Silverfin false 31/01/2023 01/02/2022 31/01/2023 Kathleen Straine Ronald Straine 18 October 2023 The principal activity of the Company during the financial year was the letting of owned property. SC066965 2023-01-31 SC066965 2022-01-31 SC066965 core:CurrentFinancialInstruments 2023-01-31 SC066965 core:CurrentFinancialInstruments 2022-01-31 SC066965 core:ShareCapital 2023-01-31 SC066965 core:ShareCapital 2022-01-31 SC066965 core:RevaluationReserve 2023-01-31 SC066965 core:RevaluationReserve 2022-01-31 SC066965 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC066965 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC066965 core:LandBuildings 2022-01-31 SC066965 core:OtherPropertyPlantEquipment 2022-01-31 SC066965 core:LandBuildings 2023-01-31 SC066965 core:OtherPropertyPlantEquipment 2023-01-31 SC066965 core:CostValuation 2022-01-31 SC066965 core:AdditionsToInvestments 2023-01-31 SC066965 core:DisposalsRepaymentsInvestments 2023-01-31 SC066965 core:RevaluationsIncreaseDecreaseInInvestments 2023-01-31 SC066965 core:CostValuation 2023-01-31 SC066965 core:ProvisionsForImpairmentInvestments 2022-01-31 SC066965 core:ProvisionsForImpairmentInvestments 2023-01-31 SC066965 bus:OrdinaryShareClass1 2023-01-31 SC066965 2022-02-01 2023-01-31 SC066965 bus:FullAccounts 2022-02-01 2023-01-31 SC066965 bus:SmallEntities 2022-02-01 2023-01-31 SC066965 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC066965 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC066965 bus:Director1 2022-02-01 2023-01-31 SC066965 bus:Director2 2022-02-01 2023-01-31 SC066965 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 SC066965 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-02-01 2023-01-31 SC066965 2021-02-01 2022-01-31 SC066965 core:LandBuildings 2022-02-01 2023-01-31 SC066965 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC066965 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC066965 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC066965 (Scotland)

KARON PROPERTIES LIMITED

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

KARON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

KARON PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
KARON PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 134,698 142,132
Investments 4 714,481 773,767
849,179 915,899
Current assets
Debtors 5 3,347 10,911
Cash at bank and in hand 42,302 19,320
45,649 30,231
Creditors: amounts falling due within one year 6 ( 19,418) ( 27,883)
Net current assets 26,231 2,348
Total assets less current liabilities 875,410 918,247
Provision for liabilities 7 ( 6,390) ( 23,892)
Net assets 869,020 894,355
Capital and reserves
Called-up share capital 8 1,000 1,000
Revaluation reserve 41,548 43,993
Profit and loss account 826,472 849,362
Total shareholders' funds 869,020 894,355

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

Directors' responsibilities:

The financial statements of Karon Properties Limited (registered number: SC066965) were approved and authorised for issue by the Director on 18 October 2023. They were signed on its behalf by:

Ronald Straine
Director
KARON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
KARON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 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

Karon Properties Limited (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 36 Albyn Place, Aberdeen, AB10 1YF, United Kingdom and the business address is 225 Great Western Road, Aberdeen, AB10 6PS,

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include 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 £.

Turnover

Turnover represents rental income and is stated on an accruals basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 50 years straight line
Plant and machinery etc. 3 years straight line

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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 are recognised at transaction price.

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 proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.

Retirement benefits

The company operates a defined contribution scheme for the benefit of its directors. Contributions payable are charged to the profit and loss account in the year they are payable.

2. Employees

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

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 271,157 8,519 279,676
At 31 January 2023 271,157 8,519 279,676
Accumulated depreciation
At 01 February 2022 129,988 7,556 137,544
Charge for the financial year 7,021 413 7,434
At 31 January 2023 137,009 7,969 144,978
Net book value
At 31 January 2023 134,148 550 134,698
At 31 January 2022 141,169 963 142,132

The above property was revalued in 2002. On a historical cost basis the property would have been included at an original cost of £190,594 (2022 - £190,594).

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 February 2022 773,767 773,767
Additions 17,286 17,286
Disposals ( 19,900) ( 19,900)
Movement in fair value ( 56,672) ( 56,672)
At 31 January 2023 714,481 714,481
Provisions for impairment
At 01 February 2022 0 0
At 31 January 2023 0 0
Carrying value at 31 January 2023 714,481 714,481
Carrying value at 31 January 2022 773,767 773,767

5. Debtors

2023 2022
£ £
Other debtors 3,347 10,911

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,427 0
Taxation and social security 3,728 17,663
Other creditors 11,263 10,220
19,418 27,883

7. Provision for liabilities

2023 2022
£ £
Deferred tax 6,390 23,892

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Opening debtor 7,564 2,411
Amount advanced 0 7,564
Amount repaid (8,228) (2,411)
Closing (creditor)/ debtor (664) 7,564