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K AND M PROPERTY LETTING LTD

Registered Number
SC576822
(Scotland)

Unaudited Financial Statements for the Year ended
30 September 2022

K AND M PROPERTY LETTING LTD
Company Information
for the year from 1 October 2021 to 30 September 2022

Directors

MCGUIRE, Kevin
MCGUIRE, Michael

Registered Address

Mckellar Accountancy Unit 3-2
1 Macdowall Street
Paisley
PA3 2NB

Registered Number

SC576822 (Scotland)
K AND M PROPERTY LETTING LTD
Balance Sheet as at
30 September 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Investments6310,000230,000
310,000230,000
Current assets
Debtors814,6908,913
Cash at bank and on hand5,50010,752
20,19019,665
Creditors amounts falling due within one year9(240,581)(240,307)
Net current assets (liabilities)(220,391)(220,642)
Total assets less current liabilities89,6099,358
Provisions for liabilities10(15,200)-
Net assets74,4099,358
Capital and reserves
Called up share capital22
Revaluation reserve64,800-
Profit and loss account9,6079,356
Shareholders' funds774,4099,358
The financial statements were approved and authorised for issue by the Board of Directors on 3 October 2023, and are signed on its behalf by:
MCGUIRE, Kevin
Director
Registered Company No. SC576822
K AND M PROPERTY LETTING LTD
Notes to the Financial Statements
for the year ended 30 September 2022

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Investment property policy
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition. i.Investment properties whose fair value can be measure reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and ii. no depreciation is provided in respect of investments properties applying the fair value model. If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair becomes available.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
5.Employee information

20222021
Average number of employees during the year00
6.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 October 21230,000230,000
Revaluations80,00080,000
At 30 September 22310,000310,000
Net book value
At 30 September 22310,000310,000
At 30 September 21230,000230,000

Notes

1Other investments other than loans
7.Movements in revaluation reserve

£
Revaluations of other assets80,000
Deferred Tax on Revaluations(15,200)
At 30 September 2264,800
8.Debtors

2022

2021

££
Trade debtors / trade receivables5,560-
Amounts owed by associates and joint ventures / participating interests9,1308,913
Total14,6908,913
Included within debtors is £9,130 (2021: £8,913) an amount owed from an associated company, The Fresh Fruit Shop Ltd. The company is associated by common control exercised by the directors.
9.Creditors within one year

2022

2021

££
Taxation and social security3,5114,071
Other creditors237,070236,236
Total240,581240,307
Included in creditors is a loan from Kevin McGuire, who is a director of the company totalling £116,397 (2021: £117,564) and Michael McGuire, who is also a director of the company totalling £120,672 (2021: £118,672)
10.Provisions for liabilities

2022

2021

££
Net deferred tax liability (asset)15,200-
Total15,200-