Registration number:
Year Ended
Kilby House Holdings Limited
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Kilby House Holdings Limited
Company Information
Directors |
Mr D L Bearman Mr R D Levi |
Registered office |
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Kilby House Holdings Limited
Directors' Report
Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Directors of the company
The directors who held office during the year were as follows:
Going concern
The financial statements have been prepared on a going concern basis as it is expected the business will continue to be profitable in the foreseeable future and due to the ongoing support from the shareholders. The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors, including the ability of the company to meet its external financing obligations, the ability of tenants to continue to provide rental income to group companies which in turn owe amounts to the company, and that the ultimate shareholder will continue to support the company for a period of no less than twelve months from the date of approval of the accounts.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr D L Bearman
Director
Kilby House Holdings Limited
Profit and Loss Account
Year Ended 31 December 2020
2020 |
15 March to 31 December 2019 |
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Turnover |
- |
- |
Administrative expenses |
( |
( |
Operating loss |
( |
( |
Income receivable from group undertakings |
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Interest payable and similar expenses |
( |
( |
Profit before tax |
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Taxation |
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Profit for the financial year |
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Kilby House Holdings Limited
(Registration number: 11885821)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investments |
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Debtors |
2,770,853 |
2,717,375 |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital contribution reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Kilby House Holdings Limited
(Registration number: 11885821)
Balance Sheet as at 31 December 2020
Approved and authorised by the
.........................................
Mr D L Bearman
Director
Kilby House Holdings Limited
Statement of Changes in Equity
Year Ended 31 December 2020
Note |
Share capital |
Capital contribution reserve |
Profit and loss account |
Total |
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At 1 January 2020 |
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|
|
|
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends paid |
- |
- |
(195,000) |
(195,000) |
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Transfers |
- |
(15,762) |
15,762 |
- |
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At 31 December 2020 |
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Note |
Share capital |
Capital contribution reserve |
Profit and loss account |
Total |
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At 15 March 2019 |
- |
- |
- |
- |
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Profit for the year |
- |
- |
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|
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Total comprehensive income |
- |
- |
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|
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New share capital subscribed |
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- |
- |
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Capital contribution |
- |
66,111 |
- |
66,111 |
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Transfers |
- |
(2,977) |
2,977 |
- |
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At 31 December 2019 |
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Kilby House Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2020
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its principal place of business and registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with FRS102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis as it is expected the business will continue to be profitable in the foreseeable future and due to the ongoing support from the shareholders. The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors, including the ability of the company to meet its external financing obligations, the ability of tenants to continue to provide rental income to group companies which in turn owe amounts to the company, and that the ultimate shareholder will continue to support the company for a period of no less than twelve months from the date of approval of the accounts.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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.
Kilby House Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Group relief
Charges for amounts payable in respect of tax losses surrendered to the company or credits for amounts receivable in respect of tax losses surrendered by the company and utilised by other group companies are recognised in the year to which they relate.
Investments
Investments in subsidiaries are measured at cost less impairment.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss over the period of the relevant borrowing.
Loans at non-market rates of interest are discounted to net present value of future cash flows, and are discounted at the market rate of interest that would apply to similar debt instruments, with the difference taken as a capital contribution recognised in other comprehensive income. Loans made to subsidiaries at non-market rates of interest are discounted to net present value, with the difference taken as an addition to the investment in subsidiary.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Final dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are approved by the members. Interim dividend distributions to the company’s shareholders are recognised in the reporting period in which they are paid.
Financial instruments
Staff numbers |
The average number of persons employed by the company during the year was
Kilby House Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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England & Wales |
Ordinary shares |
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Kilby House Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Debtors (due after more than one year) |
2020 |
2019 |
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Amounts owed by group undertakings |
2,770,853 |
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The loan is unsecured with an interest rate of 3 month GBP LIBOR + 2% and is due for repayment on 13 August 2024. The loan is being held at amortised cost using an effective interest rate of 4.27%.
During the year, interest of £64,467 (2019 - £24,118), and notional finance income of £62,709 (2019 - £9,256) were recognised. The carrying amount of the loan at the year end is £2,770,853 (2019 - £2,717,375).
Debtors (due within one year) |
2020 |
2019 |
|
Amounts owed from group undertakings |
777 |
777 |
Amounts owed from related parties |
144 |
144 |
Other debtors |
285 |
285 |
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Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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- |
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Amounts owed to group undertakings |
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Accruals |
14,210 |
20,786 |
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Loans and borrowings due to related parties |
41,162 |
41,162 |
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Due after one year |
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Bank borrowings |
1,997,156 |
1,995,489 |
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Loans and borrowings due to related parties |
277,463 |
273,125 |
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Other borrowings |
554,418 |
545,764 |
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2,829,037 |
2,814,378 |
Kilby House Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Loans and borrowings |
Note |
2020 |
2019 |
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Current loans and borrowings |
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Loans and borrowings due to related parties |
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Non-current loans and borrowings |
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Bank borrowings |
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Loans and borrowings due to related parties |
277,463 |
273,125 |
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Other borrowings |
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Bank borrowings
The bank loan is denominated in Sterling with an interest rate of 3 month GBP LIBOR + 2% and is due for repayment on 15 September 2022. The loan is guaranteed by the ultimate shareholder. The carrying amount at the period end is £1,997,156 (2019 - £1,995,489).
Loans and borrowings due to related parties
The loan is unsecured with an interest rate of 3 month GBP LIBOR + 2% and is due for repayment on 8 September 2024. Further details can be found in Note 9.
Other borrowings
The loan made from a shareholder is unsecured with an interest rate of 3 month GBP LIBOR + 2% and is due for repayment on 16 September 2024. The loan is being held at amortised cost using an effective interest rate of 4.27%. During the period, interest of £9,670 (2019 - £3,618) and a notional finance cost of £7,875 (2019 - £1,354) were recognised. The carrying amount of the loan at the year end is £415,801 (2019 - £409,311).
The loan made from a shareholder is unsecured with an interest rate of 3 month GBP LIBOR + 2% and is due for repayment on 15 September 2024. The loan is being held at amortised cost using an effective interest rate of 4.27%. During the period, interest of £3,223 (2019 - £1,206) and a notional finance cost of £2,626 (2019 - £467) were recognised. The carrying amount of the loan at the year end is £138,617 (2019 - £136,453).
Kilby House Holdings Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Related party transactions |
Summary of transactions with other related parties
The loan from Mr H D Nathanson is unsecured and is interest free and repayable on demand. The carrying amount at the year end is £41,162 (2019 - £41,162).
The loan of £291,596 is from a shareholder and director. The loan is unsecured with an interest rate of 3 month GBP LIBOR + 2% and is due for repayment on 8 September 2024. The loan is being held at amortised cost using an effective interest rate of 4.27%. During the year, interest of £6,447 (2019 - £2,412) and a notional finance cost of £5,261 (2019 - £1,155) were recognised. The carrying amount of the loan at the year end is £277,463 (2019 - £273,125).
Parent and ultimate parent undertaking |
The company's parent is Firefly Capital Limited, incorporated in England & Wales.
The most senior parent entity producing publicly available consolidated financial statements is Firefly Capital Limited. These financial statements are publicly available from Companies House.