Silverfin false false 27/02/2024 28/02/2023 27/02/2024 M S T Bow 16/03/1999 S G Penney 16/03/1999 15 January 2025 The principal activity of the Company during the financial year was property development and rental. 03732200 2024-02-27 03732200 bus:Director1 2024-02-27 03732200 bus:Director2 2024-02-27 03732200 2023-02-27 03732200 core:CurrentFinancialInstruments 2024-02-27 03732200 core:CurrentFinancialInstruments 2023-02-27 03732200 core:Non-currentFinancialInstruments 2024-02-27 03732200 core:Non-currentFinancialInstruments 2023-02-27 03732200 core:ShareCapital 2024-02-27 03732200 core:ShareCapital 2023-02-27 03732200 core:RetainedEarningsAccumulatedLosses 2024-02-27 03732200 core:RetainedEarningsAccumulatedLosses 2023-02-27 03732200 core:FurnitureFittings 2023-02-27 03732200 core:FurnitureFittings 2024-02-27 03732200 2022-02-27 03732200 bus:OrdinaryShareClass1 2024-02-27 03732200 2023-02-28 2024-02-27 03732200 bus:FilletedAccounts 2023-02-28 2024-02-27 03732200 bus:SmallEntities 2023-02-28 2024-02-27 03732200 bus:AuditExemptWithAccountantsReport 2023-02-28 2024-02-27 03732200 bus:PrivateLimitedCompanyLtd 2023-02-28 2024-02-27 03732200 bus:Director1 2023-02-28 2024-02-27 03732200 bus:Director2 2023-02-28 2024-02-27 03732200 core:FurnitureFittings 2023-02-28 2024-02-27 03732200 2022-02-28 2023-02-27 03732200 core:Non-currentFinancialInstruments 2023-02-28 2024-02-27 03732200 bus:OrdinaryShareClass1 2023-02-28 2024-02-27 03732200 bus:OrdinaryShareClass1 2022-02-28 2023-02-27 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03732200 (England and Wales)

KIRKWALL LTD

Unaudited Financial Statements
For the financial year ended 27 February 2024
Pages for filing with the registrar

KIRKWALL LTD

Unaudited Financial Statements

For the financial year ended 27 February 2024

Contents

KIRKWALL LTD

STATEMENT OF FINANCIAL POSITION

As at 27 February 2024
KIRKWALL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 27 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 552 649
Investment property 4 285,000 285,000
285,552 285,649
Current assets
Debtors 5 67,814 91,814
Cash at bank and in hand 17,561 62,301
85,375 154,115
Creditors: amounts falling due within one year 6 ( 224,769) ( 271,000)
Net current liabilities (139,394) (116,885)
Total assets less current liabilities 146,158 168,764
Creditors: amounts falling due after more than one year 7 ( 13,091) ( 23,274)
Provision for liabilities 8 ( 26,151) ( 29,948)
Net assets 106,916 115,542
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 106,914 115,540
Total shareholders' funds 106,916 115,542

For the financial year ending 27 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kirkwall Ltd (registered number: 03732200) were approved and authorised for issue by the Board of Directors on 15 January 2025. They were signed on its behalf by:

M S T Bow
Director
KIRKWALL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2024
KIRKWALL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kirkwall Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Bakery, 17 Hyde Road, Paignton, TQ4 5BW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 28 February 2023 6,312 6,312
At 27 February 2024 6,312 6,312
Accumulated depreciation
At 28 February 2023 5,663 5,663
Charge for the financial year 97 97
At 27 February 2024 5,760 5,760
Net book value
At 27 February 2024 552 552
At 27 February 2023 649 649

4. Investment property

Investment property
£
Valuation
As at 28 February 2023 285,000
As at 27 February 2024 285,000

Valuation

A directors valuation of investment property was completed at the statement of financial position date

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 67,814 91,814

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,183 9,932
Amounts owed to directors 157,626 208,713
Accruals 33,767 21,594
Taxation and social security 8,769 19,092
Payments received on account 14,424 11,669
224,769 271,000

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,091 23,274

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 29,948) ( 39,435)
Credited to the Statement of Income and Retained Earnings 3,797 9,487
At the end of financial year ( 26,151) ( 29,948)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 153,626 208,713

Interest is charged at 5% on the amounts owed to directors.