ltd.
4
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mark Rogers FCCA.
The auditor was HJS Accountants Limited.
6
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
7
Parent company
Ultimate Parent Company.
The ultimate parent company is Kitewood Estates Limited, a company registered in England & Wales.
The results of this company are included in the consolidated accounts of Kitewood Estates Limited and the consolidated accounts are available from their registered office at 85 Gracechurch Street, London, EC3V 0AA.