Company Registration No. SC198237 (Scotland)
KIC (HOLDINGS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
KIC (HOLDINGS) LTD
COMPANY INFORMATION
Directors
Mrs K Morrison
Mr W B Morrison
Mr J W S P Morrison
Secretary
Savills (UK) Limited
Company number
SC198237
Registered office
Kincardine House
Aberargie
Perthshire
PH2 9LX
Accountants
Azets
5 Whitefriars Crescent
Perth
PH2 0PA
KIC (HOLDINGS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
KIC (HOLDINGS) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,282,423
8,431,845
Investments
5
1,709,503
1,646,713
9,991,926
10,078,558
Current assets
Stocks
1,220,014
1,325,469
Debtors
7
5,288,352
5,202,933
Cash at bank and in hand
856,059
626,581
7,364,425
7,154,983
Creditors: amounts falling due within one year
8
(272,470)
(304,643)
Net current assets
7,091,955
6,850,340
Total assets less current liabilities
17,083,881
16,928,898
Creditors: amounts falling due after more than one year
9
(2,242,628)
(2,316,838)
Provisions for liabilities
(231,068)
(153,696)
Net assets
14,610,185
14,458,364
Capital and reserves
Called up share capital
10
1,003
1,003
Share premium account
4,945,766
4,945,766
Capital redemption reserve
810
810
Profit and loss reserves
9,662,606
9,510,785
Total equity
14,610,185
14,458,364
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KIC (HOLDINGS) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 November 2020 and are signed on its behalf by:
Mr J W S P Morrison
Director
Company Registration No. SC198237
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
KIC (Holdings) Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Kincardine House, Aberargie, Perthshire, PH2 9LX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents income received from farming, the letting of property and land, whisky sales, together with wayleaves and feu duties.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on straight line
Plant and equipment
25% on reducing balance and 5% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. 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). 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.
Recoverable amount is the higher of fair value less costs to sell and 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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
3
3
3
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
390
5,415
Adjustments in respect of prior periods
-
(8,348)
Total current tax
390
(2,933)
Deferred tax
Origination and reversal of timing differences
77,371
153,696
Total tax charge
77,761
150,763
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
8,074,210
480,225
32,330
4,276
8,591,041
Additions
-
37,650
88,549
-
126,199
Disposals
(110,900)
-
-
-
(110,900)
At 31 December 2019
7,963,310
517,875
120,879
4,276
8,606,340
Depreciation and impairment
At 1 January 2019
94,196
52,396
11,535
1,069
159,196
Depreciation charged in the year
92,236
44,425
27,336
802
164,799
Eliminated in respect of disposals
(78)
-
-
-
(78)
At 31 December 2019
186,354
96,821
38,871
1,871
323,917
Carrying amount
At 31 December 2019
7,776,956
421,054
82,008
2,405
8,282,423
At 31 December 2018
7,980,014
427,829
20,795
3,207
8,431,845
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
1,709,501
1,646,711
Other investments other than loans
2
2
1,709,503
1,646,713
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2019
1,646,711
2
1,646,713
Additions
62,790
-
62,790
At 31 December 2019
1,709,501
2
1,709,503
Carrying amount
At 31 December 2019
1,709,501
2
1,709,503
At 31 December 2018
1,646,711
2
1,646,713
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
KIC Inventories Limited
Kincardine House, Aberargie, Perth, Scotland, PH2 9LX
Ordinary
100.00
Morrison Scotch Whisky Distillers Limited
Kincardine House, Aberargie, Perth, Scotland, PH2 9LX
Ordinary
96.00
The Perth Distilling Company Limited
Kincardine House, Aberargie, Perth, Scotland, PH2 9LX
Ordinary
100.00
Grange Mains Farm Limited
Kincardine House, Aberargie, Perth, Scotland, PH2 9LX
Ordinary
100.00
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
364,624
659,251
Corporation tax recoverable
6,718
7,106
Other debtors
4,900,343
4,519,243
5,271,685
5,185,600
2019
2018
Amounts falling due after more than one year:
£
£
Other debtors
16,667
17,333
Total debtors
5,288,352
5,202,933
8
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
164,978
187,674
Taxation and social security
7,184
1,630
Other creditors
100,308
115,339
272,470
304,643
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
2,020,000
2,020,000
Other creditors
222,628
296,838
2,242,628
2,316,838
A standard security over the farm land at Laurencekirk has been granted to AMC plc as security for the bank loan.
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable other than by instalments
2,020,000
2,020,000
KIC (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
10
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
823 Ordinary A of £1 each
823
823
180 Ordinary B of £1 each
180
180
1,003
1,003
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
true
12
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's loan account
-
2,062
12,043
255
(5,120)
9,240
2,062
12,043
255
(5,120)
9,240
13
Ultimate controlling party
The ultimate controlling party is Mrs K B M C Morrison.
2019-12-31
2019-01-01
false
11 November 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
Mrs K Morrison
Mr W B Morrison
Mr J W S P Morrison
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