Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Mr G J Milne 20/11/2019 Mrs H L Milne 20/11/2019 27 August 2024 The principal activity of the Company during the financial year was that of renting out residential properties. SC647639 2023-11-30 SC647639 bus:Director1 2023-11-30 SC647639 bus:Director2 2023-11-30 SC647639 2022-11-30 SC647639 core:CurrentFinancialInstruments 2023-11-30 SC647639 core:CurrentFinancialInstruments 2022-11-30 SC647639 core:Non-currentFinancialInstruments 2023-11-30 SC647639 core:Non-currentFinancialInstruments 2022-11-30 SC647639 core:ShareCapital 2023-11-30 SC647639 core:ShareCapital 2022-11-30 SC647639 core:RevaluationReserve 2023-11-30 SC647639 core:RevaluationReserve 2022-11-30 SC647639 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC647639 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC647639 core:ImmediateParent core:CurrentFinancialInstruments 2023-11-30 SC647639 core:ImmediateParent core:CurrentFinancialInstruments 2022-11-30 SC647639 core:MoreThanFiveYears 2023-11-30 SC647639 core:MoreThanFiveYears 2022-11-30 SC647639 2021-11-30 SC647639 bus:OrdinaryShareClass1 2023-11-30 SC647639 2022-12-01 2023-11-30 SC647639 bus:FilletedAccounts 2022-12-01 2023-11-30 SC647639 bus:SmallEntities 2022-12-01 2023-11-30 SC647639 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC647639 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC647639 bus:Director1 2022-12-01 2023-11-30 SC647639 bus:Director2 2022-12-01 2023-11-30 SC647639 2021-12-01 2022-11-30 SC647639 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 SC647639 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC647639 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC647639 (Scotland)

KATALYST PROPERTY LETTING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

KATALYST PROPERTY LETTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

KATALYST PROPERTY LETTING LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
KATALYST PROPERTY LETTING LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 148,266 143,252
148,266 143,252
Current assets
Cash at bank and in hand 4 3,697 3,879
3,697 3,879
Creditors: amounts falling due within one year 5 ( 60,867) ( 60,190)
Net current liabilities (57,170) (56,311)
Total assets less current liabilities 91,096 86,941
Creditors: amounts falling due after more than one year 6 ( 98,525) ( 98,525)
Provision for liabilities 7, 8 ( 28) 0
Net liabilities ( 7,457) ( 11,584)
Capital and reserves
Called-up share capital 9 1 1
Revaluation reserve 5,014 0
Profit and loss account ( 12,472 ) ( 11,585 )
Total shareholder's deficit ( 7,457) ( 11,584)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Katalyst Property Letting Limited (registered number: SC647639) were approved and authorised for issue by the Board of Directors on 27 August 2024. They were signed on its behalf by:

Mr G J Milne
Director
KATALYST PROPERTY LETTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
KATALYST PROPERTY LETTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Katalyst Property Letting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 22 Innerleithen Way, Perth, PH1 1RN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £7,457. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rents receivable in the year.

Rental income is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 143,252
Fair value movement 5,014
As at 30 November 2023 148,266

Investment property comprises of one property at 30 November 2023.

The fair value of the investment property is on the basis of a valuation carried out at 30 November 2023 by the directors. The valuation was made on an open market value basis.

The directors consider this to be a true reflection of the fair value of the property at 30 November 2023.

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 3,697 3,879

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Parent undertakings 56,679 56,679
Other creditors 4,188 3,511
60,867 60,190

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

2023 2022
£ £
Bank loans 98,525 98,525

Bank borrowings are secured by a fixed charge over the properties to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 98,525 98,525

7. Provision for liabilities

2023 2022
£ £
Deferred tax 28 0

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 28) 0
At the end of financial year ( 28) 0

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to Parent undertakings 56,679 56,679

The loan is interest free and has no fixed terms of repayment.