REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2022 |
for |
Knowe Properties Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
SOLICITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
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. |
Knowe Properties Limited (Registered number: SC048970) |
Balance Sheet - continued |
30 November 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 December 2021 | 6,009,664 |
Additions | 90,451 |
Revaluations | 411,747 |
At 30 November 2022 | 6,511,862 |
NET BOOK VALUE |
At 30 November 2022 | 6,511,862 |
At 30 November 2021 | 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 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
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 |
Amounts owed by group undertakings |
Amounts owed by related parties | 2,655,708 | 10,504,009 |
Other debtors |
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 |
Amounts owed to related parties | 11,895,865 | 11,943,610 |
Taxation and social security |
Other creditors |
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 |
Deferred tax movement | (82,698 | ) |
Revaluation transfers | 411,747 |
At 30 November 2022 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is J W M Manclark. |