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REGISTERED NUMBER: SC048970 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2021

for

Knowe Properties Limited

Knowe Properties Limited (Registered number: SC048970)






Contents of the Financial Statements
for the Year Ended 30 November 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Knowe Properties Limited

Company Information
for the Year Ended 30 November 2021







DIRECTORS: J W M Manclark
Mrs P A Manclark
R M S Milne



REGISTERED OFFICE: 7 Hopetoun Crescent
Edinburgh
EH7 4AY



REGISTERED NUMBER: SC048970 (Scotland)



ACCOUNTANTS: Jeffrey Crawford & Co
Chartered Accountants
25 Castle Terrace
Edinburgh
EH1 2ER



SOLICITORS: Milne & Co WS
7 Hopetoun Crescent
Edinburgh
Midlothian
EH7 4AY

Knowe Properties Limited (Registered number: SC048970)

Balance Sheet
30 November 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Investments 4 6,009,664 4,120,874
Investment property 5 4,465,000 5,715,000
10,474,664 9,835,874

CURRENT ASSETS
Debtors 6 34,240,761 28,219,347
Cash at bank 1,335,968 4,114,556
35,576,729 32,333,903
CREDITORS
Amounts falling due within one year 7 20,036,397 18,819,582
NET CURRENT ASSETS 15,540,332 13,514,321
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,014,996

23,350,195

PROVISIONS FOR LIABILITIES 1,000,913 802,544
NET ASSETS 25,014,083 22,547,651

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 4,771,162 4,062,137
Retained earnings 20,242,821 18,485,414
SHAREHOLDERS' FUNDS 25,014,083 22,547,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

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.

Knowe Properties Limited (Registered number: SC048970)

Balance Sheet - continued
30 November 2021


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





J W M Manclark - Director


Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements
for the Year Ended 30 November 2021

1. STATUTORY INFORMATION

Knowe Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Preparing the financial statements may require the directors to make significant judgements and estimates.

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

Turnover
Turnover comprises of rent receivable and the sale price of properties held for resale disposed of during the year once the sale has been concluded. Rent is recognised in the period to which it relates. Sale of properties is recognised on transfer of title.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently investment properties whose fair value can be measured reliably on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.


Investments
Investments consist of listed and unlisted UK investments. Investments are initially recorded at cost. Listed investments and foreign currencies are valued at fair value at the year end date. Gains and losses arising from changes in the fair value of investments are included in profit or loss in the period in which they arise. Unlisted investments are held at cost and subject to annual impairment reviews.

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors' loans.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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 balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 December 2020 2,747,458 1,373,416 4,120,874
Disposals - (15,230 ) (15,230 )
Revaluations 2,333,000 50,020 2,383,020
Impairments (479,000 ) - (479,000 )
At 30 November 2021 4,601,458 1,408,206 6,009,664
NET BOOK VALUE
At 30 November 2021 4,601,458 1,408,206 6,009,664
At 30 November 2020 2,747,458 1,373,416 4,120,874

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

4. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 November 2021 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2019 - (89,221 ) (89,221 )
Valuation in 2020 - 516,007 516,007
Valuation in 2021 1,854,000 34,790 1,888,790
Cost 2,747,458 946,630 3,694,088
4,601,458 1,408,206 6,009,664

Other investments relate to listed investments owned by the company. These are stated at market value at the balance sheet date with the revaluation taken to the fair value reserve.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2020 5,715,000
Disposals (1,500,000 )
Revaluations 250,000
At 30 November 2021 4,465,000
NET BOOK VALUE
At 30 November 2021 4,465,000
At 30 November 2020 5,715,000

The directors have reviewed the fair value of the investment properties as at the balance sheet date. The increase is reflected in accounts with the movement net of tax reflected in the fair value reserve.

Fair value at 30 November 2021 is represented by:
£   
Valuation in 2019 3,405,000
Valuation in 2021 250,000
Cost 810,000
4,465,000

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 346,938 66,598
Amounts owed by group undertakings 21,026,995 13,592,953
Amounts owed by related parties 10,504,009 12,033,840
Amounts recoverable on contracts - 16,307
Other debtors 2,362,819 2,509,649
34,240,761 28,219,347

The directors review the group, related party loan balances and other debtors annually for recoverabilty and provide for possible bad debts on an individual balance basis. In the current year a provision of £119,910 had been made for impairment of debts relating to loans where loan recovery was thought to be unlikely.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Amounts owed to group undertakings 7,433,781 6,918,659
Amounts owed to related parties 11,943,610 11,700,160
Taxation and social security 306,523 125,197
Other creditors 352,483 75,566
20,036,397 18,819,582

8. RESERVES
Fair
value
reserve
£   
At 1 December 2020 4,062,137
Deferred tax movement (198,369 )
Revaluation transfers 907,394

At 30 November 2021 4,771,162

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2021 and 30 November 2020:

2021 2020
£    £   
J W M Manclark
Balance outstanding at start of year - (15,351 )
Amounts advanced 88,129 15,351
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 88,129 -

10. ULTIMATE CONTROLLING PARTY

The controlling party is J W M Manclark.