Company registration number SC214155 (Scotland)
Kintail Management Limited
Unaudited financial statements
for the year ended 31 December 2024
Pages for filing with registrar
Kintail Management Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Kintail Management Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kintail Management Limited for the year ended 31 December 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Kintail Management Limited, as a body, in accordance with the terms of our engagement letter dated 6 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Kintail Management Limited and state those matters that we have agreed to state to the board of directors of Kintail Management Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kintail Management Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Kintail Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kintail Management Limited. You consider that Kintail Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kintail Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
5 June 2025
Kintail Management Limited
Statement of financial position
at 31 December 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
215,000
190,000
Investments
4
13,033
13,033
228,033
203,033
Current assets
Debtors
52,702
27,342
Cash at bank and in hand
29,035
35,019
81,737
62,361
Creditors: amounts falling due within one year
(3,127)
(9,665)
Net current assets
78,610
52,696
Total assets less current liabilities
306,643
255,729
Creditors: amounts falling due after more than one year
(40,000)
(43,000)
Provisions for liabilities
(23,958)
(19,208)
Net assets
242,685
193,521
Capital and reserves
Called up share capital
2
2
Revaluation reserve
102,135
81,885
Profit and loss reserves
140,548
111,634
Total equity
242,685
193,521

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

Kintail Management Limited
Statement of financial position (continued)
at 31 December 2024
3

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

The financial statements were approved by the board of directors and authorised for issue on 31 May 2025 and are signed on its behalf by:
Andrew D. McMaster
Director
Company Registration No. SC214155
Kintail Management Limited
Notes to the financial statements
for the year ended 31 December 2024
4
1
Accounting policies
Company information

Kintail Management Limited is a private company limited by shares incorporated in Scotland. The registered office is Rosewood, Raemoir Road, Banchory, AB31 4ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income from investment properties and is recognised on a straight line basis over the term of the relevant lease.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for at cost.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Kintail Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
5
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Tangible fixed assets
Total
£
Cost
At 1 January 2024 and 31 December 2024
4,584
Depreciation and impairment
At 1 January 2024 and 31 December 2024
4,584
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
Kintail Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
6
3
Investment property
2024
£
Fair value
At 1 January 2024
190,000
Revaluations
25,000
At 31 December 2024
215,000

The fair values of the investment properties have been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Fixed asset investments
2024
2023
£
£
Investment in subsidiary
13,033
13,033
5
Directors' transactions
Description
Opening  credit    balance
Amounts advanced
Amounts repaid
Closing  credit     balance
£
£
£
£
Andrew D. McMaster - Current Loan
2,071
4,000
(5,049)
1,022
Andrew D. McMaster - Long term loan
43,000
-
(3,000)
40,000
45,071
4,000
(8,049)
41,022
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