Caseware UK (AP4) 2024.0.164 2024.0.164 2023-10-01Other letting and operating of own or leased real estatefalse33truetruefalse NI611348 2023-10-01 2024-09-30 NI611348 2022-10-01 2023-09-30 NI611348 2024-09-30 NI611348 2023-09-30 NI611348 2022-10-01 NI611348 1 2023-10-01 2024-09-30 NI611348 d:Director1 2023-10-01 2024-09-30 NI611348 c:FreeholdInvestmentProperty 2023-10-01 2024-09-30 NI611348 c:FreeholdInvestmentProperty 2024-09-30 NI611348 c:FreeholdInvestmentProperty 2023-09-30 NI611348 c:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 NI611348 c:CurrentFinancialInstruments 2024-09-30 NI611348 c:CurrentFinancialInstruments 2023-09-30 NI611348 c:CurrentFinancialInstruments 2 2024-09-30 NI611348 c:CurrentFinancialInstruments 2 2023-09-30 NI611348 c:Non-currentFinancialInstruments 2024-09-30 NI611348 c:Non-currentFinancialInstruments 2023-09-30 NI611348 c:Non-currentFinancialInstruments 1 2024-09-30 NI611348 c:Non-currentFinancialInstruments 1 2023-09-30 NI611348 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 NI611348 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 NI611348 c:Non-currentFinancialInstruments c:AfterOneYear 2024-09-30 NI611348 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 NI611348 c:ShareCapital 2024-09-30 NI611348 c:ShareCapital 2023-09-30 NI611348 c:SharePremium 2023-10-01 2024-09-30 NI611348 c:SharePremium 2024-09-30 NI611348 c:SharePremium 2023-09-30 NI611348 c:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI611348 c:RetainedEarningsAccumulatedLosses 2024-09-30 NI611348 c:RetainedEarningsAccumulatedLosses 2023-09-30 NI611348 c:AcceleratedTaxDepreciationDeferredTax 2024-09-30 NI611348 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 NI611348 c:TaxLossesCarry-forwardsDeferredTax 2024-09-30 NI611348 c:TaxLossesCarry-forwardsDeferredTax 2023-09-30 NI611348 c:OtherDeferredTax 2024-09-30 NI611348 c:OtherDeferredTax 2023-09-30 NI611348 d:OrdinaryShareClass1 2023-10-01 2024-09-30 NI611348 d:OrdinaryShareClass1 2024-09-30 NI611348 d:OrdinaryShareClass1 2023-09-30 NI611348 d:OrdinaryShareClass2 2023-10-01 2024-09-30 NI611348 d:OrdinaryShareClass2 2024-09-30 NI611348 d:OrdinaryShareClass2 2023-09-30 NI611348 d:PreferenceShareClass1 2023-10-01 2024-09-30 NI611348 d:PreferenceShareClass1 2024-09-30 NI611348 d:PreferenceShareClass1 2023-09-30 NI611348 d:FRS102 2023-10-01 2024-09-30 NI611348 d:Audited 2023-10-01 2024-09-30 NI611348 d:FullAccounts 2023-10-01 2024-09-30 NI611348 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI611348 d:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI611348 2 2023-10-01 2024-09-30 NI611348 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI611348










Killylane Properties Limited










Financial statements

Information for filing with the registrar

For the year ended 30 September 2024

 
Killylane Properties Limited
Registered number: NI611348

Balance sheet
As at 30 September 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
11,355,000
12,840,000

  
11,355,000
12,840,000

Current assets
  

Debtors: amounts falling due within one year
 5 
5,896,799
5,772,712

Cash at bank and in hand
 6 
254,307
53,744

  
6,151,106
5,826,456

Creditors: amounts falling due within one year
 7 
(11,568,686)
(11,741,428)

Net current liabilities
  
 
 
(5,417,580)
 
 
(5,914,972)

Total assets less current liabilities
  
5,937,420
6,925,028

Creditors: amounts falling due after more than one year
 8 
-
(700,000)

Provisions for liabilities
  

Deferred tax
 10 
(479,494)
(396,961)

Net assets
  
5,457,926
5,828,067


Capital and reserves
  

Called up share capital 
 11 
15,000
15,000

Share premium account
 12 
992,500
992,500

Profit and loss account
 12 
4,450,426
4,820,567

Shareholders' funds
  
5,457,926
5,828,067


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.


I W L Webb
Director

The notes on pages 2 to 9 form part of these financial statements.

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Page 1

 
Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

1.


General information

The company is a private company limited by shares and incorporated in Northern Ireland. The address of the registered office is 3 Portman Business Park, Lisburn, Northern Ireland, BT28 2XF.
The company's principal activity for the year was the management and rental of investment properties.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the Company has adequate resources available to
it to continue operations for the foreseeable future and, accordingly, the directors continue to adopt
the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

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Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

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.

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Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

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.

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Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
12,840,000


Disposals
(1,000,000)


Surplus on revaluation
(485,000)



At 30 September 2024
11,355,000

Valuations were completed on 30 September 2024 by Jones Lang LaSalle (member firm of the Royal Institution of Chartered Surveyors), on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Trade debtors
100,827
1,371

Amounts owed by group undertakings
5,770,000
5,770,000

Other debtors
25,972
-

Prepayments and accrued income
-
1,341

5,896,799
5,772,712


Amounts owed by group undertakings are secured, interest free and repayable on demand, except those which are considered financing in nature; such loans have a market rate of interest applied.


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
254,307
53,744

254,307
53,744


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Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,665,000
6,245,000

Amounts owed to group undertakings
4,816,250
5,328,929

Corporation tax
124,907
118,791

Other taxation and social security
239,607
11,478

Other creditors
13,478
4,460

Accruals and deferred income
9,444
32,770

Share capital treated as debt
700,000
-

11,568,686
11,741,428


Amounts owed to group undertakings are secured, interest free and repayable on demand, except those which are considered financing in nature; such loans have a market rate of interest applied.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Share capital treated as debt
-
700,000

-
700,000



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,665,000
6,245,000




5,665,000
6,245,000


Bank loans are secured on the investment properties owned by the Company.

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Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(396,961)
(642,544)


Charged to profit or loss
(82,533)
245,583



At end of year
(479,494)
(396,961)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(440,638)
(427,816)

Capital losses carried forward
232,319
488,972

Other timing differences
(271,175)
(458,117)

(479,494)
(396,961)


11.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



7,500 (2023 - 7,500) Ordinary shares of £1.00 each
7,500
7,500
7,500 (2023 - 7,500) Ordinary 'A' shares of £1.00 each
7,500
7,500

15,000

15,000

Ordinary shares are non redeemable and carry one vote per share. Dividends are payable at the discretion of the directors and shareholders have the right to receive all surplus assets after payment is made on cumulative preference shares.
Ordinary 'A' shares are redeemable and carry one vote per share. Dividends are equal to the lower of 1% of the dividend paid on Ordinary shares and LIBOR on subscription price and shareholders have the right to receive lower of nominal value and market value on winding up.

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Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

11.Share capital (continued)

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



700,000 (2023 - 700,000) 3% Preference shares shares of £1.00 each
700,000
700,000


Cumulative preference shares are redeemable by the company on six month prior notice to the shareholder and carry no voting rights save in relation to alteration of rights. A fixed cumulative dividend of 3% per annum is payable quarterly and shareholders have the right to a return of capital on winding up together with any unpaid accrued dividend with no further right to surplus assets.


12.


Reserves

Share premium account

This reserve represents the excess paid over the nominal value for shares issued.

Profit and loss account

This reserve represents the cumulative retained profit of the company.


13.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A from the provisions of FRS 102, on the grounds that at 30 September 2024 it was wholly owned subsidiary.


14.


Post balance sheet events

Following the year end the company's trade, assets and certain liabilities were hived up to John Hogg & Co, Limited and the preference shares were redeemed at par value.


15.


Ultimate Controlling party

The company's immediate and ultimate parent undertaking, and the undertaking of the smallest and largest group of undertakings of which the company is a member and for which consolidated financial statements are prepared is John Hogg & Co, Limited, a company incorporated in Northern Ireland. Copies of the group financial statements are available to the public from Companies House. 
The ultimate controlling parties continue to be the shareholders of John Hogg & Co, Limited.

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Page 8

 
Killylane Properties Limited
 

 
Notes to the financial statements
For the year ended 30 September 2024

16.


Auditor's information

The auditor's report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 6 March 2025 by Brian Clerkin (Senior statutory auditor) on behalf of Sumer Auditco NI Limited.


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