Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
606,469 | 421,739 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
|
|
|
- due after more than one year | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
336,134 | 371,800 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 129,876 | 288,571 | ||
Total assets less current liabilities | 736,345 | 710,310 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Revaluation reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Kingsford Estates Limited (registered number:
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 Estates 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 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.
Group accounts exemption s399
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.
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 |
|
Fixtures and fittings |
|
Computer equipment |
|
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 held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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.
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.
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.
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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, 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 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.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Plant and machinery | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 October 2021 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
At 30 September 2022 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 October 2021 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
At 30 September 2022 |
|
|
|
|
|||
Net book value | |||||||
At 30 September 2022 |
|
|
|
|
|||
At 30 September 2021 |
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Subsidiary undertakings |
|
|
|
Participating interests |
|
|
|
Other investments and loans |
|
|
|
595,218 | 418,097 |
Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 October 2021 |
|
At 30 September 2022 |
|
Carrying value at 30 September 2022 |
|
Carrying value at 30 September 2021 |
|
Investments in joint ventures | Other investments | Total | |||
£ | £ | £ | |||
Carrying value before impairment | |||||
At 01 October 2021 |
|
|
|
||
Additions |
|
|
|
||
Share of profits |
|
|
|
||
Drawings | (37,000) | 0 | (37,000) | ||
Revaluation | 150,000 | 19,582 | 169,582 | ||
At 30 September 2022 |
|
|
|
||
Provisions for impairment | |||||
At 01 October 2021 |
|
|
|
||
At 30 September 2022 |
|
|
|
||
Carrying value at 30 September 2022 |
|
|
|
||
Carrying value at 30 September 2021 |
|
|
|
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 30.09.2022 |
Ownership 30.09.2021 |
|
14 Albany Street, Edinburgh, EH1 3QB | Property letting |
|
|
|
|
14 Albany Street, Edinburgh, EH1 3QB | Property letting |
|
|
|
|
14 Albany Street, Edinburgh, EH1 3QB | Property letting |
|
|
|
2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
||
Debtors: amounts falling due after more than one year | |||
Amounts owed by own subsidiaries |
|
|
2022 | 2021 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to own subsidiaries |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Bank loans |
|
|
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
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 £36,922 (2021: £26,809) from 26 Dublin Street Limited. At the end of the period 26 Dublin Street Limited owed Kingsford Estates Limited £Nil (2021: £2,228) in relation to management fees and £1,538 (2021: £Nil) 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 £32,917 (2021: £27,865) from Albany Street Limited. At the end of the period Kingsford Estates Limited owed Albany Street Limited £757 (2021: £3,914) and Albany Street Limited owed Kingsford Estates Limited £1,524 (2021: £Nil) 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 £270,000 (2021: £318,680) and interest accruing on the loan of £Nil (2020: £Nil). The balance is unsecured. During the period Kingsford Estates Limited paid Albany Street Limited handset rental of £Nil (2021: £767).
During the period, Kingsford Estates Limited received property management fees of £3,733 (2021: £18,260) from Kingsford Residence 1 Limited, a company under common control. At the end of the period Kingsford Residence 1 Limited owed Kingsford Estates Limited £581 (2021: £11,310) in relation to
management fees and £21,973 (2021: £Nil) in relation to items paid for by Kingsford Estates Limited on behalf of Kingsford Residence 1 Limited. In addition, Kingsford Estates Limited owed Kingsford Residence 1 Limited a loan of £20,000 (2021: £Nil) and interest accruing on the loan of £Nil (2021: £Nil). The balance is unsecured.
During the period, Kingsford Estates Limited received £37,000 (2021: £40,000) 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 £40,823 (2021: £40,493) in relation to property management fees. At the end of the period Walker Street owed Kingsford Estates Limited £10,000 (2021: £10,500) in relation to profit share and £1,283 in relation to items paid for on its behalf by Kingsford Estates Limited.
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 £2,376 (2021: £1,323) from Kingsford Residential Limited. At the end of the period Kingsford Residential owed Kingsford Estates Limited £50 (2021: £46).
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 £Nil (2021: £3,913). At the end of the period Kingsford Estates Limited owed Kingsford Developments Limited £Nil (2021: £389).
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 Kingsford Estates Limited owed Let Tech Solutions Limited £1,801 (2021: £690).
At the end of the period, Kingsford Estates Limited owed Kingsford Commercial Limited, a company under common control, a loan of £18,000 (2021: £Nil) and interest accruing on the loan of £Nil (2021: £Nil). The balance is unsecured. In addition, Kingsford Commercial Limited owed Kingsford Estates Limited £195 (2021: £Nil) in relation to items paid for on its behalf by Kingsford Estates Limited.
At the end of the period Alex Watts, a director, owed Kingsford Estates Limited £3,432 (2021: £Nil) in relation to items purchased on behalf of Alex Watts by Kingsford Estates Limited. In addition, Kingsford Estates owed Alex Watts £86,542 (2021: £40,000) relating to a loan, which is unsecured and repayable on demand.