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REGISTERED NUMBER: SC170312 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

KINNAIRD PROPERTY COMPANY LIMITED

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KINNAIRD PROPERTY COMPANY LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: G Mair
M Mair
S Mair



SECRETARY: G Mair



REGISTERED OFFICE: 1 Winton Drive
Fairmilehead
Edinburgh
Lothian
EH10 7AL



REGISTERED NUMBER: SC170312 (Scotland)



ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP



BANKERS: Handelsbanken
Edinburgh East Branch
2-4 Waterloo Place
Edinburgh
EH1 3EG

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 329 500
Investments 5 2,966,106 2,742,567
Investment property 6 5,738,250 5,680,000
8,704,685 8,423,067

CURRENT ASSETS
Debtors 7 157,463 133,963
Cash at bank and in hand 715,302 545,504
872,765 679,467
CREDITORS
Amounts falling due within one year 8 2,193,558 2,222,770
NET CURRENT LIABILITIES (1,320,793 ) (1,543,303 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,383,892

6,879,764

PROVISIONS FOR LIABILITIES 9 273,591 192,864
NET ASSETS 7,110,301 6,686,900

CAPITAL AND RESERVES
Called up share capital 87,782 87,782
Share premium 1,078,481 1,078,481
Non-distributable reserve 2,309,744 2,088,757
Retained earnings 3,634,294 3,431,880
7,110,301 6,686,900

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 directors acknowledge their 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.

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

BALANCE SHEET - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





G Mair - Director


KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Kinnaird Property Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As at 31 December 2023, the company had net current liabilities of £1,320,793 (2022 - £1,543,303). The company relies on the continued support of the directors and shareholders to finance its short term working capital requirements. The directors consider it appropriate to prepare the statements on a going concern basis as they expect that this support will continue for the foreseeable future.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax, relating to property letting.

Insurance income is recognised evenly over the period to which the recharged amount relates.

Interest income recognised as interest accrues.

Dividend income is recognised when the company’s right to receive payment is unconditional.

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 - 33% per annum on cost

Tangible fixed assets are initially recognised at cost and reviewed annually for impairment.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is initially recognised in the Income Statement.

The cumulative surplus arising from fair value movements, including any related deferred taxation, is transferred to a separate non-distributable reserve.

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate
of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

INVESTMENTS
In accordance with the Financial Reporting Standard 102 investments in property funds are held at fair value, with any revaluation being recognised initially in the Income Statement.

The cumulative surplus arising from fair value movements, including any related deferred taxation, is transferred to a separate non-distributable reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 2,779
DEPRECIATION
At 1 January 2023 2,279
Charge for year 171
At 31 December 2023 2,450
NET BOOK VALUE
At 31 December 2023 329
At 31 December 2022 500

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 2,742,567
Additions 491,555
Disposals (482,594 )
Revaluations 214,578
At 31 December 2023 2,966,106
NET BOOK VALUE
At 31 December 2023 2,966,106
At 31 December 2022 2,742,567

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2023 857,156
Cost 2,108,950
2,966,106

If listed investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,108,950 2,190,989

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 5,680,000
Additions 58,250
At 31 December 2023 5,738,250
NET BOOK VALUE
At 31 December 2023 5,738,250
At 31 December 2022 5,680,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 1,726,180
Cost 4,012,070
5,738,250

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,012,070 3,953,820

Investment property was valued on an open market basis on 29 March 2023 by Ryden LLP .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 157,463 113,963
Other debtors - 20,000
157,463 133,963

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 91,926 1,876
Taxation and social security 74,799 81,247
Other creditors 2,026,833 2,139,647
2,193,558 2,222,770

KINNAIRD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC170312)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances - 121
Assets held at fair value 273,591 192,743
273,591 192,864

Deferred
tax
£   
Balance at 1 January 2023 192,864
Charge to Income Statement during year 80,727
Balance at 31 December 2023 273,591

10. RELATED PARTY DISCLOSURES

Directors
Included in 'Other creditors' are loans from the directors of £1,561,356 (2022 - £1,725,053). The loans are interest-free and repayable on demand. Also included within 'other creditors' are interest-free loan notes held by the directors of £152,756 (2022 - £152,756).

Shareholders
Included in 'Other creditors' are loans from the shareholders of £217,491 (2022 - £208,975). The loans bear interest at 5% per annum and are repayable on demand. Interest of £23,522 (2022 - £27,616) was paid during the year.