REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
KINNAIRD PROPERTY COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
KINNAIRD PROPERTY COMPANY LIMITED |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KINNAIRD PROPERTY COMPANY LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
BANKERS: |
18 Charlotte Square |
Edinburgh |
EH2 4DF |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
BALANCE SHEET |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Non-distributable reserve |
Retained earnings |
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. |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
BALANCE SHEET - continued |
31 December 2021 |
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 |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Kinnaird Property Company Limited is a |
The presentation currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax, relating to property letting. |
Insurance income is recognised evenly over the period to which the recharged amount relates. |
Interest income recognised as interest accrues. |
Dividend income is recognised when the company’s right to receive payment is unconditional. |
TANGIBLE FIXED ASSETS |
Plant and machinery etc | - |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is initially recognised in the Income Statement. |
The cumulative surplus arising from fair value movements, including any related deferred taxation, is transferred to a separate non-distributable reserve. |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Short-term debt instruments, 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, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate |
of interest for a similar debt instrument and subsequently at amortised cost. |
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. |
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. |
INVESTMENTS |
In accordance with the Financial Reporting Standard 102 investments in property funds are held at fair value, with any revaluation being recognised initially in the Income Statement. |
The cumulative surplus arising from fair value movements, including any related deferred taxation, is transferred to a separate non-distributable reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | FIXED ASSET INVESTMENTS |
2021 | 2020 |
£ | £ |
Other investments not loans | 2,802,836 | 2,191,646 |
Additional information is as follows: |
Other |
investments |
£ |
COST OR VALUATION |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
Revaluations |
Reclassification/transfer | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 December 2021 is represented by: |
Other |
investments |
£ |
Valuation in 2021 | 869,664 |
Cost | 1,853,907 |
2,723,571 |
If listed investments had not been revalued they would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 1,853,907 | 1,597,097 |
Investments (neither listed nor unlisted) were as follows: |
2021 | 2020 |
£ | £ |
Property fund - St Wenceslas | 79,265 | 63,396 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
Revaluations | 1,495,000 |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2021 | 1,961,180 |
Cost | 3,953,820 |
5,915,000 |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
6. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 3,953,820 | 3,953,820 |
Investment property was valued on an open market basis on 17 December 2021 by Ryden LLP . |
7. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Assets held at fair value | 225,098 | 37,383 |
225,255 | 37,409 |
KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2021 |
Provided during year |
Balance at 31 December 2021 |
10. | RELATED PARTY DISCLOSURES |
Directors |
Included in 'Other creditors' are loans from the directors of £1,514,556 (2020 - £1,247,854). The loans are interest-free and repayable on demand. Also included within 'other creditors' are interest-free loan notes held by the directors of £230,006 (2020 - £230,006). |
Shareholders |
Included in 'Other creditors' are loans from the shareholders of £639,875 (2020 - £703,417). The loans bear interest at 5% per annum and are repayable on demand. Interest of £33,270 (2020 - £35,585) was paid during the year. |