Kingsford Estates Limited is a private company limited by shares incorporated in Scotland . The registered office is 14 Albany Street, EDINBURGH, EH1 3QB.
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 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 .
In common with most businesses the company is facing potential issues in respect of the COVID-19
pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-
changing situation as effectively as possible. The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
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 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.
Basic financial liabilities, including creditors , bank loans, loans from fellow group companies and preference shares 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 paymen ts 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. A m ounts 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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Details of the company's subsidiaries at 30 September 2021 are as follows:
In common with most businesses the company is facing potential issues in respect of the COVID- 19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever- changing situation as effectively as possible.
During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and 26 Dublin Street Limited, a company under common control. During the period Kingsford Estates Limited received property management fees of £26,809 (2020: £39,089) from 26 Dublin Street Limited. At the end of the period 26 Dublin Street Limited owed Kingsford Estates Limited £2,228 (2020: £Nil) in relation to management fees and £nil(2020: £667) in relation to items paid for by Kingsford Estates Limited on behalf of 26 Dublin Street Limited.
During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Albany Street Limited, a company under common control. During the period Kingsford Estates Limited received property management fees of £27,865 (2020: £34,650) from Albany Street Limited. At the end of the period Kingsford Estates Limited owed Albany Street Limited £3,914 (2020: £Nil) and Albany Street Limited owed Kingsford Estates Limited £Nil (2020: £3,868) in relation to items paid for Kingsford Estates Limited on behalf of Albany Street Limited. At the end of the period Albany Street Limited owed Kingsford Estates Limited a loan of £318,680 (2020: £395,000) and interest accruing on the loan of £Nil (2020: £Nil). The balance is unsecured. During the period Kingsford Estates Limited paid Albany Street Limited rent of £Nil (2020: £13,882), handset rental of £767 (2020: £767) and call charges of £Nil (2020: £Nil).
During the period, Kingsford Estates Limited received property management fees of £18,260 (2020: £64,238) from Kingsford Residence 1 Limited, a company under common control. At the end of the period Kingsford Residence 1 Limited owed Kingsford Estates Limited £11,310 (2020: £Nil) in relation to management fees and £Nil (2020 - £Nil) in relation to items paid for by Kingsford Estates Limited on behalf of Kingsford Residence 1 Limited.
During the period, Kingsford Estates Limited received £40,000 (2020: £24,500) from Walker Street LLP, an LLP in which Kingsford Estates Limited holds a 50% interest. This related to a proportion of the profit share. During the period Kingsford Estates Limited received £40,493 (2020: £36,413) in relation to property management fees. At the end of the period Walker Street owed Kingsford Estates Limited £10,500 (2020: £10,667).
During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Kingsford Residential Limited, a company under common control. During the period Kingsford Estates Limited received property management fees of £1,323 (2020: £Nil) from Kingsford Residential Limited. At the end of the period Kingsford Residential owed Kingsford Estates Limited £46 (2020: £Nil).
During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Lettingweb Limited, a company under common control. At the end of the period Lettingweb Limited owed Kingsford Estates Limited £Nil (2020: £84) for items Kingsford Estates Limited had paid for on its behalf.
During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and Kingsford Developments Limited, a company under common control. At the end of the period Kingsford Developments Limited owed Kingsford Estates Limited £3,913 (2020: £4,449). At the end of the period Kingsford Estates Limited owed Kingsford Developments Limited £389 (2020: £Nil).
During the period, expenses were paid for and transfers took place between Kingsford Estates Limited and LetTech Solutions Limited, a company under common control. At the end of the period LetTech Solutions Limited owed Kingsford Estates Limited £Nil (2020: £1,030). At the end of the period Kingsford Estates Limited owed Let Tech Solutions Limited £690 (2020: £Nil).