Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 21,342,195 | 21,347,154 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 450,248 | 501,820 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 199,755 | 248,669 | ||
| Total assets less current liabilities | 21,541,950 | 21,595,823 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Revaluation reserve |
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| Profit and loss account | (
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Kingsford Residence 1 Limited (registered number:
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Mr J A Watts
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Kingsford Residence 1 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 14 Albany Street, Edinburgh, EH1 3QB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Other property, plant and equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The fair value is determined by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery | Vehicles | Fixtures and fittings | Other property, plant and equipment |
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| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 April 2024 |
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| Additions |
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| At 31 March 2025 |
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| Accumulated depreciation | |||||||||
| At 01 April 2024 |
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| Charge for the financial year |
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| At 31 March 2025 |
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| Net book value | |||||||||
| At 31 March 2025 | 435 | 1,052 | 108,205 | 17,503 | 127,195 | ||||
| At 31 March 2024 | 0 | 0 | 125,170 | 6,984 | 132,154 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2024 |
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| As at 31 March 2025 |
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Investment property comprises of 74 apartments. Valuation of the investment property was undertaken as at July 2023 by Jones Lang LaSalle on an open market basis and reflects the director's view of the valuation as at the date of signing of these accounts.
No depreciation is provided in respect of the property.
On an historical basis these would have been included at an original cost of £16,327,000.
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| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| Amounts owed to Group undertakings |
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| Other creditors |
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| £ | £ | ||
| Deferred tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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At the end of the year, Kingsford Residence 1 Limited owed Kingsford Residential Investments Limited a loan of £3,788,383 (2024: £3,920,616 ) and interest of £269,799 (2024: £230,623) accruing on the loan. The balance is unsecured and has been included within amounts owed to group undertakings falling due after more than one year. Interest of £274,229 (2024: £277,462 ) was waived during the year.
At the end of the year, included within trade creditors are amounts owed to Kingsford Estates Limited of £10,554 (2024: £19,102 ) and to Walker Street LLP of £Nil(2024: £527 ). At the end of the year, included within trade debtors are amounts owed from Kingsford Residential Limited of £42 (2024: £168) and from Kingsford Estates Limited of £Nil(2024: £50 ).
At the end of the year, there was a balance within other debtors owed by Kingsford Developments Ltd to Kingsford Residence 1 Limited of £Nil (2024 : £12,000).
During the year, Kingsford Residence 1 Limited paid property management fees of £11,838 (2024: £9,453) and salary recharges of employees jointly employed of £102,816 (2024: £97,193) to Kingsford Estates Limited.
Parent Company:
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| 14 Albany Street Edinburgh Edinburgh Scotland EH1 3QB |