REGISTERED NUMBER: |
KILTANE PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
KILTANE PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Kiltane Properties Limited is a private company, limited by shares, registered in Scotland. The registered office is 9-13 Marnin Way, Edinburgh, Scotland, EH12 9GD. |
The financial statements are presented in Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. There were no material departures from that standard. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements. |
Turnover |
Turnover represents the invoice value of rent and service charges receivable, exclusive of value added tax. |
The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer and to recognise rental income on a straight line basis over the terms of the leases. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Fixed asset investments |
Investments are recognised initially at fair value which is normally the transaction price excluding any transaction costs. Subsequently the investment is measured at fair value through the profit and loss account. Revaluation gains or losses arising on revaluation are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable fair value reserve in the balance sheet. If subsequently, the original cost exceeds the fair value of the investments, then a transfer is made back from the fair value reserve to the profit and loss account reserves. |
Investments representing shareholdings in unquoted subsidiary undertakings are stated at cost less impairment. |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
All of the company's properties are held for long term investment. Investment properties are accounted for as follows: |
(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure. |
(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value. |
(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet. |
(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included above is £43,253 (2022: £57,671) carrying value of assets for which the company has pledged as security. |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
Additional information is as follows: |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Cost/ Valuation brought |
forward | 4,565 | 4,565 |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
The investments (neither listed or unlisted) amounting to £4,565 represent a painting at cost, which is considered, in the directors opinion, to be representative of the fair value at the balance sheet date.. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The fair value of the investment properties at 31 December 2023, has been arrived at on the basis of a valuation carried out at that date by the company director, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 6,500,000 | 5,307,451 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank borrowings are secured by a standard security over the properties concerned together with a floating charge over all of the company's assets. |
Hire purchase contracts are secured over the assets concerned. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The balance due to the director is interest free, unsecured and repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
Included in creditors at the year end is an amount due to Kiltane Developments Limited of £471,322 (2022: £53,322). This company is controlled by the director. |
Also included in creditors at the year end is an amount due to Kiltane Retail Limited of £549,560 (2022: £490,364).This company is controlled by the director. |
The above amounts are interest free, unsecured and repayable on demand. |