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REGISTERED NUMBER: SC239146 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2021

for

Kirkgate Property Limited

Kirkgate Property Limited (Registered number: SC239146)






Contents of the Financial Statements
for the Year Ended 30 November 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

Kirkgate Property Limited

Company Information
for the Year Ended 30 November 2021







DIRECTORS: A P Flinn
J M Flinn
S F Turnbull
W Calesso





SECRETARY: S F Turnbull





REGISTERED OFFICE: 26 Viewfield Terrace
Dunfermline
Fife
KY12 7LB





REGISTERED NUMBER: SC239146 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Kirkgate Property Limited (Registered number: SC239146)

Balance Sheet
30 November 2021

30.11.21 30.11.20
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 65,000 89,502

CURRENT ASSETS
Debtors 5 957 -
Cash at bank 3,336 9,651
4,293 9,651
CREDITORS
Amounts falling due within one year 6 1,207 3,240
NET CURRENT ASSETS 3,086 6,411
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,086

95,913

CREDITORS
Amounts falling due after more than one
year

7

(10,683

)

(13,339

)

PROVISIONS FOR LIABILITIES (5,264 ) -
NET ASSETS 52,139 82,574

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 9 27,704 52,206
Retained earnings 24,431 30,364
SHAREHOLDERS' FUNDS 52,139 82,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kirkgate Property Limited (Registered number: SC239146)

Balance Sheet - continued
30 November 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2022 and were signed on its behalf by:





S F Turnbull - Director


Kirkgate Property Limited (Registered number: SC239146)

Notes to the Financial Statements
for the Year Ended 30 November 2021

1. STATUTORY INFORMATION

Kirkgate Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Other operating income
Other Operating Income comprises rental income from the company's investment properties which is recognised as it falls due under the terms of lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

Kirkgate Property Limited (Registered number: SC239146)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2020 89,502
Revaluations (24,502 )
At 30 November 2021 65,000
NET BOOK VALUE
At 30 November 2021 65,000
At 30 November 2020 89,502

Fair value at 30 November 2021 is represented by:
£   
Valuation in 2005 52,206
Valuation in 2021 (24,502 )
Cost 37,296
65,000

If investment property had not been revalued it would have been included at the following historical cost:

30.11.21 30.11.20
£    £   
Cost 37,296 37,046

Investment property was valued on an open market basis on 28 January 2021 by DM Hall Chartered Surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Trade debtors 957 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Trade creditors 457 1,560
Accrued expenses 750 1,680
1,207 3,240

Kirkgate Property Limited (Registered number: SC239146)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.21 30.11.20
£    £   
Loan - FT Property Investment 300 300
Kenmore Luxury Lodges Limited - 843
Loan - Grange Consultants Ltd 3,927 5,740
Loan - MGM Consultancy Ltd 1,699 1,699
Loan - Dalgety Investments Ltd 1,558 1,558
Loan - Gruppoforte Ltd 3,199 3,199
10,683 13,339

8. SECURED DEBTS

Lloyds TSB Scotland PLC hold security over the investments in the company

9. RESERVES
Revaluation
reserve
£   
At 1 December 2020 52,206
Revaluation reserve (24,502 )

At 30 November 2021 27,704

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Kirkgate Property Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirkgate Property Limited for the year ended 30 November 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us

As a practising member of the Certified Public Accountants Association, we are subject to its ethical and other professional requirements which are detailed at: https://www.cpaa.co.uk/about-cpaa/how-we-regulate/

This report is made solely to the director of Kirkgate Property Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kirkgate Property Limited and state those matters that we have agreed to state to the director of Kirkgate Property Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Kirkgate Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kirkgate Property Limited. You consider that Kirkgate Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kirkgate Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR


24 August 2022