Company registration number SC541159 (Scotland)
KINNETTLES CASTLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KINNETTLES CASTLE LIMITED
COMPANY INFORMATION
Directors
Fraser Ogston
Angus Robb
Company number
SC541159
Registered office
2 West Acres
St Andrews
Fife
KY16 9UD
Accountants
Findlays
Chartered Accountants
Westway Enterprise Centre
Peasiehill Road
Arbroath
DD11 2NJ
Business address
Kinnettles Castle
B9127
Kinnettles
Forfar
DD8 1TR
KINNETTLES CASTLE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
KINNETTLES CASTLE LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF KINNETTLES CASTLE LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kinnettles Castle Limited for the year ended 31 March 2024 which comprise, the balance sheet 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Kinnettles Castle Limited, as a body, in accordance with the terms of our engagement letter dated 21 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Kinnettles Castle Limited and state those matters that we have agreed to state to the board of directors of Kinnettles Castle Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kinnettles Castle Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Kinnettles Castle Limited 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 Kinnettles Castle Limited. You consider that Kinnettles Castle Limited 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 Kinnettles Castle Limited. 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.

Findlays
Chartered Accountants
Westway Enterprise Centre
Peasiehill Road
Arbroath
DD11 2NJ
19 September 2024
KINNETTLES CASTLE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
58,502
88,634
Current assets
Debtors
5
8,624
4,082
Cash at bank and in hand
3,863
820
12,487
4,902
Creditors: amounts falling due within one year
6
(587,917)
(500,147)
Net current liabilities
(575,430)
(495,245)
Total assets less current liabilities
(516,928)
(406,611)
Creditors: amounts falling due after more than one year
7
(22,845)
(35,681)
Net liabilities
(539,773)
(442,292)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(539,775)
(442,294)
Total equity
(539,773)
(442,292)
KINNETTLES CASTLE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Fraser Ogston
Director
Company Registration No. SC541159
KINNETTLES CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Kinnettles Castle Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 West Acres, St Andrews, Fife, KY16 9UD. The principal place of business is Kinnettles Castle, B9127, Kinnettles, Forfar, DD8 1TR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% straight line
Motor vehicles
15% straight line
Tenants improvements
8% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KINNETTLES CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

KINNETTLES CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

KINNETTLES CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
10
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Tenants improvements
Total
£
£
£
£
Cost
At 1 April 2023
95,845
65,154
20,523
181,522
Additions
-
0
3,750
-
0
3,750
Disposals
-
0
(49,654)
-
0
(49,654)
At 31 March 2024
95,845
19,250
20,523
135,618
Depreciation and impairment
At 1 April 2023
52,806
31,536
8,546
92,888
Depreciation charged in the year
9,585
8,380
1,642
19,607
Eliminated in respect of disposals
-
0
(35,379)
-
0
(35,379)
At 31 March 2024
62,391
4,537
10,188
77,116
Carrying amount
At 31 March 2024
33,454
14,713
10,335
58,502
At 31 March 2023
43,039
33,618
11,977
88,634
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,624
4,082
KINNETTLES CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,077
9,829
Obligations under finance leases
2,462
30,170
Other borrowings
111,917
34,270
Trade creditors
56,070
21,272
Amounts owed to group undertakings
267,210
261,167
Taxation and social security
24,122
38,318
Deferred income
105,214
90,929
Other creditors
650
8,613
Accruals and deferred income
10,195
5,579
587,917
500,147
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,924
27,297
Other creditors
5,921
8,384
22,845
35,681
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
412,500
45,000
2024-03-312023-04-01false19 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityFraser OgstonAngus RobbfalsefalseSC5411592023-04-012024-03-31SC541159bus:Director12023-04-012024-03-31SC541159bus:Director22023-04-012024-03-31SC541159bus:RegisteredOffice2023-04-012024-03-31SC5411592024-03-31SC5411592023-03-31SC541159core:FurnitureFittings2024-03-31SC541159core:MotorVehicles2024-03-31SC541159core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-31SC541159core:FurnitureFittings2023-03-31SC541159core:MotorVehicles2023-03-31SC541159core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31SC541159core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC541159core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC541159core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-31SC541159core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31SC541159core:CurrentFinancialInstruments2024-03-31SC541159core:CurrentFinancialInstruments2023-03-31SC541159core:Non-currentFinancialInstruments2024-03-31SC541159core:Non-currentFinancialInstruments2023-03-31SC541159core:ShareCapital2024-03-31SC541159core:ShareCapital2023-03-31SC541159core:RetainedEarningsAccumulatedLosses2024-03-31SC541159core:RetainedEarningsAccumulatedLosses2023-03-31SC541159core:FurnitureFittings2023-04-012024-03-31SC541159core:MotorVehicles2023-04-012024-03-31SC541159core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-31SC5411592022-04-012023-03-31SC541159core:FurnitureFittings2023-03-31SC541159core:MotorVehicles2023-03-31SC541159core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31SC5411592023-03-31SC541159bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC541159bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC541159bus:FRS1022023-04-012024-03-31SC541159bus:AuditExemptWithAccountantsReport2023-04-012024-03-31SC541159bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP