REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Kirkjuvagr Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Kirkjuvagr Limited |
Kirkjuvagr Limited (Registered number: SC263518) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Kirkjuvagr Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 - 3 East Road |
Kirkwall |
Orkney |
KW15 1HZ |
Kirkjuvagr Limited (Registered number: SC263518) |
Abridged Statement of Financial Position |
29 February 2024 |
2023 | 2024 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
6 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
( |
) | ACCRUALS AND DEFERRED INCOME | ( |
) |
NET ASSETS |
Kirkjuvagr Limited (Registered number: SC263518) |
Abridged Statement of Financial Position - continued |
29 February 2024 |
2023 | 2024 |
£ | £ | Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kirkjuvagr Limited (Registered number: SC263518) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Kirkjuvagr Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the invoiced rental income of the company and income from property development contracts, net of VAT. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
Investment property |
Certain of the group’s properties are held for long-term investment. Investment properties are accounted for as follows: |
Investment properties are initially recognised at cost which includes purchase cost and any directly |
attributable expenditure. |
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the |
profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. |
Kirkjuvagr Limited (Registered number: SC263518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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 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. |
Basic financial liabilities |
Basic financial liabilities, including creditors re 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Kirkjuvagr Limited (Registered number: SC263518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Borrowing costs |
General and specific borrowing costs directly attributable to the acquisition, |
construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. |
All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Kirkjuvagr Limited (Registered number: SC263518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 March 2023 |
Disposals | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
£ |
Valuation in 2017 | 912,982 |
Valuation in 2021 | 340,164 |
Valuation in 2023 | (240,664 | ) |
Valuation in 2024 | (22,952 | ) |
Cost | 1,151,300 |
2,140,830 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Other loans |
Repayable by instalments |
Bank loans | - | 29,093 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Other loans |
The long-term loans are secured by charges over the the properties. £370,606 (2023: £445,070) of loans are secured by a floating charge over the company's assets. |
Kirkjuvagr Limited (Registered number: SC263518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 March 2023 |
Revaluation Movements | (22,952 | ) |
At 29 February 2024 |
9. | CONTINGENT LIABILITIES |
Grant funding of £880,759 (2023: £334,682) received from the Scottish Government's Rural Housing Fund is repayable in perpetuity should the associated properties be sold. |
Grants received of £104,863 from Highlands and Islands Enterprise have an obligation period to 21 March 2027. |
Grants received of £138,314 have an obligation period of 10 years with a reducing clawback percentage over time. |
10. | ULTIMATE CONTROLLING PARTY |
The directors hold the controlling interest in the company. |