| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| KARR PROPERTIES LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| KARR PROPERTIES LIMITED |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| KARR PROPERTIES LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 AUGUST 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Atlantic House |
| 1a Cadogan Street |
| Glasgow |
| G2 6QE |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| STATEMENT OF FINANCIAL POSITION |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 7 |
| 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. |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 AUGUST 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| KARR Properties Limited is a private company, limited by shares, registered in Scotland, registration number SC606573. The registered office is 3 Clairmont Gardens, Glasgow G3 7LW. |
| The principal activity of the company is property investment. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentational and functional currency of the financial statements is Pounds Sterling (£). |
| Related party exemption |
| The company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group. |
| Significant judgements and estimates |
| In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
| The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements: |
| Valuation of investment property |
| As noted below, investment property is included in the Statement of Financial Position at fair value. The valuation is based on the directors' consideration of several factors including previous professional valuations, local market conditions, estate agent valuations, and recent selling prices of similar properties. |
| Turnover |
| Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes. |
| Rental income |
| Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents comprises cash balances. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Provisions |
| Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. |
| 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. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 AUGUST 2024 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2023 |
| Additions |
| Revaluations | (50,000 | ) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Fair value at 31 August 2024 is represented by: |
| £ |
| Valuation in 2021 | 50,000 |
| Valuation in 24 | (50,000 | ) |
| Cost | 2,005,910 |
| 2,005,910 |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 1,997,360 | 1,321,442 |
| The investment properties were valued on an open market basis on 31 August 2021 by the directors . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| KARR PROPERTIES LIMITED (REGISTERED NUMBER: SC606573) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 AUGUST 2024 |
| 7. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 September 2023 |
| Fair value transfer | (37,500 | ) |
| At 31 August 2024 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of KAMR Group Ltd, registered in Jersey - 28 Esplanade, St. Helier, Jersey, JE1 8SB. |