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Company No: SC230124 (Scotland)

KINGSFORD ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

KINGSFORD ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

KINGSFORD ESTATES LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
KINGSFORD ESTATES LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 38,772 36,217
Investments 4 587,543 574,229
626,315 610,446
Current assets
Debtors 5 70,973 83,752
Cash at bank and in hand 47,477 18,527
118,450 102,279
Creditors: amounts falling due within one year 6 ( 177,109) ( 93,514)
Net current (liabilities)/assets (58,659) 8,765
Total assets less current liabilities 567,656 619,211
Creditors: amounts falling due after more than one year 7 ( 8,189) ( 19,523)
Provision for liabilities ( 103,015) ( 118,098)
Net assets 456,452 481,590
Capital and reserves
Called-up share capital 8 1 1
Revaluation reserve 321,478 321,478
Profit and loss account 134,973 160,111
Total shareholder's funds 456,452 481,590

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Kingsford Estates Limited (registered number: SC230124) were approved and authorised for issue by the Director on 04 June 2025. They were signed on its behalf by:

Mr J A Watts
Director
KINGSFORD ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
KINGSFORD ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Kingsford Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 14 Albany Street, Edinburgh, EH1 3QB, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable from property sales, serviced office and apartment provision and property and project management services net of VAT.

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 Balance Sheet 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 valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 14

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 25,000 5,002 4,316 38,318 72,636
Additions 0 0 0 8,162 8,162
At 30 September 2024 25,000 5,002 4,316 46,480 80,798
Accumulated depreciation
At 01 October 2023 0 915 1,890 33,614 36,419
Charge for the financial year 0 810 824 3,973 5,607
At 30 September 2024 0 1,725 2,714 37,587 42,026
Net book value
At 30 September 2024 25,000 3,277 1,602 8,893 38,772
At 30 September 2023 25,000 4,087 2,426 4,704 36,217

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 3 3
Participating interests 505,874 500,624
Other investments and loans 81,666 73,602
587,543 574,229

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 3
At 30 September 2024 3
Carrying value at 30 September 2024 3
Carrying value at 30 September 2023 3

Investments in joint ventures Other investments Total
£ £ £
Cost or valuation before impairment
At 01 October 2023 500,624 73,602 574,226
Movement in fair value 5,250 8,064 13,314
At 30 September 2024 505,874 81,666 587,540
Carrying value at 30 September 2024 505,874 81,666 587,540
Carrying value at 30 September 2023 500,624 73,602 574,226

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.09.2024
Ownership
30.09.2023
Kingsford Residential Limited 14 Albany Street, Edinburgh, EH1 3QB Property letting Ordinary 100.00% 100.00%
Albany Street Limited 14 Albany Street, Edinburgh, EH1 3QB Property letting Ordinary 100.00% 100.00%
Kingsford Commercial Limited 14 Albany Street, Edinburgh, EH1 3QB Property letting Ordinary 100.00% 100.00%

5. Debtors

2024 2023
£ £
Trade debtors 31,942 21,375
Amounts owed by own subsidiaries 20,000 50,000
Corporation tax 0 11,018
Other debtors 19,031 1,359
70,973 83,752

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 9,600
Trade creditors 23,824 13,600
Amounts owed to own subsidiaries 95,000 25,000
Other taxation and social security 19,828 16,645
Other creditors 28,457 28,669
177,109 93,514

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

2024 2023
£ £
Bank loans 8,189 19,523

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and 26 Dublin Street Limited, a company under common control. During the period Kingsford Estates Limited received property management fees of £68,213 (2023: £49,395) and facilities management fees of £11,856 (2023: £7,804) from 26 Dublin Street Limited. At the end of the period 26 Dublin Street Limited owed Kingsford Estates Limited £7,576(2023: £1,987) in relation to items paid for by Kingsford Estates Limited on behalf of 26 Dublin Street Limited.

During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Albany Street Limited, a company under common control. During the period Kingsford Estates Limited received property management fees of £48,867 (2023: £38,706) and facilities management fees of £8,821 (2023: £7,844) from Albany Street Limited. At the end of the period Albany Street Limited owed Kingsford Estates Limited £9,327(2023: £3,393) in relation to items paid for Kingsford Estates Limited on behalf of Albany Street Limited. At the end of the period Albany Street Limited owed Kingsford Estates Limited a loan of £20,000 (2023: £50,000). The balance is unsecured and no interest is charged on the loan.

During the period, Kingsford Estates Limited received property management fees of £10,724 (2023: £8,081) from Kingsford Residence 1 Limited, a company under common control. At the end of the period Kingsford Residence 1 Limited owed Kingsford Estates Limited £1,294 (2023: £1,006) in relation to management fees and £6,748 (2023: £8,630) in relation to items paid for by Kingsford Estates Limited on behalf of Kingsford Residence 1 Limited. In addition, Kingsford Estates Limited owed Kingsford Residence 1 Limited a loan of £95,000 (2023: £Nil). The balance is unsecured and no interest is charged on the loan.

During the period, Kingsford Estates Limited received £40,000 (2023: £30,000) from Walker Street LLP, an LLP in which Kingsford Estates Limited holds a 50% interest. This related to a proportion of the profit share. During the period Kingsford Estates Limited received property management fees of £64,925 (2023: £46,737) and facilities management fees of £6,771 (2023: £9,169) from Walker Street LLP. At the end of the period Walker Street owed Kingsford Estates Limited £13,000 (2023: £10,000) in relation to profit share and £4,042 (2023: £1,204) in relation to items paid for on its behalf by Kingsford Estates Limited.

During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Kingsford Residential Limited, a company under common control. During the period Kingsford Estates Limited received property management fees of £2,468 (2023: £1,777) and facilities management fees of £5,611 (2023: £2,941) from Kingsford Residential Limited. At the end of the period Kingsford Residential owed Kingsford Estates Limited £1,004 (2023: £232).

During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Kingsford Developments Limited, a company under common control. At the end of the period Kingsford Estates Limited owed Kingsford Developments Limited £nil (2023: £397) in relation to items paid for by Kingsford Developments Limited on behalf of Kingsford Estates Limited. In addition, Kingsford Estates Limited owed Kingsford Developments Limited a loan of £3,000 (2023: £4,000). The balance is unsecured and no interest is charged on the loan.

During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and LetTech Solutions Limited, a company under common control. During the period Kingsford Estates Limited received rental income of £41,340 (2023: £41,340) from LetTech Solutions Limited. At the end of the period Let Tech Solutions Limited owed Kingsford Estates Limited £1,067 (2023: £2,920).

During the period Kingsford Estates Limited received facilities management fees of £3,636 (2023: £446) from Kingsford Commercial Limited, a company under common control. At the end of the period, Kingsford Estates Limited owed Kingsford Commercial Limited a loan of £Nil (2023: £25,000). In addition, during the period Kingsford Commercial Limited paid Kingsford Estates Limited dividends of £90,000 (2023: £Nil).

At the end of the period Alex Watts, a director, owed Kingsford Estates Limited £692 (2023: £nil) in relation to items purchased on behalf of Alex Watts by Kingsford Estates Limited. In addition, Kingsford Estates owed Alex Watts £nil (2023: £15,009) relating to a loan, which is unsecured and repayable on demand. In the period advances of £nil (2023: £906) were made to the director. The advance was made interest fee and was fully repaid in the year. During the period Kingsford Estates Limited received from property management fees of £1,509 (2023: £1,509) from Alex Watts.

At the end of the period, Mullions Limited owed Kingsford Estates Limited, a company under common control, £ nil (2023: £570).