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REGISTERED NUMBER: SC048970 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2022

for

Knowe Properties Limited

Knowe Properties Limited (Registered number: SC048970)






Contents of the Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Knowe Properties Limited

Company Information
for the Year Ended 30 November 2022







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 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,344 -
Investments 5 6,511,862 6,009,664
Investment property 6 4,465,000 4,465,000
10,996,206 10,474,664

CURRENT ASSETS
Debtors 7 29,833,449 34,240,761
Cash at bank 6,111,431 1,335,968
35,944,880 35,576,729
CREDITORS
Amounts falling due within one year 8 19,863,482 20,036,397
NET CURRENT ASSETS 16,081,398 15,540,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,077,604

26,014,996

PROVISIONS FOR LIABILITIES 1,083,611 1,000,913
NET ASSETS 25,993,993 25,014,083

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 5,100,211 4,771,162
Retained earnings 20,893,682 20,242,821
SHAREHOLDERS' FUNDS 25,993,993 25,014,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 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 2022


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 29 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 2022

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.

Tangible fixed assets
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the economic life of the asset as follows:

Vehicles and equipments: 25% on cost

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

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

2. ACCOUNTING POLICIES - continued

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.

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 (2021 - NIL).

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 19,344
At 30 November 2022 19,344
NET BOOK VALUE
At 30 November 2022 19,344

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 December 2021 4,601,458 1,408,206 6,009,664
Additions - 90,451 90,451
Revaluations - 411,747 411,747
At 30 November 2022 4,601,458 1,910,404 6,511,862
NET BOOK VALUE
At 30 November 2022 4,601,458 1,910,404 6,511,862
At 30 November 2021 4,601,458 1,408,206 6,009,664

Cost or valuation at 30 November 2022 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
Valuation in 2022 - 411,747 411,747
Cost 2,747,458 1,037,081 3,784,539
4,601,458 1,910,404 6,511,862

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.

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2021
and 30 November 2022 4,465,000
NET BOOK VALUE
At 30 November 2022 4,465,000
At 30 November 2021 4,465,000

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 2022 is represented by:
£   
Valuation in 2019 3,405,000
Valuation in 2021 250,000
Cost 810,000
4,465,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 328,688 346,938
Amounts owed by group undertakings 24,581,789 21,026,995
Amounts owed by related parties 2,655,708 10,504,009
Other debtors 2,267,264 2,362,819
29,833,449 34,240,761

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 Nil (2021: £119,910) had been made for impairment of debts relating to loans where loan recovery was thought to be unlikely.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 7,357,967 7,433,781
Amounts owed to related parties 11,895,865 11,943,610
Taxation and social security 301,649 306,523
Other creditors 308,001 352,483
19,863,482 20,036,397

Knowe Properties Limited (Registered number: SC048970)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

9. RESERVES
Fair
value
reserve
£   
At 1 December 2021 4,771,162
Deferred tax movement (82,698 )
Revaluation transfers 411,747

At 30 November 2022 5,100,211

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021:

2022 2021
£    £   
J W M Manclark
Balance outstanding at start of year 88,129 -
Amounts advanced 5,386 88,129
Amounts repaid (50,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 43,515 88,129

11. ULTIMATE CONTROLLING PARTY

The controlling party is J W M Manclark.