Registered number: NI611348
Killylane Properties Limited
Financial statements
Information for filing with the registrar
For the year ended 30 September 2024
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Killylane Properties Limited
Registered number: NI611348
Balance sheet
As at 30 September 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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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.
The notes on pages 2 to 9 form part of these financial statements.
Page 1
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
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
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Basis of preparation of financial statements
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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:
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
Page 2
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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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.
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.
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.
Page 3
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
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.
Page 4
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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Freehold investment property
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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.
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Amounts owed by group undertakings
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Prepayments and accrued income
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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.
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Cash and cash equivalents
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Page 5
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Share capital treated as debt
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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.
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Bank loans are secured on the investment properties owned by the Company.
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Page 6
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Capital losses carried forward
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Shares classified as equity
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Allotted, called up and fully paid
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7,500 (2023 - 7,500) Ordinary shares of £1.00 each
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7,500 (2023 - 7,500) Ordinary 'A' shares of £1.00 each
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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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Page 7
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
11.Share capital (continued)
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Shares classified as debt
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Allotted, called up and fully paid
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700,000 (2023 - 700,000) 3% Preference shares shares of £1.00 each
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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.
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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.
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Related party transactions
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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.
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Post balance sheet events
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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.
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Ultimate Controlling party
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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.
Page 8
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Killylane Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
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.
Page 9
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