Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Kathleen Straine 07/02/1979 Ronald Straine 07/02/1979 02 October 2024 The principal activity of the Company during the financial year was the letting of owned property. SC066965 2024-01-31 SC066965 bus:Director1 2024-01-31 SC066965 bus:Director2 2024-01-31 SC066965 2023-01-31 SC066965 core:CurrentFinancialInstruments 2024-01-31 SC066965 core:CurrentFinancialInstruments 2023-01-31 SC066965 core:ShareCapital 2024-01-31 SC066965 core:ShareCapital 2023-01-31 SC066965 core:RevaluationReserve 2024-01-31 SC066965 core:RevaluationReserve 2023-01-31 SC066965 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC066965 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC066965 core:LandBuildings 2023-01-31 SC066965 core:OtherPropertyPlantEquipment 2023-01-31 SC066965 core:LandBuildings 2024-01-31 SC066965 core:OtherPropertyPlantEquipment 2024-01-31 SC066965 core:CostValuation 2023-01-31 SC066965 core:AdditionsToInvestments 2024-01-31 SC066965 core:DisposalsRepaymentsInvestments 2024-01-31 SC066965 core:RevaluationsIncreaseDecreaseInInvestments 2024-01-31 SC066965 core:CostValuation 2024-01-31 SC066965 bus:OrdinaryShareClass1 2024-01-31 SC066965 2023-02-01 2024-01-31 SC066965 bus:FilletedAccounts 2023-02-01 2024-01-31 SC066965 bus:SmallEntities 2023-02-01 2024-01-31 SC066965 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC066965 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC066965 bus:Director1 2023-02-01 2024-01-31 SC066965 bus:Director2 2023-02-01 2024-01-31 SC066965 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 SC066965 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC066965 2022-02-01 2023-01-31 SC066965 core:LandBuildings 2023-02-01 2024-01-31 SC066965 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC066965 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC066965 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC066965 (Scotland)

KARON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

KARON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

KARON PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
KARON PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 127,264 134,698
Investments 4 741,280 714,481
868,544 849,179
Current assets
Debtors 5 5,287 3,347
Cash at bank and in hand 32,675 42,302
37,962 45,649
Creditors: amounts falling due within one year 6 ( 12,803) ( 19,418)
Net current assets 25,159 26,231
Total assets less current liabilities 893,703 875,410
Provision for liabilities 7 ( 7,305) ( 6,390)
Net assets 886,398 869,020
Capital and reserves
Called-up share capital 8 1,000 1,000
Revaluation reserve 39,103 41,548
Profit and loss account 846,295 826,472
Total shareholders' funds 886,398 869,020

For the financial year ending 31 January 2024 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 Karon Properties Limited (registered number: SC066965) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

Ronald Straine
Director
KARON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
KARON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
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

Karon Properties 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 Stronachs Solicitors, 28 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom and the business address is 225 Great Western Road, Aberdeen, AB10 6PS.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain items at fair value, 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 £.

Turnover

Turnover represents rental income and is stated on an accruals basis.

Employee benefits

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

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

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 3 years 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

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

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Retirement Benefits

The Company operates a defined contribution scheme for the benefit of its directors. Contributions payable are charged to the profit and loss account in the year they are payable.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 271,157 8,519 279,676
At 31 January 2024 271,157 8,519 279,676
Accumulated depreciation
At 01 February 2023 137,009 7,969 144,978
Charge for the financial year 7,021 413 7,434
At 31 January 2024 144,030 8,382 152,412
Net book value
At 31 January 2024 127,127 137 127,264
At 31 January 2023 134,148 550 134,698

The above property was revalued in 2002. On a historical cost basis the property would have been included at an original cost of £190,594 (2023- £190,594).

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 714,481 714,481
Additions 27,396 27,396
Disposals ( 15,764) ( 15,764)
Movement in fair value 15,167 15,167
At 31 January 2024 741,280 741,280
Carrying value at 31 January 2024 741,280 741,280
Carrying value at 31 January 2023 714,481 714,481

5. Debtors

2024 2023
£ £
Other debtors 5,287 3,347

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 4,427
Taxation and social security 13 3,728
Other creditors 12,790 11,263
12,803 19,418

7. Provision for liabilities

2024 2023
£ £
Deferred tax 7,305 6,390

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Opening (Creditor)/ Debtor (664) 7,564
Amount Advanced 0 0
Amount Repaid 0 (8,228)
Closing Creditor (664) (664)