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REGISTERED NUMBER: SC197617















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 71,633 95,510
Investments 5 4,648 4,648
Investment property 6 15,300,000 15,300,000
15,376,281 15,400,158

CURRENT ASSETS
Debtors 7 577,178 614,947
Cash at bank 414,195 119,500
991,373 734,447
CREDITORS
Amounts falling due within one year 8 1,928,301 3,008,189
NET CURRENT LIABILITIES (936,928 ) (2,273,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,439,353

13,126,416

CREDITORS
Amounts falling due after more than one year 9 (6,521,176 ) (5,337,933 )

PROVISIONS FOR LIABILITIES (82,110 ) (88,080 )
NET ASSETS 7,836,067 7,700,403

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Non-distributable reserve 2,569,805 2,569,805
Retained earnings 5,265,262 5,129,598
SHAREHOLDERS' FUNDS 7,836,067 7,700,403

KILTANE PROPERTIES LIMITED (REGISTERED NUMBER: SC197617)

BALANCE SHEET - continued
31 DECEMBER 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





J M Keane - Director


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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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 181,905
DEPRECIATION
At 1 January 2023 86,395
Charge for year 23,877
At 31 December 2023 110,272
NET BOOK VALUE
At 31 December 2023 71,633
At 31 December 2022 95,510

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 83 83
Other investments not loans 4,565 4,565
4,648 4,648

Additional information is as follows:
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 83
NET BOOK VALUE
At 31 December 2023 83
At 31 December 2022 83

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 15,300,000
NET BOOK VALUE
At 31 December 2023 15,300,000
At 31 December 2022 15,300,000

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 352,887 263,119
Other debtors 224,291 351,828
577,178 614,947

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 204,183
Hire purchase contracts 9,306 8,788
Trade creditors 88,492 86,621
Taxation and social security 102,950 206,657
Other creditors 1,727,553 2,501,940
1,928,301 3,008,189

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 6,500,000 5,307,451
Hire purchase contracts 21,176 30,482
6,521,176 5,337,933

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 6,500,000 5,511,634

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
£    £   
J M Keane
Balance outstanding at start of year (1,318,601 ) 32,200
Amounts advanced 900,750 149,199
Amounts repaid - (1,500,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (417,851 ) (1,318,601 )

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.