Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-31false0true2024-01-010trueJ G BarrackfalseThe principal activities of the Company during the year were that of property development, trading and investment as well as the provision of services office accommodation.falsefalse SC206144 2024-01-01 2024-12-31 SC206144 2023-01-01 2023-12-31 SC206144 2024-12-31 SC206144 2023-12-31 SC206144 2023-01-01 SC206144 c:CompanySecretary1 2024-01-01 2024-12-31 SC206144 c:Director1 2024-01-01 2024-12-31 SC206144 c:Director2 2024-01-01 2024-12-31 SC206144 c:Director3 2024-01-01 2024-12-31 SC206144 c:Director4 2024-01-01 2024-12-31 SC206144 c:Director5 2024-01-01 2024-12-31 SC206144 c:RegisteredOffice 2024-01-01 2024-12-31 SC206144 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 SC206144 d:Buildings d:LongLeaseholdAssets 2024-12-31 SC206144 d:Buildings d:LongLeaseholdAssets 2023-12-31 SC206144 d:MotorVehicles 2024-01-01 2024-12-31 SC206144 d:FurnitureFittings 2024-01-01 2024-12-31 SC206144 d:CurrentFinancialInstruments 2024-12-31 SC206144 d:CurrentFinancialInstruments 2023-12-31 SC206144 d:Non-currentFinancialInstruments 2024-12-31 SC206144 d:Non-currentFinancialInstruments 2023-12-31 SC206144 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC206144 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC206144 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 SC206144 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC206144 d:ShareCapital 2024-12-31 SC206144 d:ShareCapital 2023-12-31 SC206144 d:ShareCapital 2023-01-01 SC206144 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC206144 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC206144 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC206144 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC206144 d:RetainedEarningsAccumulatedLosses 2023-01-01 SC206144 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 SC206144 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC206144 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-12-31 SC206144 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 SC206144 c:OrdinaryShareClass1 2024-01-01 2024-12-31 SC206144 c:OrdinaryShareClass1 2024-12-31 SC206144 c:OrdinaryShareClass1 2023-12-31 SC206144 c:OrdinaryShareClass2 2024-01-01 2024-12-31 SC206144 c:OrdinaryShareClass2 2024-12-31 SC206144 c:OrdinaryShareClass2 2023-12-31 SC206144 c:OrdinaryShareClass3 2024-01-01 2024-12-31 SC206144 c:OrdinaryShareClass3 2024-12-31 SC206144 c:OrdinaryShareClass3 2023-12-31 SC206144 c:OrdinaryShareClass4 2024-01-01 2024-12-31 SC206144 c:OrdinaryShareClass4 2024-12-31 SC206144 c:OrdinaryShareClass4 2023-12-31 SC206144 c:OrdinaryShareClass5 2024-01-01 2024-12-31 SC206144 c:OrdinaryShareClass5 2024-12-31 SC206144 c:OrdinaryShareClass5 2023-12-31 SC206144 c:FRS102 2024-01-01 2024-12-31 SC206144 c:Audited 2024-01-01 2024-12-31 SC206144 c:FullAccounts 2024-01-01 2024-12-31 SC206144 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2024-01-01 2024-12-31 SC206144 d:Subsidiary1 2024-01-01 2024-12-31 SC206144 d:Subsidiary1 1 2024-01-01 2024-12-31 SC206144 d:Subsidiary2 2024-01-01 2024-12-31 SC206144 d:Subsidiary2 1 2024-01-01 2024-12-31 SC206144 d:Subsidiary3 2024-01-01 2024-12-31 SC206144 d:Subsidiary3 1 2024-01-01 2024-12-31 SC206144 c:Consolidated 2024-12-31 SC206144 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 SC206144 2 2024-01-01 2024-12-31 SC206144 5 2024-01-01 2024-12-31 SC206144 6 2024-01-01 2024-12-31 SC206144 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC206144














KNIGHT PROPERTY HOLDINGS LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
J G Barrack 
H G Crawshaw 
G I Middleton 
R D Anderson 
S Heslop 




Company secretary
G I Middleton



Registered number
SC206144



Registered office
62 Queen's Road

Aberdeen

AB15 4YE




Independent auditors
Anderson Anderson & Brown Audit LLP

81 George Street

Edinburgh

EH2 3ES





 
KNIGHT PROPERTY HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditors' report
7 - 10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12
Company balance sheet
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 38


 
KNIGHT PROPERTY HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.  The directors present their strategic report for the Group for the year ended 31 December 2024.
Principal activities
The principal activity of the Company is that of a holding company.
The principal activities of the Group during the year consisted of property development, trading and investment as well as the provision of serviced office accommodation.

Business review
 
The Group continued to perform well, generating an operating profit of £5,018k (2023 - £5,849k).  The ongoing trading strategy continues with a number of properties disposed of during the year as well as development of sites for future trading opportunities.
This ongoing focus on strategic acquisition and disposal of properties in various locations continues to ensure the overall fundamentals of the development portfolio remain strong, thus ensuring we remain well positioned to trade effectively in the future.

Page 1

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The Directors review the principal risks and uncertainties impacting the business on a monthly basis.  Prospectively, the main risks centre around:
Market Uncertainty
Risk
Whilst the Occupational Market has performed well, global economic disruption creates a climate of financial uncertainty. With such a challenging environment  a lack of trading opportunities could have a significant impact upon Group profitability.

Mitigation
The Group works closely with key investment agents to identify genuinely committed buyers with a clear objective in terms of getting a deal over the line.  In a market with few such buyers, properties may require to be held for a longer period.

Workplace Environment

Risk
An increased responsibility and focus on sustainability means the Group has to ensure the property portfolio remains agile enough to overcome these challenges and maximise future trading opportunities.

Mitigation
The Group works closely with market leading professionals to ensure new developments are built to the highest environmental standards and offer flexible and comfortable workplace environments to meet the current needs of the market.
Ongoing review of our current portfolio and a focus on the industrial sector also ensure our portfolio remains at the forefront of market needs.

Interest Rates

Risk
Interest rate uncertainty continues. Significant added interest costs would erode profitability and could potentially impact on bank covenants, albeit we maintain significant headroom over these.

Mitigation
Interest rates are constantly monitored by the Board of Directors to ensure consideration of interest caps, where appropriate. This ensures that, in the event of rises in interest rates, the financial impact is contained.


Financial key performance indicators
 
The key performance indicators are operating profit and both the realisable and investment value of the Group’s property.  These have been considered within the results and business review. As a trading entity the operating profit is considered a key metric of the Group’s ongoing performance. The value of the Group’s property is considered with respect to the financial position of the entity. In addition, adherence to bank covenants is important and is monitored on an ongoing basis to ensure that the Group maintains an adequate level of headroom in meeting such covenants.

Future developments
 
There are signs that the cost of debt is continuing to ease and, if sustained, the directors anticipate that this could provide confidence to both lenders and buyers thereby easing market uncertainty and ensuring future developments can flourish on the back of improved rentals and yields.

Page 2

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Impact on community and environment
 
The Group is committed to operating its business in an environmentally and responsible manner and environmental sustainability constitutes a key part of the Group’s vision.  Principally this revolves around our new build developments but is also a critical component when we consider how to reposition and refurbish existing properties. 
On recent industrial developments at Langlands Commercial Park and also in the current design of our forthcoming Delta 70 project at Bellshill the environment and the impact caused by construction and buildings in operation is at the forefront of what we consider.  Carbon emissions are kept to a minimum where practical.  We have implemented energy supplies from 100% renewable sources, re-use materials in lieu of replacement where possible, solar PV panels, EV car charging, energy efficient LED lighting, water management flow restriction in welfare and toilets, all electric heat recovery heating/cooling and waste recycling of construction materials.  These measures ultimately give us good governance but are also demanded by our tenants and stakeholders.

Financial risk management objectives and policies
The Group’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Credit risk
The Group’s principal financial assets are bank and cash balances and trade receivables. The amounts presented in the balance sheet are net of any allowances for doubtful receivables. The credit risk on trade receivables is also managed through the monitoring of credit levels and settlement periods and maintaining good customer relationships.
The credit risk on liquid funds is considered limited because the counterparties are banks with credit ratings assigned by international credit rating agencies.
Cashflow risk
The Group’s activities expose it to the financial risk of changes in interest rates. The Group monitors the position and uses interest rate caps where considered appropriate. 
Liquidity risk
The Group forecasts future cash flows to ensure it has sufficient facilities available to support on-going operations. Strict credit controls are in place. Regular financial forecasting is also undertaken to ensure our projections remain up to date.

Reputations for high standards of business conduct
 
Responsible business conduct is fundamental to the long term-success of the Group. We are committed to the highest standards of business ethics and corporate social responsibility toward the Group’s clients, staff, suppliers and the communities in which it operates.


This report was approved by the board and signed on its behalf.



J G Barrack
Director

Date: 24 June 2025

Page 3

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,483k (2023 - £1,921k).

Dividends totalling £535k (2023 - £406k) were paid in the year.

Directors

The directors who served during the year were:

J G Barrack 
H G Crawshaw 
G I Middleton 
R D Anderson 
S Heslop 

Directors' indemnities
The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Future developments

Details of future developments can be found in the Strategic Report.

Political contributions

The Group did not make any political donations during the year.
Charitable contributions
The Group made donations during the year for charitable purposes amounting to £183k (2023 - £123k).

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting.

Page 4

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.
 





J G Barrack
Director

Date: 24 June 2025

Page 5

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KNIGHT PROPERTY HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Knight Property Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KNIGHT PROPERTY HOLDINGS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KNIGHT PROPERTY HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and Taxation Legislation. 
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

Management override of controls to manipulate the company’s key performance indicators to meet targets
Timing of revenue recognition
Management judgements applied in calculating provisions
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:

Testing of journal entries and other adjustments for appropriateness
Testing a sample of sales transactions and tracing to source documents and vouching recognition is in the correct period
Evaluating the business rationale of significant transactions outside the normal course of business
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
Enquiries of management about litigation and claims and inspection of relevant correspondence
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KNIGHT PROPERTY HOLDINGS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stuart Rose (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
81 George Street
Edinburgh
EH2 3ES

24 June 2025
Page 10

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
49,965
22,312

Cost of sales
  
(39,873)
(14,320)

Gross profit
  
10,092
7,992

Administrative expenses
  
(2,525)
(2,547)

Other operating income
 5 
47
402

Fair value movement of investment properties
  
(2,615)
-

Gain on sale of fixed assets
  
19
2

Operating profit
  
5,018
5,849

Interest receivable
 9 
230
152

Interest payable
 10 
(2,888)
(3,325)

Profit before taxation
  
2,360
2,676

Tax charge on profit on ordinary activities
 11 
(877)
(755)

Profit for the financial year
  
1,483
1,921

Unrealised surplus on revaluation of land and buildings
  
60
-

Total comprehensive income for the year
  
1,543
1,921

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
KNIGHT PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER:SC206144

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 13 
4,312
4,209

Investment property
 15 
14,945
37,145

  
19,257
41,354

Current assets
  

Stocks
 16 
60,258
68,720

Debtors
 17 
4,691
3,554

Cash at bank and in hand
 18 
8,250
3,492

  
73,199
75,766

Creditors: amounts falling due within one year
 19 
(6,663)
(45,733)

Net current assets
  
 
 
66,536
 
 
30,033

Total assets less current liabilities
  
85,793
71,387

Creditors: amounts falling due after more than one year
 20 
(15,148)
(1,750)

Net assets
  
70,645
69,637


Capital and reserves
  

Called up share capital 
 24 
65
65

Revaluation reserve
  
715
2,241

Profit and loss account
  
69,865
67,331

  
70,645
69,637


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J G Barrack
Director

Date: 24 June 2025

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
KNIGHT PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER:SC206144

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 13 
3,339
3,450

Investments
 14 
5,065
5,065

  
8,404
8,515

Current assets
  

Debtors
 17 
5,084
11,905

Cash at bank and in hand
 18 
7,360
850

  
12,444
12,755

Creditors: amounts falling due within one year
 19 
(182)
(278)

Net current assets
  
 
 
12,262
 
 
12,477

Total assets less current liabilities
  
20,666
20,992

  

Creditors: amounts falling due after more than one year
 20 
-
(1,750)

  

Net assets
  
20,666
19,242


Capital and reserves
  

Called up share capital 
 24 
65
65

Profit and loss account brought forward
  
19,177
17,695

Profit for the year
  
1,959
1,888

Dividends paid

  

(535)
(406)

Profit and loss account carried forward
  
20,601
19,177

  
20,666
19,242


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J G Barrack
Director

Date: 24 June 2025

The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2023
65
2,241
65,816
68,122



Profit for the year
-
-
1,921
1,921

Dividends
-
-
(406)
(406)



At 1 January 2024
65
2,241
67,331
69,637



Profit for the year
-
-
1,483
1,483

Realisation of revaluation gains
-
(1,586)
1,586
-

Revaluation gain on land and buildings
-
60
-
60

Dividends
-
-
(535)
(535)


At 31 December 2024
65
715
69,865
70,645



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2023
65
17,695
17,760



Profit for the year
-
1,888
1,888

Dividends
-
(406)
(406)



At 1 January 2024
65
19,177
19,242



Profit for the year
-
1,959
1,959

Dividends
-
(535)
(535)


At 31 December 2024
65
20,601
20,666


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
1,483
1,921

Adjustments for:

Depreciation of tangible assets
187
166

Gain on disposal of tangible assets
(19)
(2)

Interest paid
2,888
3,325

Interest received
(230)
(152)

Taxation charge
877
755

Decrease/(increase) in stocks
8,462
(1,293)

Increase in debtors
(513)
(591)

(Decrease)/increase in creditors
(1,035)
2,782

Corporation tax paid
(1,253)
(418)

Revaluation of investment properties
2,615
-

Transfer of properties to stock
19,585
-

Net cash generated from operating activities

33,047
6,493


Cash flows from investing activities

Purchase of tangible fixed assets
(230)
(55)

Sale of tangible fixed assets
19
8

Interest received
230
152

Net cash from investing activities

19
105
Page 15

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£000
£000



Cash flows from financing activities

Repayment of loans
(24,885)
(8,316)

Other new loans
-
250

Dividends paid
(535)
(406)

Interest paid
(2,888)
(3,325)

Net cash used in financing activities
(28,308)
(11,797)

Net increase/(decrease) in cash and cash equivalents
4,758
(5,199)

Cash and cash equivalents at beginning of year
3,492
8,691

Cash and cash equivalents at the end of year
8,250
3,492


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,250
3,492

8,250
3,492


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£000

£000

£000

Cash at bank and in hand

3,492

4,758

8,250

Debt due after 1 year

-

(15,148)

(15,148)

Debt due within 1 year

(38,532)

38,279

(253)


(35,040)
27,889
(7,151)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Knight Property Holdings Limited is a privately owned Company incorporated in the United Kingdom under the Companies Act 2006, registered in Scotland and limited by shares. The Company's registered office is 62 Queen's Road, Aberdeen, AB15 4YE. The nature of the Company’s operations and its principal activities are set out in the Strategic Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The functional currency of Knight Property Holdings Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are also presented in pounds sterling. The monetary amounts in these financial statements are rounded to the nearest £'000.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

 
2.3

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the Company and Group has adequate working capital to execute its operations over the next 12 months. As disclosed at note 21, the Group has renewed its banking facilities with a repayment date of August 2028.
The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate financial resources available to continue as a going concern for the foreseeable future. Accordingly the financial statements are prepared on a going concern basis.

Page 18

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of properties
Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
 
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the properties sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income

Rental income from operating leases on investment properties is recognised on a straight-line basis over the lease term. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 20

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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 properties and land and buildings. Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
3 years
Fixtures, fittings and equipment
-
2-4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.12

Investment property

Investment property is carried at fair value determined annually by the directors. Supported by external advisors, the fair value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 21

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.13

Stock

Stock represents development properties held for sale stated at the lower of cost and net realisable value. Stocks are recognised as an expense in the period in which the related revenue is recognised.
Cost includes direct construction costs, associated professional charges and other attributable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item is impaired, the identified development property is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term 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.

Page 22

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 23

 
KNIGHT PROPERTY HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Key source of estimation uncertainty 
Investment properties
The market value of investment property is determined, by real estate valuation experts or an in-house valuer, to be the estimated amount for which a property should exchange on the date of the valuation in an arm’s length transaction.  Properties are valued on an individual basis.  The valuation experts use recognised valuation techniques and the principles of FRS 102. The method of determining fair values was market value and significant factors taken into account were as follows:

The valuer’s detailed knowledge of each property being valued
Occupational leases in place
General economic trends both nationally and locally, with the energy market being a particular focus for properties in and around Aberdeen
Local occupational and investment markets

Impairment of investment in subsidiary
Determining whether investments are impaired requires an estimation of the investments' value in use. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the investments and suitable discount rates in order to calculate the present values. The carrying amount of the investment in subsidiary undertakings at the balance sheet date was £5,065k (2023 - £5,065k).

Page 25

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Property sales
42,038
15,291

Serviced office income
943
1,095

Rental income
6,984
5,926

49,965
22,312


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£000
£000

Other income
47
402

47
402



6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£000
£000

Audit of these financial statements
12
12

Fees payable to the Company's auditors and their associates in respect of:

Audit of financial statements of subsidiaries pursuant to legislation
14
13

Taxation compliance services
9
7

Page 26

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£000
£000


Wages and salaries
1,070
891

Social security costs
124
95

Other pension costs
109
102

1,303
1,088


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
5
5



Administration
11
13



Production
3
3

19
21

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £nil)

8.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
679
399

Group contributions to defined contribution pension schemes
52
45

Amounts paid to third parties in respect of directors' services
-
15

731
459


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £428k (2023 - £157k).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £36k (2023 - £36k).

Page 27

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£000
£000


Other interest
16
2

Bank interest
214
150

230
152


10.


Interest payable

2024
2023
£000
£000


Other interest payable
323
217

On bank loans and overdrafts
2,565
3,108

2,888
3,325


11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
1,500
488

Adjustments in respect of previous periods
-
(3)


1,500
485


Total current tax
1,500
485

Deferred tax


Origination and reversal of timing differences
(623)
270

Total deferred tax
(623)
270


877
755
Page 28

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
2,360
2,676


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
590
629

Effects of:


Fixed asset differences
42
-

Expenses not deductible for tax purposes
26
87

Fair value movement non-deductible for tax
654
-

Capital allowances for year in excess of depreciation
-
26

Additional deduction for land remediation expenditure
(5)
-

Chargeable losses
(430)
-

Adjustments to tax charge in respect of previous years
-
(3)

Tax rate changes
-
16

Total tax charge for the year
877
755


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Dividends

The aggregate amount of dividends comprises:

2024
2023
£000
£000


Equity dividends paid
535
406

Page 29

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






Land and Buildings
Motor Vehicles
Fixtures, Fittings and Equipment
Total

£000
£000
£000
£000



Cost or valuation


At 1 January 2024
4,360
145
200
4,705


Additions
-
221
9
230


Disposals
-
(13)
(5)
(18)


Revaluations
60
-
-
60



At 31 December 2024

4,420
353
204
4,977



Depreciation


At 1 January 2024
230
80
186
496


Charge for the year on owned assets
111
65
11
187


Disposals
-
(13)
(5)
(18)



At 31 December 2024

341
132
192
665



Net book value



At 31 December 2024
4,079
221
12
4,312



At 31 December 2023
4,130
65
14
4,209

The directors consider that the residual value of the properties is equal to or exceeds its carrying amount.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£000
£000

Group


Cost
3,901
3,901

Accumulated depreciation
(465)
(355)

Net book value
3,436
3,546

Page 30

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Land and Buildings

£000

Cost or valuation


At 1 January 2024
3,680



At 31 December 2024

3,680



Depreciation


At 1 January 2024
230


Charge for the year on owned assets
111



At 31 December 2024

341



Net book value



At 31 December 2024
3,339



At 31 December 2023
3,450








Page 31

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2024
5,065



At 31 December 2024
5,065





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Knight Property Group PLC
62 Queens Road, Aberdeen, AB15 4YE
100% Ordinary
100%
Chess Group Limited (previously Chess Group PLC)
62 Queens Road, Aberdeen, AB15 4YE
100% Ordinary
100%
Bluesky Business Space Limited
62 Queens Road, Aberdeen, AB15 4YE
100% Ordinary
100%

Page 32

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Investment property

Group


Investment Properties

£000



Valuation


At 1 January 2024
37,145


Fair value movement
(2,615)


Transfers to stock
(19,585)



At 31 December 2024
14,945

Certain investment properties were appropriated to stock during the year at the point that they are held for sale in the ordinary course of business.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£000
£000


Investment properties
13,868
30,458

Accumulated depreciation and impairments
(4,585)
(11,108)

9,283
19,350

Freehold investment properties are valued annually by the directors. The directors are supported by external advisors and by an internal valuation team who have experience in the locations of the investment property being valued.
The method of determining fair values was market value and significant factors taken into account were as follows:

The valuer's detailed knowledge of each property being valued
Occupational leases in place
General economic trends both nationally and locally, with the oil and gas market being a particular focus for properties in and around Aberdeen
Local occupational and investment markets



Page 33

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

Group
Group
2024
2023
£000
£000

Land and buildings held for resale
60,258
68,720



17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
34
127
-
-

Amounts owed by group undertakings
-
-
5,058
11,903

Amounts owed by related parties
56
460
-
-

Prepayments and accrued income
2,236
1,541
26
2

Tax recoverable
362
46
-
-

Deferred taxation
2,003
1,380
-
-

4,691
3,554
5,084
11,905



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Cash at bank and in hand
8,250
3,492
7,360
850



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans (note 21)
-
38,532
-
-

Trade creditors
175
752
-
-

Amounts owed to related parties
2,630
2,454
-
-

Corporation tax
535
287
154
260

Other taxation and social security
28
32
-
-

Other creditors
800
1,060
4
5

Accruals and deferred income
2,495
2,616
24
13

6,663
45,733
182
278


Amounts owed to related parties are repayable on demand. The loans bear interest at a fixed margin above the base rate, at a rate comparable to what would be available on the open market.

Page 34

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans (note 21)
15,148
-
-
-

Amounts owed to related parties
-
250
-
250

Loan owed to a Director
-
1,500
-
1,500

15,148
1,750
-
1,750





21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
-
38,532


-
38,532

Amounts falling due 2-5 years

Bank loans
15,148
-


15,148
38,532


During the year the Group agreed an extension to the banking facility with RBS to provide funding to continue to support the Group's operations.
The facilities bear interest at a fixed margin above the SONIA rate of interest and are secured by a fixed and floating charge over certain assets of the Group. 

Page 35

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Financial assets

Financial assets measured at fair value through profit or loss
8,250
3,492
7,360
850


Financial liabilities

Financial liabilities measured at amortised cost
(15,149)
(40,845)
(24)
(13)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial liabilities measured at amortised cost comprise trade creditors, accruals and bank loans.


23.


Deferred taxation


Group



2024


£000






At beginning of year
1,380


Credited to profit or loss
623



At end of year
2,003







The deferred tax asset is made up as follows:

Group
Group
2024
2023
£000
£000

Fixed asset timing differences
2,326
2,549

Short term timing differences
16
16

Capital gains
(339)
(1,193)

Losses and other deductions
-
8

2,003
1,380

Page 36

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



39,212 (2023 - 39,212) Ordinary shares of £1 each
39
39
7,001 (2023 - 7,001) 'A' Ordinary shares of £1 each
7
7
7,972 (2023 - 7,972) 'B' Ordinary shares of £1 each
8
8
2,152 (2023 - 2,152) 'C' Ordinary shares of £1 each
2
2
2,153 (2023 - 2,153) 'D' Ordinary shares of £1 each
2
2
2,448 (2023 - 2,448) 'E' Ordinary shares of £1 each
3
3
4,396 (2023 - 4,396) 'F' Ordinary shares of £1 each
4
4

65

65


Ordinary shares and 'F' Ordinary shares carry full voting rights. The shares rank pari passu in all respects. 
The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings.
The profit and loss reserve is the sum of accumulated profits and losses less any dividend.


25.


Pension commitments

The Group operates a defined contribution pension scheme. The pension costs charge for the year represents contributions payable by the Group to the scheme and amounted to £109k (2023 - £102k). There were no outstanding or prepaid contributions at either the beginning or end of the financial year.

Page 37

 
KNIGHT PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 from disclosing transactions with related parties that are part of the Knight Property Holdings Limited group and ownership is 100%. Transactions with related parties are carried out on an arms length basis. 
Material transactions with related parties are as follows:


Group

Transactions
Debtor / (creditor) balance at year end
£000
£000



Dividends payable to a company with common directors
(375)
-

Director's loan
(1,440)
(253)

Dividends paid to a director
(160)
-

Related party balances
4
(63)

Recharges to a related party
1,855
-

Balances due to companies under common control
(128)
(2,512)


Company




Dividends payable to Chess Group Investment Company Limited ("CGIC"), a company where the directors of KPH are also directors
(375)
-

Director's loan
(1,500)
-

Dividends paid to a director
(160)
-



27.


Controlling party

Throughout the year the Company was controlled by the directors. The ultimate controlling party is J G Barrack, the majority shareholder.

Page 38