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Registered number: 04140363
Kingsbridge Estates Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2023
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Kingsbridge Estates Limited
Registered number: 04140363
Balance Sheet
As at 31 March 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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Page 1
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Kingsbridge Estates Limited
Registered number: 04140363
Balance Sheet (continued)
As at 31 March 2023
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 profit and loss account 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:
................................................
P J Butler
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The notes on pages 3 to 15 form part of these financial statements.
Page 2
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Lincoln House
Chichester Fields Business Park
Tangmere
Chichester
West Sussex
PO20 2FS
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The presentational currency of the financial statements is £ sterling.
The figures in the financial statements have been rounded to the nearest £1.
The following principal accounting policies have been applied:
Having reviewed the funding facilities available to the company together with the expected ongoing demand and the future projected cash flows, the directors have a reasonable expectation that the company has adequate resources to continue its activities for the foreseeable future. The directors have considered the level of funds held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements. They have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Directors’ responsibilities.
Page 3
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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 derived from the sale of properties and rents receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of properties
Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
- the company has exchanged contracts for the sale of the property
- there are no conditions under the contract still to be satisfied prior to the completion of the sale, except for conditions that are considered to be within the control of the company and the buyer
- the amount of revenue can be measured reliably
- it is probable that the company will receive the consideration due under the transaction
Rents receivable
Revenue from a rental agreement is recognised in the period in which the rent relates and when all of the following conditions are satisfied:
- there is a signed agreement in place with the tenant
- the amount of revenue can be measured reliably
Development & Asset Management Fees
Revenue from fees earned by the Company in its role as Development Manager and Asset Manager for various projects is recognised in the period to which it relates and based on the terms and triggers within each development management and asset management agreement.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 4
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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.
Depreciation 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:
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 profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluation gains and losses are recognised in the Profit and Loss Account.
Page 5
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
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.
Page 6
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Equity dividends are recognised when they become legally payable.
Page 7
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Key sources of estimation uncertainty
The following are key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year:
∙Determining the fair value of the Investment properties, which are sensitive to fluctuations in the property market.
∙There is a long term incentive plan in place which is based upon future results, which by their nature cannot be predicted accurately.
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The average monthly number of employees, including directors, during the year was 12 (2022 - 11).
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Page 8
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 9
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Freehold investment property
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The 2023 valuations were made by Chris Strathon FRICS and Melanie Lovelady MRICS (chartered surveyors) on behalf of Jones Lang LaSalle Limited, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by related parties
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Page 10
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to related parties
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Page 11
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Bank loans of £12,770,000 (2022 - £13,870,000) are secured over the assets of the company.
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Page 12
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Allotted, called up and fully paid
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1 (2022 - 1) Ordinary share of £1
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Page 13
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Related party transactions
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Summary of transactions with key management:
The company considers its key management personnel to comprise of the employees who were directors for both the 2022 and 2023 financial year. The total remuneration for key management personnel totalled £880,257 (2022 - £1,423,943).
Summary of transactions with other related parties
Natures Way Foods Limited
R A Langmead is a director and indirect shareholder
During the year the company charged a management fee of £nil (2022 - £2,000,000) to Natures Way Foods Limited which represented £nil (2022 - £9,179) of services provided to them.
Charlotte Place Southampton Limited
Kingsbridge Estates Limited is 100% shareholder
During the year the company continued to provide a loan to Charlotte Place Southampton Limited. At the year end, the balance due from Charlotte Place Southampton Limited was £4,616,230 (2022 - £4,590,730).
New Lane Holdings Limited
Kingsbridge Estates Limited is 100% shareholder
During the year the company continued to provide a loan to New Lane Holdings Limited, recieved a loan from New Lane Holdings Limited and received dividends of £7,000,000 (2022: £nil) from New Lane Holdings Limited. At the year end, the balance due to/(from) New Lane Holdings Limited was £2,957,447 (2022 - (£4,931,692) ).
Stoke Road Guildford Limited
Kingsbridge Estates Limited is 100% shareholder
During the year the company continued to provide a loan to Stoke Road Guildford Limited. At the year end, the balance due from Stoke Road Guildford Limited was £6,105,910 (2022 - £5,873,910).
Segensworth Developments Limited
Kingsbridge Estates Limited is 100% shareholder
During the year the company provided a loan to Segensworth Developments Limited. At the year end, the balance due from Segensworth Developments Limited was £2,054,388.
The Kingsbridge Estates Limited Pension Scheme
R A Langmead is a trustee
During the year the company continued to provide an interest bearing loan to The Kingsbridge Estates Limited Pension Scheme. The loan of £1,900,000 (2022 - £1,700,000) is secured against a property asset. In addition, there were costs to be recharged at the year end of £231 (2022 - £870) included in other debtors and rent and development management fees of £181,466 (2022 - £nil) included in trade debtors. At the year end, the total balance due from The Kingsbridge Estates Limited Pension Scheme was £2,081,697 (2022 - £1,700,870).
Summary of transactions with directors
R A Langmead
Director and shareholder of Kingsbridge Estates Limited
During the year R A Langmead continued to provide a loan to the company. At the balance sheet date the amount due to R A Langmead was £51,274 (2022 - £1,553,653).
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Page 14
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Kingsbridge Estates Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 19 December 2023 by Richard Spofforth BSc FCA (Senior Statutory Auditor) on behalf of Kreston Reeves LLP.
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