Company Registration No. SC090034 (Scotland)
KIRKWOOD HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
KIRKWOOD HOMES LIMITED
COMPANY INFORMATION
Directors
I Dunbar
C Crombie
A Rae
J Florence
S Martin
A Macaskill
Secretary
LC Secretaries Limited
Company number
SC090034
Registered office
Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
Business address
Kirkwood Business Park
Sauchen
Inverurie
AB51 7LE
KIRKWOOD HOMES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
KIRKWOOD HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Fair review of the business

The principal activity of the company is residential property development. The main business activities are the construction of private housing for sale. In prior years, the company also manufactured timber frames for its housebuilding operations and external customers but ceased this activity on 1 July 2022, when the company transferred its Timber Frame business to Kirkwood Timber Frame Limited, a party with common ownership and control.

 

During the year the company had housing developments in Dundee and Aberdeenshire building quality homes for private individuals. They were also involved in construction of affordable homes for Housing association and local authority customers which contributed towards the Scottish Governments affordable housing targets.

 

Despite the challenging market conditions experienced by the company as a result of underlying economic factors including increased bank interest rates, the company delivered a strong result with turnover of £60m for the year ended 30 June 2023 and profit before tax of £1.6m.

 

Revenue was also delivered from ongoing sales from sites in Tayside and Aberdeenshire. In Tayside the company continued to sell units at its successful Balgillo Heights development in Broughty Ferry which is now into its final phase and also sold and handed over homes at the company’s new development at Drumoig, near St Andrews. In Aberdeenshire the company sold the final units from developments at Stonehaven, Countesswells and Dunecht and launched a further phase at Sauchen and new sites in Banchory, Alford and at Blackdog. In addition to the construction and sale of homes for private individuals, the company also successfully handed over affordable housing at Inchmarlo and Alford and commenced construction of an 80 unit affordable housing development at Blackdog.

 

The result for the year reports turnover of £60.0m (2022: £60.6m) with the decrease compared with the prior year partly as a result of the transfer of the manufacturing business to Kirkwood Timber Frame Limited. Profit before taxation was £1.6m and EBITDA for the year was £3.3m (2022: £2.2m) as a result of improved margins and overhead cost control.

 

The company's net assets increased from £21.1m to £22.5m, in line with profit generated in the period.

Principal risks and uncertainties

The board regularly review the risks and uncertainties affecting the business and have procedures in place to monitor and mitigate these risks.

 

The principal risks affecting the company are set out below.

 

Demand for homes

As a housebuilder, the company has exposure to the overall macroeconomic conditions that impact the demand for new homes including interest rates, availability of finance and overall consumer confidence in addition to local economic conditions. The company manages this risk at the site acquisition stage by performing detailed appraisals on all developments including analysing market demand. At ongoing developments, the company manages this risk by close monitoring of performance against plan and the wider economic environment allowing the company to take appropriate action to mitigate this risk should circumstances change.

 

Land availability

The company’s ability to grow and continue to deliver its quality product at the best locations is dependent on its ability to secure appropriately serviced land with planning consent for future housebuilding. The company manages this risk by employing an experienced land team who proactively identify future development sites and maintain a strong pipeline of future sites.

 

KIRKWOOD HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Principal risks and uncertainties (continued)

 

Funding and interest rate risk

The company is funded by a combination of equity and revolving credit and working capital facilities with Bank of Scotland. The directors recognise that one of the principal risks is the availability of finance and the cost of borrowing and monitor cash flows closely on a regular basis including the preparation of cash flow forecasts. The directors continue are working closely with the bank in terms of ongoing funding requirements and facilities.

 

Quality, safety and environmental

The company has a proud reputation for building high quality homes which provides a level of differentiation from competitors. The company has appropriate quality controls in place throughout the build process from design to completion to ensure that these high standards are maintained. Compliance with Health and Safety and Environmental rules and regulations is also a key area of focus for the business and controls are in place throughout the organisation to ensure compliance.

 

Availability of raw materials

The availability and cost of raw materials and labour remain a risk for the business with the global shortage of certain construction materials being a risk to the business. The directors mitigate this risk by employing an experienced buyer, careful forward planning and the holding of appropriate levels of stocks of materials.

Key performance indicators

Financial key performance indicators include revenue and EBITDA as noted above. Non-financial key performance indicators include customer satisfaction, health and safety and environmental compliance.

Future developments

Whilst the increase in mortgage interest rates has had an impact on market demand and may result in more challenging selling conditions, the company has continued to experience strong demand in the market generally and for the specific locations of the company’s developments, evidenced by the number of secured reservations in the current year. The directors continue with a cautious approach of land acquisition where there is known demand for our product and the company has secured additional development opportunities within these areas with land acquisition planned for the coming months and years, which will allow growth in these targeted areas.

 

S172 statement

In accordance with s172 of the Companies Act 2006, the directors must act in a way that they consider, in good faith would be most likely to promote the success of the company for the benefit of its members as a whole. All decisions taken by the board are taken with the long-term strategy of the company in mind; whether this is restructuring of the workforce, land acquisition, company expansion, funding decisions or dividend policy.

 

The quality of our homes is a key factor of the success of our business, and this is made possible by a skilled workforce. The importance of maintaining a skilled and experienced workforce in delivering this level of quality is such that the interests of the workforce are considered when the board make decisions particularly in regard to health and safety and employee retention.

 

The directors recognise the importance of business relationships with suppliers and subcontractors and have established long-term working relationships with our subcontractor and supplier base. The importance of maintaining high standards of business conduct is an integral part of the company’s strategy with directors being involved in ensuring integrity and a straightforward approach to dealings with others.

 

The company has a reputation for building quality homes and as such we take pride in the quality of the product and customer satisfaction. The company complies with all relevant planning and environmental laws and as part of the planning process considers the impact of the company’s operations on the community and environment and we engage with our communities as part of the planning process.

KIRKWOOD HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

S172 statement (continued)

The directors recognise the importance of maintaining a reputation for high standards of business conduct and these principles are communicated across the business including honesty, integrity, and fairness.

 

The directors meet regularly and in considering decisions are mindful of the duty to promote the success of the business and the need to act fairly between members of the company.

 

On behalf of the board
C Crombie
Director
27 March 2024
KIRKWOOD HOMES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of residential property development. During the year, the company transferred its Timber frame trade to a newly incorporated company, Kirkwood Timber Frame Limited, a company controlled by I Dunbar, director.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid (2022 - £nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I Dunbar
C Crombie
A Rae
J Florence
S Martin
A Macaskill
Directors' insurance

The directors have the benefit of the indemnity provisions contained in the Articles and the company maintains directors’ and officers’ liability insurance for the benefit of the directors and the company’s officers. The company has also entered into qualifying third party indemnity arrangements with each of its directors in a form and scope which comply with the Companies Act 2006. Each of these arrangements remain in force as at the date of this Annual Report.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Reporting Parameters

The company’s energy usage and carbon emissions are set out in the tables below for the year ended 30 June 2023.

The methodology follows the Environmental Guidelines issued by HM Government dated March 2019 including the use of reports from suppliers and invoices. The reporting uses the 2023 Government emission conversion factors for greenhouse gas (and 2022 comparatives).

We have measured all supplies of electricity, gas, transport fuel and gas oil across all of our sites and offices in the year to June 2023.

Transport includes the purchase of fuel for operation of company vehicles and fuel used in the reimbursement of business mileage for employees own vehicles.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,508,009
2,794,870
KIRKWOOD HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
61.00
60.00
- Fuel consumed for owned transport
417.00
480.00
478.00
540.00
Scope 2 - indirect emissions
- Electricity purchased
76.00
96.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
14.00
18.00
Total gross emissions
568.00
654.00
Intensity ratio
Tonnes CO2e per turnover (£m)
9.5
10.8
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The directors' consider TCo2E as a proportion of per m turnover as an appropriate intensity ratio.

Measures taken to improve energy efficiency

Our homes are constructed using timber frames which are a low carbon material. Using wood instead of other materials saves C02 emissions both through carbon captured in the timber product and the avoidance of alternative more C02 intensive products. Timber frame is key component of all our homes.

We comply with all planning requirements around energy efficiency. The energy efficiency of our new homes is a key consideration in the design of new homes ensuring we comply with industry standards including the installation of solar panels and air source heat pumps at certain developments. Energy efficiency is also considered in the design of street lighting for our developments which include the use of LEDs and the carbon reduction from planting trees is considered as part of any landscape plan.

We will consider the use of electric and hybrid vehicles when our existing fleet of vans require to be replaced and offer the option and encourage employees to select a fully electric or hybrid vehicle as company car choice.

Heating for our head office, yard and factory complex is provided by a biomass boiler which is fueled by timber waste which would be otherwise be treated as waste. Biomass is considered a renewable form of energy production as biomass growth removes carbon dioxide from the atmosphere and stores it in the soil, plants, or trees.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Information contained within the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Strategic Report information required by Large and Medium-sized Companies and Groups (Account and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of future developments, financial risks, and in respect of how the company fosters its relationships with suppliers, customers and others.

KIRKWOOD HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
On behalf of the board
C Crombie
Director
27 March 2024
KIRKWOOD HOMES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KIRKWOOD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KIRKWOOD HOMES LIMITED
- 8 -
Opinion

We have audited the financial statements of Kirkwood Homes Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

KIRKWOOD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KIRKWOOD HOMES LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements..

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

 

KIRKWOOD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KIRKWOOD HOMES LIMITED
- 10 -

Extent to which the audit is considered capable of detecting irregularities, including fraud (continued)

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquires through our review of relevant correspondence with regulatory bodies and legal fees.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance where remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Allison Dalton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
28 March 2024
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
KIRKWOOD HOMES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
Notes
£'000
£'000
Turnover
3
60,020
60,621
Cost of sales
(51,142)
(51,942)
Gross profit
8,878
8,679
Administrative expenses
(6,438)
(7,190)
Other operating income
426
155
Operating profit
4
2,866
1,644
Interest receivable and similar income
8
50
-
0
Interest payable and similar expenses
9
(1,268)
(520)
Profit before taxation
1,648
1,124
Tax on profit
10
(195)
(68)
Profit and total comprehensive income for the financial year
1,453
1,056

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

KIRKWOOD HOMES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 12 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
11
3,485
5,225
Investment properties
12
230
230
3,715
5,455
Current assets
Stocks
13
41,537
42,418
Debtors
14
5,000
2,896
Cash at bank and in hand
6,667
9,285
53,204
54,599
Creditors: amounts falling due within one year
15
(34,385)
(35,662)
Net current assets
18,819
18,937
Total assets less current liabilities
22,534
24,392
Creditors: amounts falling due after more than one year
16
-
0
(3,311)
Net assets
22,534
21,081
Capital and reserves
Called up share capital
20
210
210
Share premium account
21
135
135
Revaluation reserve
22
1,178
1,201
Capital redemption reserve
23
133
133
Profit and loss reserves
24
20,878
19,402
Total equity
22,534
21,081
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
S Martin
Director
Company Registration No. SC090034
KIRKWOOD HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 July 2021
210
135
1,224
133
18,323
20,025
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
-
1,056
1,056
Release of revaluation reserve
-
-
(23)
-
23
-
Balance at 30 June 2022
210
135
1,201
133
19,402
21,081
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,453
1,453
Release of revaluation reserve
-
-
(23)
-
23
-
Balance at 30 June 2023
210
135
1,178
133
20,878
22,534
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
1
Accounting policies
Company information

Kirkwood Homes Limited is a limited company domiciled and incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA. The business address is Kirkwood Business Park, Sauchen, Inverurie, AB51 7LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Disclosures are given in the group financial statements of KHL Holding Limited. These are available to the public and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

The company meets its working capital requirements through revolving credit and overdraft facilities. Subsequent to the year-end and following discussions with the company’s lender, the bank has formally approved extension of facilities to September 2024.true

 

The directors have prepared forecasts and projections taking into account the current economic conditions across the industry and reasonably possible changes in trading performance that the company should be able to operate within its agreed bank facilities. The directors are confident that bank facilities will be renewed beyond September 2024 and will commence discussions in respect of this in due course.

 

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable futures. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable from residential property development and the sale of timber frames, net of discounts, VAT and other sales related taxes.

 

Turnover on private property sales is recognised at the point of handover and, on timber frame sales, at the point of despatch.

 

The sale proceeds of part-exchange properties are recognised within turnover at the point of handover.

 

The sales proceeds of land are recognised within turnover when missives are concluded and all suspensive conditions have been settled.

Profit is recognised on construction contracts, if the final outcome can be assessed with reasonable certainty, by including in profit or loss, turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

1.4
Tangible fixed assets

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

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

Freehold land and buildings
- 2-10% Straight line
Tools and equipment
- 20% Reducing balance
Plant and vehicles
- 25% Reducing balance
Office equipment
- 20% 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.

Freehold property is included at a deemed cost based on market value at the date of transition to FRS 102, being 1 April 2012.

1.5
Investment properties

Investment properties, which are property held to earn rentals and/or for capital appreciation, are measured using the fair value model and stated at their fair value as the reporting end date. The annual surplus or deficit in fair value is recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value.

Stocks include raw materials for the construction of homes and work in progress which consists of the cost of development land, part exchange properties, direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.  Net realisable value is based on estimated selling price less anticipated costs to completion and disposal. Provision is made for all foreseeable losses.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -

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.

 

Development land and land options are included within work in progress at cost. If, or when, it becomes apparent that an option on land relating to a potential development site will not receive the necessary approvals, the options will be charged in full to profit or loss or written down to its estimated recoverable value.

 

Part exchange properties are held within work in progress and are initially recognised at cost, and subsequently held at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less costs of disposal.

1.8
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.9
Cash and cash equivalents

Cash and cash equivalents include deposits held at call with banks and bank credit facilities. Bank credit facilities are shown within borrowings.

1.10
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. All of the company's financial assets are classified as basic.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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. All of the company's financial liabilities are classified as basic.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price.

 

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

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

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

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee 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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payments. Revenue grants are credited to the profit and loss account as and when the relevant expenditure is incurred and are presented within other operating income.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Costs to completion

In order to allocate an appropriate level of costs to plots sold, management must estimate the total expected costs for each given development site. This involves a significant degree of estimation. These estimates are calculated by individuals with the relevant qualifications and experience to enable them to estimate such values accurately and are reviewed against actual costs incurred on a regular basis.

Profit recognition

In order to recognise the appropriate level of revenue and costs on construction contracts, the company must estimate the costs to complete and total expected revenue. Only then can the stage of completion be assessed accurately in order to calculate the amount of revenue and costs to be recognised. This also involves a significant degree of estimation and as above these estimates are made by individuals with the relevant qualifications and experience to enable them to do so accurately. The estimates are also reviewed against actual revenue and costs on a regular basis.

Impairment of land and options

In assessing the carrying value of land as part of an impairment review, the company is required to estimate selling price and costs to complete and sell and where carrying value is greater than selling price less costs to complete and sell an impairment is recognised. The assessment of selling price and costs to sell is subjective and involves a degree of estimation of selling prices and costs to complete and sell. Such estimates are calculated by individuals with experience of selling prices and build costs and are benchmarked against latest prices and market information.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£'000
£'000
Turnover analysed by class of business
Revenue from sale of private properties
51,819
55,534
Revenue from sale of timber frames
-
1,550
Revenue from construction contracts
8,201
3,537
60,020
60,621
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
60,020
60,621
2023
2022
£'000
£'000
Other significant revenue
Interest income
50
-
Grants received
119
37
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Turnover and other revenue
(Continued)
- 20 -

Grants received in the prior year included amounts received under the Coronavirus job retention scheme.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Government grants
(119)
(37)
Depreciation of owned tangible fixed assets
446
514
Profit on disposal of tangible fixed assets
(19)
(22)
Operating lease charges
-
272
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor:
£'000
£'000
For audit services
Audit of the financial statements of the company
40
34
For other services
Taxation compliance services
7
6
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Production staff
68
87
Administrative staff
18
18
Total
86
105

Their aggregate remuneration comprised:

2023
2022
£'000
£'000
Wages and salaries
6,327
7,748
Social security costs
836
828
Pension costs
278
281
7,441
8,857
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
2,723
2,877
Company pension contributions to defined contribution schemes
47
44
2,770
2,921

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£'000
£'000
Remuneration for qualifying services
1,324
1,584
8
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Other interest income
50
-
0
9
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on bank loans
1,268
520
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
10
Taxation
2023
2022
£'000
£'000
Deferred tax
Origination and reversal of timing differences
218
68
Adjustment in respect of prior periods
(23)
-
0
Total deferred tax
195
68

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000
£'000
Profit before taxation
1,648
1,124
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
338
214
Tax effect of expenses that are not deductible in determining taxable profit
17
19
Deferred tax adjustments in respect of prior years
(23)
-
0
Fixed asset timing differences
(6)
(177)
Difference in deferred tax rate
6
18
Deferred tax not recognised
(208)
(6)
Capital allowances transferred to related party
71
-
0
Taxation charge for the year
195
68

The Finance Act 2021 was substantially enacted in May 2021 and increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred tax balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
11
Tangible fixed assets
Freehold land and buildings
Tools and equipment
Plant and vehicles
Office equipment
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 July 2022
3,335
3,475
1,811
307
8,928
Additions
-
0
130
126
73
329
Disposals
-
0
-
0
(30)
-
0
(30)
Disposals - to related parties
(27)
(1,470)
(283)
(53)
(1,833)
At 30 June 2023
3,308
2,135
1,624
327
7,394
Depreciation
At 1 July 2022
1,191
1,412
946
154
3,703
Depreciation charged in the year
81
166
155
44
446
Disposals
-
0
-
0
(22)
-
0
(22)
Disposals - to related parties
-
0
(124)
(91)
(3)
(218)
At 30 June 2023
1,272
1,454
988
195
3,909
Carrying amount
At 30 June 2023
2,036
681
636
132
3,485
At 30 June 2022
2,144
2,063
865
153
5,225

Freehold Land with a carrying value of £222k (2022 - £222k) is not depreciated.

 

Freehold Property at cost includes property with a deemed cost on transition to FRS 102 of £2,255k. This property was valued at the point of transition. The historic cost was £1,133k.

 

During the year, the company disposed of tangible fixed assets with net book value of £1,621k (2022: £nil) to other related parties.

12
Investment property
2023
£'000
Fair value
At 1 July 2022 and 30 June 2023
230

Investment property comprises an office building which is leased. The fair value of the investment property has been arrived at by the directors, taking into consideration formal valuations and market evidence of transaction prices for similar properties. The directors have deemed that the open market value of the property at 30 June 2023 is not materially different to the amount at which it is carried in the accounts.

 

The historic cost of the investment properties is £230k (2022 - £230k).

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
13
Stocks
2023
2022
£'000
£'000
Raw materials and consumables
31
726
Work in progress
41,506
41,692
41,537
42,418
14
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,815
1,179
Amounts owed by related parties
2,041
-
Other debtors
486
1,005
Prepayments and accrued income
271
524
4,613
2,708
Deferred tax asset (note 18)
387
188
5,000
2,896

Amounts owed by related parties includes an amount of £1.7m (2022: £nil) that attracts interest at 3% per annum. The remainder of the balance is interest free. The entire balance is repayable on demand.

15
Creditors: amounts falling due within one year
2023
2022
Notes
£'000
£'000
Bank loans
17
21,000
21,000
Trade creditors
6,075
10,458
Amounts owed to group undertakings
108
108
Taxation and social security
348
429
Other creditors
4,106
202
Accruals and deferred income
2,748
3,465
34,385
35,662

Amounts owed to group undertakings are repayable on demand and do not bear interest.

16
Creditors: amounts falling due after more than one year
2023
2022
£'000
£'000
Other creditors
-
0
3,311
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
17
Bank loans
2023
2022
£'000
£'000
Payable within one year
21,000
21,000

The company meets its day to day working capital and longer-term financing requirements through a revolving credit and overdraft facility with Bank of Scotland.

 

The revolving credit facility has a maturity date of February 2024, and has therefore been disclosed as payable within one year.

 

The bank facilities are secured by a bond and floating charge over the assets of the company and standard securities over certain property, including certain development sites included in work in progress, and interest is payable based on SONIA with an applicable margin.

 

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£'000
£'000
Accelerated capital allowances
(375)
(760)
Tax losses
762
948
387
188
2023
Movements in the year:
£'000
Asset at 1 July 2022
(188)
Charge to the profit and loss account
195
Transfer to related party
(394)
Asset at 30 June 2023
(387)
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
278
281

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in independently administered funds.

 

Contributions unpaid at the year end are £23,331 (2022 - £26,363).

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary Shares of £1 each
210,331
210,331
210
210

The company has one class of ordinary shares which carry full voting rights but no right to fixed income or repayment of capital. Distributions are at the discretion of the company.

21
Share premium account
2023
2022
£'000
£'000
At 1 July 2022 and 30 June 2023
135
135

The share premium reserve account represents amounts received on the issue of shares, over and above the par value of these shares.

22
Revaluation reserve
2023
2022
£'000
£'000
At 1 July 2022
1,201
1,224
Transfer to retained earnings
(23)
(23)
At 30 June 2023
1,178
1,201

The revaluation reserve account represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
23
Capital redemption reserve
2023
2022
£'000
£'000
At 1 July 2022 and 30 June 2023
133
133

The capital redemption reserve represents amounts capitalised to maintain fixed capital following the repurchase or redemption of shares.

24
Profit and loss reserves
2023
2022
£'000
£'000
At the beginning of the year
19,402
18,323
Profit for the year
1,453
1,056
Transfer from revaluation reserve
23
23
At the end of the year
20,878
19,402

The profit and loss reserve account represents the accumulated comprehensive income for the period and prior periods, less distributions.

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£'000
£'000
Within one year
-
0
272
Between two and five years
-
0
916
In over five years
-
0
75
-
0
1,263

During the year, the company's leases were assigned to a related entity.

26
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£'000
£'000
Contracts for the acquisition of land
5,202
10,202
Acquisition of tangible assets
131
290
5,333
10,492
KIRKWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
27
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Key management personnel
5
3
-
-
Other related parties
887
544
3,958
222
Disposal of fixed assets
Rent paid (including insurance)
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Other related parties
1,621
-
100
101

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£'000
£'000
Key management personnel
22
12

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£'000
£'000
Other related parties
2,236
195
Other information

Other related parties comprise entities in which the company's directors have common control over.

 

Amounts owed by other related parties include an amount of £1.7m (2022: £nil) that attracts interest at 3% per annum. Included within this balance is £50k (2022 - £nil) of accrued interest.

 

All other amounts due from / to related parties are interest free and all amounts are repayable on demand.

28
Ultimate controlling party

The parent and ultimate parent company is KHL Holding Limited, a company registered in Scotland.

 

The ultimate controlling party is I Dunbar, director.

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