Silverfin false 27/02/2023 28/02/2022 27/02/2023 M S T Bow 16/03/1999 S G Penney 16/03/1999 27 November 2023 The principal activity of the Company during the financial year was property development and rental. 03732200 2023-02-27 03732200 bus:Director1 2023-02-27 03732200 bus:Director2 2023-02-27 03732200 2022-02-27 03732200 core:CurrentFinancialInstruments 2023-02-27 03732200 core:CurrentFinancialInstruments 2022-02-27 03732200 core:Non-currentFinancialInstruments 2023-02-27 03732200 core:Non-currentFinancialInstruments 2022-02-27 03732200 core:ShareCapital 2023-02-27 03732200 core:ShareCapital 2022-02-27 03732200 core:RetainedEarningsAccumulatedLosses 2023-02-27 03732200 core:RetainedEarningsAccumulatedLosses 2022-02-27 03732200 core:FurnitureFittings 2022-02-27 03732200 core:FurnitureFittings 2023-02-27 03732200 2021-02-27 03732200 bus:OrdinaryShareClass1 2023-02-27 03732200 2022-02-28 2023-02-27 03732200 bus:FullAccounts 2022-02-28 2023-02-27 03732200 bus:SmallEntities 2022-02-28 2023-02-27 03732200 bus:AuditExemptWithAccountantsReport 2022-02-28 2023-02-27 03732200 bus:PrivateLimitedCompanyLtd 2022-02-28 2023-02-27 03732200 bus:Director1 2022-02-28 2023-02-27 03732200 bus:Director2 2022-02-28 2023-02-27 03732200 core:FurnitureFittings 2022-02-28 2023-02-27 03732200 2021-02-28 2022-02-27 03732200 core:Non-currentFinancialInstruments 2022-02-28 2023-02-27 03732200 bus:OrdinaryShareClass1 2022-02-28 2023-02-27 03732200 bus:OrdinaryShareClass1 2021-02-28 2022-02-27 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03732200 (England and Wales)

KIRKWALL LTD

Unaudited Financial Statements
For the financial year ended 27 February 2023
Pages for filing with the registrar

KIRKWALL LTD

Unaudited Financial Statements

For the financial year ended 27 February 2023

Contents

KIRKWALL LTD

STATEMENT OF FINANCIAL POSITION

As at 27 February 2023
KIRKWALL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 27 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 649 764
Investment property 4 285,000 285,000
285,649 285,764
Current assets
Debtors 5 91,814 57,124
Cash at bank and in hand 62,301 121,025
154,115 178,149
Creditors: amounts falling due within one year 6 ( 271,000) ( 292,031)
Net current liabilities (116,885) (113,882)
Total assets less current liabilities 168,764 171,882
Creditors: amounts falling due after more than one year 7 ( 23,274) ( 33,206)
Provision for liabilities 8 ( 29,948) ( 39,435)
Net assets 115,542 99,241
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 115,540 99,239
Total shareholders' funds 115,542 99,241

For the financial year ending 27 February 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 Kirkwall Ltd (registered number: 03732200) were approved and authorised for issue by the Director on 27 November 2023. They were signed on its behalf by:

M S T Bow
Director
KIRKWALL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2023
KIRKWALL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 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

Kirkwall Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Bakery, 17 Hyde Road, Paignton, TQ4 5BW, 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties 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:

Fixtures and fittings 15 % 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings 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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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

Fixtures and fittings Total
£ £
Cost
At 28 February 2022 6,312 6,312
At 27 February 2023 6,312 6,312
Accumulated depreciation
At 28 February 2022 5,548 5,548
Charge for the financial year 115 115
At 27 February 2023 5,663 5,663
Net book value
At 27 February 2023 649 649
At 27 February 2022 764 764

4. Investment property

Investment property
£
Valuation
As at 28 February 2022 285,000
As at 27 February 2023 285,000

Valuation

A directors valuation of investment property was completed at the statement of financial position date.

5. Debtors

2023 2022
£ £
Other debtors 91,814 57,124

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,932 9,687
Amounts owed to directors 208,713 234,494
Accruals 21,594 18,714
Taxation and social security 19,092 17,467
Payments received on account 11,669 11,669
271,000 292,031

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

2023 2022
£ £
Bank loans 23,274 33,206

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 39,435) ( 29,996)
Credited/(charged) to the Statement of Income and Retained Earnings 9,487 ( 9,439)
At the end of financial year ( 29,948) ( 39,435)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 208,713 234,494