Silverfin false 31/03/2023 01/04/2022 31/03/2023 Stanley Sharpe 12/04/2001 02 October 2023 The principal activity of the company continued to be property rental and development. SC218077 2023-03-31 SC218077 bus:Director1 2023-03-31 SC218077 2022-03-31 SC218077 core:CurrentFinancialInstruments 2023-03-31 SC218077 core:CurrentFinancialInstruments 2022-03-31 SC218077 core:Non-currentFinancialInstruments 2023-03-31 SC218077 core:Non-currentFinancialInstruments 2022-03-31 SC218077 core:ShareCapital 2023-03-31 SC218077 core:ShareCapital 2022-03-31 SC218077 core:RevaluationReserve 2023-03-31 SC218077 core:RevaluationReserve 2022-03-31 SC218077 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC218077 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC218077 core:Vehicles 2022-03-31 SC218077 core:FurnitureFittings 2022-03-31 SC218077 core:Vehicles 2023-03-31 SC218077 core:FurnitureFittings 2023-03-31 SC218077 core:MoreThanFiveYears 2023-03-31 SC218077 core:MoreThanFiveYears 2022-03-31 SC218077 2021-03-31 SC218077 bus:OrdinaryShareClass1 2023-03-31 SC218077 2022-04-01 2023-03-31 SC218077 bus:FullAccounts 2022-04-01 2023-03-31 SC218077 bus:SmallEntities 2022-04-01 2023-03-31 SC218077 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC218077 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC218077 bus:Director1 2022-04-01 2023-03-31 SC218077 core:Vehicles 2022-04-01 2023-03-31 SC218077 core:FurnitureFittings 2022-04-01 2023-03-31 SC218077 2021-04-01 2022-03-31 SC218077 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC218077 core:MoreThanFiveYears 2022-04-01 2023-03-31 SC218077 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC218077 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC218077 (Scotland)

K & S PROPERTY DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

K & S PROPERTY DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

K & S PROPERTY DEVELOPMENTS LTD

BALANCE SHEET

AS AT 31 MARCH 2023
K & S PROPERTY DEVELOPMENTS LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,862 2,352
Investment property 4 1,042,000 1,038,000
1,044,862 1,040,352
Current assets
Debtors 5 21,463 10,397
Cash at bank and in hand 9,496 25,574
30,959 35,971
Creditors: amounts falling due within one year 6 ( 34,985) ( 25,116)
Net current (liabilities)/assets (4,026) 10,855
Total assets less current liabilities 1,040,836 1,051,207
Creditors: amounts falling due after more than one year 7 ( 169,771) ( 192,325)
Provision for liabilities 8 ( 29,654) ( 29,558)
Net assets 841,411 829,324
Capital and reserves
Called-up share capital 9 5,000 5,000
Revaluation reserve 258,055 257,784
Profit and loss account 578,356 566,540
Total shareholder's funds 841,411 829,324

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of K & S Property Developments Ltd (registered number: SC218077) were approved and authorised for issue by the Director on 02 October 2023. They were signed on its behalf by:

Stanley Sharpe
Director
K & S PROPERTY DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
K & S PROPERTY DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

K & S Property Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £841,411. The director is aware that the Company is reliant on the continuing financial support of the bank for both short-term working capital and the long-term borrowing requirements. The bank continues to provide financial support to the company. The director is satisfied that sufficient funds will be made available to meet other liabilities as they fall due for a period of 12 months from the signing of these accounts.

Turnover

Turnover represents rentals received in the year and is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 9,645 0 9,645
Additions 0 1,258 1,258
At 31 March 2023 9,645 1,258 10,903
Accumulated depreciation
At 01 April 2022 7,293 0 7,293
Charge for the financial year 588 160 748
At 31 March 2023 7,881 160 8,041
Net book value
At 31 March 2023 1,764 1,098 2,862
At 31 March 2022 2,352 0 2,352

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 1,038,000
Additions 4,000
As at 31 March 2023 1,042,000

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 783,945 780,216

5. Debtors

2023 2022
£ £
Trade debtors 448 480
Corporation tax 7,082 7,082
Other debtors 13,933 2,835
21,463 10,397

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 23,223 20,857
Trade creditors 971 173
Taxation and social security 3,630 53
Other creditors 7,161 4,033
34,985 25,116

The bank loans are secured by way of floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 169,771 192,325

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured £- / repayable by instalments) 62,004 96,524

The long-term bank loans are secured by way of a floating charge over the company's assets.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 29,558) 2,659
Charged to the Profit and Loss Account ( 96) ( 32,217)
At the end of financial year ( 29,654) ( 29,558)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,000 ordinary shares of £ 1.00 each 5,000 5,000

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by director 13,933 2,835

At the beginning of the year the director owed the business £2,835. During the year £22,961 was advanced, 2% interest was charged totalling £14 and £11,876 was repaid resulting in a closing balance of £13,933 being owed to the business by the director.

This loan is unsecured and has no fixed terms of repayment.