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Registration number: 10382616

Kilmarnock Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Kilmarnock Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Kilmarnock Limited

Company Information

Directors

R Teasdale

T Teasdale

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Kilmarnock Limited

(Registration number: 10382616)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

4,855,830

4,655,830

Investments

5

201,060

201,060

Other financial assets

6

1,075,057

899,627

 

6,131,947

5,756,517

Current assets

 

Debtors

7

1,467,072

1,454,445

Cash at bank and in hand

 

603,381

460,228

 

2,070,453

1,914,673

Creditors: Amounts falling due within one year

8

(7,526,459)

(7,327,314)

Net current liabilities

 

(5,456,006)

(5,412,641)

Total assets less current liabilities

 

675,941

343,876

Provisions for liabilities

(12,435)

-

Net assets

 

663,506

343,876

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

49,740

(122,694)

Retained earnings

613,764

466,568

Shareholders' funds

 

663,506

343,876

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
R Teasdale
Director

 

Kilmarnock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 10382616.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Kilmarnock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Kilmarnock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 October

4,655,830

Additions

200,000

At 30 September

4,855,830

The director considers this to be a fair value for the properties.

5

Investments

2024
£

2023
£

Investments in associates

201,060

201,060

Associates

£

Cost

At 1 October 2023

201,060

Provision

Carrying amount

At 30 September 2024

201,060

At 30 September 2023

201,060

Details of investments

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 50% or less of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

Twiin Holdings Limited

Mill Estate
Church Lane
Hotham
York
YO43 4UG

50/100

50%

50%

 

England and Wales

     

Hydrotech Fire & Mechanical Limited

3 Woodrow Way
Irlam
Manchetser
M44 6NN

5,555/50,000

11.11%

11.11%

 

England and Wales

     
 

Kilmarnock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Other financial assets (current and non-current)

Managed fund investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

899,627

899,627

Additions

534,705

534,705

Disposals

(534,369)

(534,369)

At 30 September 2024

899,963

899,963

Other movements

Fair value adjustments

(175,094)

(175,094)

At 30 September 2024

(175,094)

(175,094)

Carrying amount

At 30 September 2024

1,075,057

1,075,057

7

Debtors

2024
£

2023
£

Other debtors

1,454,452

1,454,055

Prepayments

12,620

390

1,467,072

1,454,445

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,513,647

7,313,647

Trade creditors

 

-

61

Taxation and social security

 

9,951

11,826

Accruals and deferred income

 

2,861

1,780

 

7,526,459

7,327,314

 

Kilmarnock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

7,513,647

7,313,647

Other borrowings include unsecured amounts due to Directors.

10

Related party transactions

Other transactions with directors

At the year end, the amount due to the Directors was £7,513,647 (2023: £7,313,647). The amount is unsecured, interest-free and repayable on demand.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £694,995 (2023 - £Nil). At the year end, the Company had capital commitments of £694,995 relating to the purchase of investment properties.