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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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KIC (Holdings) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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KIC (Holdings) Limited |
KIC (Holdings) Limited (Registered number: SC198237) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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KIC (Holdings) Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Whitefriars Crescent |
Perth |
Perthshire |
PH2 0PA |
KIC (Holdings) Limited (Registered number: SC198237) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
KIC (Holdings) Limited (Registered number: SC198237) |
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Balance Sheet - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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KIC (Holdings) Limited (Registered number: SC198237) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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KIC (Holdings) Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about KIC (Holdings) Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company has taken the |
option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover represents income received from farming, the letting of property and land, together with |
wayleaves and feu duties. |
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Tangible fixed assets |
Some of the company's properties are held for long-term investment and therefore meet the definition of |
investment property. Upon transition to FRS102 no reliable measurement of fair value could be determined |
without considerable effort and expense. The directors have therefore decided to account for investment |
properties as property, plant & equipment using the cost model. |
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Plant and machinery is depreciated at 25% on the reducing balance basis. |
Fixtures and fittings is depreciated at 25% on the reducing balance basis. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted |
or substantively enacted by the balance sheet date. |
KIC (Holdings) Limited (Registered number: SC198237) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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3. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates |
and laws that have been enacted or substantively enacted by the year end and that are expected to apply to |
the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Heritable | machinery |
property | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Assets under construction at a cost of £1,706,260 are included in heritable property. |
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The carrying value of the heritable property represents its valuation at February 1999 plus purchases since |
that date, at cost. |
KIC (Holdings) Limited (Registered number: SC198237) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans |
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KIC (Holdings) Limited (Registered number: SC198237) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2016 | 2015 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank loans |
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A standard security over the farm land at Laurencekirk has been granted to AMC plc as security for the |
bank loan. |
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10. | CAPITAL COMMITMENTS |
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The construction work described in note 5 is only partly complete at the year end. A further £2,000,000 |
will be spent in 2017. |
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11. | POST BALANCE SHEET EVENTS |
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Loans from WB Morrison, included in other creditors, are converted to share capital in 2017. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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13. | FIRST YEAR ADOPTION |
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This is the first year in which the financial statements have been prepared under FRS102. There were no |
adjustments on transition. |
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