COMPANY REGISTRATION NUMBER:
SC645916
Filleted Unaudited Financial Statements |
|
Year ended 30 November 2023
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
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Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
KTK Estates Ltd |
|
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KTK Estates Ltd for the year ended 30 November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of KTK Estates Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of KTK Estates Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KTK Estates Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that KTK Estates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of KTK Estates Ltd. You consider that KTK Estates Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of KTK Estates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
28 August 2024
Statement of Financial Position |
|
30 November 2023
Fixed assets
Tangible assets |
4 |
|
320,000 |
320,000 |
|
|
|
|
|
Current assets
Debtors |
5 |
1,278 |
|
1,403 |
Cash at bank and in hand |
4,358 |
|
5,430 |
|
------- |
|
------- |
|
5,636 |
|
6,833 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
121,875 |
|
119,800 |
|
--------- |
|
--------- |
Net current liabilities |
|
116,239 |
112,967 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
203,761 |
207,033 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
229,725 |
229,725 |
|
|
--------- |
--------- |
Net liabilities |
|
(
25,964) |
(
22,692) |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Revaluation reserve |
|
(
17,596) |
(
17,596) |
Profit and loss account |
|
(
8,370) |
(
5,098) |
|
|
-------- |
-------- |
Shareholders deficit |
|
(
25,964) |
(
22,692) |
|
|
-------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 November 2023
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2024
, and are signed on behalf of the board by:
Company registration number:
SC645916
Notes to the Financial Statements |
|
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G22PQ, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is generated by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 December 2022 and 30 November 2023 |
320,000 |
|
--------- |
Depreciation |
|
At 1 December 2022 and 30 November 2023 |
– |
|
--------- |
Carrying amount |
|
At 30 November 2023 |
320,000 |
|
--------- |
At 30 November 2022 |
320,000 |
|
--------- |
|
|
The company's investment properties have been revalued after taking appropriate professional advice.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
1,278 |
1,403 |
|
------- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
121,875 |
119,800 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
229,725 |
229,725 |
|
--------- |
--------- |
|
|
|
The bank loans are secured by a standard charge over the assets of the company together with a personal guarantee by
Mr K T Kilroy
, director, in favour of The Mortgage Works (UK) plc.
8.
Directors' advances, credits and guarantees
As at 30 November 2023, the company owed Mr K T Kilroy, Director, £120,375. (2022: £118,570)