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REGISTERED NUMBER: SC134555 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Kaas Properties Ltd

Kaas Properties Ltd (Registered number: SC134555)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kaas Properties Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: A J Inglis
Mrs A J Inglis





SECRETARY: Mrs A J Inglis





REGISTERED OFFICE: c/o Cowan & Partners Limited
60 Constitution Street
Leith
Edinburgh
MIDLOTHIAN
EH6 6RR





REGISTERED NUMBER: SC134555 (Scotland)





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

Kaas Properties Ltd (Registered number: SC134555)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,357 9,595
Investments 5 100 100
Investment property 6 10,231,580 9,891,520
10,235,037 9,901,215

CURRENT ASSETS
Stocks 152,214 561,646
Debtors 7 66,902 79,032
Cash at bank 181,595 81,816
400,711 722,494
CREDITORS
Amounts falling due within one year 8 406,684 320,849
NET CURRENT (LIABILITIES)/ASSETS (5,973 ) 401,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,229,064

10,302,860

CREDITORS
Amounts falling due after more than one year 9 (2,908,000 ) (3,064,000 )

PROVISIONS FOR LIABILITIES (819,131 ) (728,466 )
NET ASSETS 6,501,933 6,510,394

CAPITAL AND RESERVES
Called up share capital 524,330 524,330
Revaluation reserve 11 2,965,211 2,965,211
Retained earnings 3,012,392 3,020,853
SHAREHOLDERS' FUNDS 6,501,933 6,510,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

Kaas Properties Ltd (Registered number: SC134555)

Balance Sheet - continued
31 January 2023


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 18 October 2023 and were signed on its behalf by:





A J Inglis - Director


Kaas Properties Ltd (Registered number: SC134555)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Kaas Properties Ltd 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.

Turnover
Turnover represents development property sales, excluding value added tax. The company's policy is to recognise income when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

At the end of each accounting period, assets are reviewed and any impairment is recognised to the profit and loss account.

Investment property
Investment property is measured at fair value, based on an assessment of the open market value for similar assets in a similar condition and location. Where such a measure is unavailable, assets are held at cost less impairment.

Stocks
Work in progress is valued based on the costs of works done, less any impairment.

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.

Kaas Properties Ltd (Registered number: SC134555)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Other operating income
Rental income, excluding value added tax is included in other operating income. The company's policy is to recognise income when the company obtains the right to consideration.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2022 69,716 3,381 73,097
Transfer from subsidiary 3,466 416 3,882
At 31 January 2023 73,182 3,797 76,979
DEPRECIATION
At 1 February 2022 60,375 3,127 63,502
Charge for year 9,854 266 10,120
At 31 January 2023 70,229 3,393 73,622
NET BOOK VALUE
At 31 January 2023 2,953 404 3,357
At 31 January 2022 9,341 254 9,595

No indicators of impairment were noted in the year.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2022
and 31 January 2023 100
NET BOOK VALUE
At 31 January 2023 100
At 31 January 2022 100

Kaas Properties Ltd (Registered number: SC134555)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 9,891,520
Additions 340,060
At 31 January 2023 10,231,580
NET BOOK VALUE
At 31 January 2023 10,231,580
At 31 January 2022 9,891,520

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2004 1,880,919
Valuation in 2011 (570,230 )
Valuation in 2014 55,000
Valuation in 2018 440,000
Valuation in 2021 1,128,531
Cost 7,297,360
10,231,580

Investment properties were valued on an open market basis on 12 December 2021 by Graham & Sibbald, Chartered Surveyors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors - 6,893
Other debtors 66,902 72,139
66,902 79,032

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 156,000 156,000
Trade creditors 15,250 50
Amounts owed to group undertakings 100 100
Taxation and social security 71,370 80,987
Other creditors 163,964 83,712
406,684 320,849

Kaas Properties Ltd (Registered number: SC134555)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans 2,908,000 3,064,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loan - over 5 years 2,284,000 2,440,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans 3,064,000 3,220,000

Svenska Handelsbanken AB has a bond and floating charge over the assets of the company and has standard securities over investment properties held by the company.

The Royal Bank of Scotland are also registered as holding charges over assets of the company. Such securities have been satisfied and the directors are taking measures to update these on the public record.

11. RESERVES
Revaluation
reserve
£   
At 1 February 2022
and 31 January 2023 2,965,211

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Directors, A J Inglis and Mrs A J Inglis who hold the entire share capital of the company.