Company Registration No. 06499281 (England and Wales)
KITEWOOD (SANDGATE) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
KITEWOOD (SANDGATE) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
KITEWOOD (SANDGATE) LTD
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Stocks
853,014
853,014
Debtors
3
400
100
853,414
853,114
Creditors: amounts falling due within one year
4
(1,090,163)
(1,072,692)
Net current liabilities
(236,749)
(219,578)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(236,849)
(219,678)
Total equity
(236,749)
(219,578)
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 12 November 2021 and are signed on its behalf by:
Mr J Faith
Director
Company Registration No. 06499281
KITEWOOD (SANDGATE) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2019
100
(178,921)
(178,821)
Year ended 30 April 2020:
Loss and total comprehensive income for the year
-
(40,757)
(40,757)
Balance at 30 April 2020
100
(219,678)
(219,578)
Year ended 30 April 2021:
Loss and total comprehensive income for the year
-
(17,171)
(17,171)
Balance at 30 April 2021
100
(236,849)
(236,749)
KITEWOOD (SANDGATE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
1
Accounting policies
Company information
Kitewood (Sandgate) Ltd (registered number 06499281) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office and principal place of business 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
Going concern
The financial statements have been prepared on a going concern basis. The company's ability to continue to trade is dependent upon the support of Kitewood Estates Limited, company number 02852063. There is no indication that this support will not continue in the future.
true
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.
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.
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.
KITEWOOD (SANDGATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
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.
The financial liabilities are subsequently measured at amortised cost using the effective interest rate method.
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.
2
Employees
The average monthly number of persons (
ex
cluding directors) employed by the company during the year was:
2021
2020
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
400
100
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
533,049
Amounts owed to group undertakings
1,090,163
539,643
1,090,163
1,072,692
The charge in favour of Hampshire Trust Bank Plc was fully released in the year.
KITEWOOD (SANDGATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 5 -
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 H Rogers FCCA.
The auditor was Fortus South 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
smallest and largest group for which the
results of the company are included i
s
the consolidated accounts of Kitewood
Estates
Limited
. These
consolidated accounts are available from their registered office at 85 Gracechurch Street, London, EC3V 0AA.