Company Registration No. SC328136 (Scotland)
KILKENNY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
KILKENNY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KILKENNY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,820,000
2,820,000
Current assets
Debtors
4
12,010
19,969
Cash at bank and in hand
5,174
2,760
17,184
22,729
Creditors: amounts falling due within one year
5
(1,912,629)
(1,822,215)
Net current liabilities
(1,895,445)
(1,799,486)
Total assets less current liabilities
924,555
1,020,514
Creditors: amounts falling due after more than one year
6
(850,659)
(918,067)
Net assets
73,896
102,447
Capital and reserves
Called up share capital
100
100
Other reserves
187,745
187,745
Profit and loss reserves
(113,949)
(85,398)
Total equity
73,896
102,447
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.
KILKENNY PROPERTIES LIMITED
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 2 September 2020 and are signed on its behalf by:
J HALLIDAY
J Halliday
Director
Company Registration No. SC328136
KILKENNY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Kilkenny Properties Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
8 Victoria Street, Aberdeen, AB10 1XB.
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 £.
1.2
Going concern
These financial statements are prepared on the going concern basis. At the balance sheet date, the company had net current liabilities of £1,
895,445
(2018 - £1,799,486). Included within these liabilities are amounts due to the directors and related undertakings of £1,
834,287
(2018 - £1,699,275). The financial statements are prepared on a going concern basis which assumes that the company will continue to meet its liabilities as they fall due. The directors have confirmed they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future. As a result, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KILKENNY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2
).
KILKENNY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
3
Investment property
2019
£
Fair value
At 1 January 2019 and 31 December 2019
2,820,000
The 2019 valuations were made by the directors, on an open market value for existing use basis.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
737
Other debtors
1,149
109
Prepayments
10,861
19,123
12,010
19,969
5
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
7
66,967
107,037
Trade creditors
273
2,135
Amounts owed to related undertakings
1,505,448
1,424,035
Corporation tax
-
283
Other creditors
328,839
275,240
Accruals and deferred income
11,102
13,485
1,912,629
1,822,215
6
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
7
850,659
918,067
7
Loans and overdrafts
2019
2018
£
£
Bank loans
917,626
1,025,104
Payable within one year
66,967
107,037
Payable after one year
850,659
918,067
KILKENNY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
8
Related party transactions
During the year, the company
received credits from
the director of
£53,599,
which resulted in amounts due from the company at the year end of £
328,839
(
2018
- £
275,240
). The loan is unsecured and interest free with no fixed repayment terms in place.
The company paid interest on an intercompany loan totalling £22,913 and received further loan of £58,500. This resulted in a balance due to companies under common control of £1,505,448 (2018 - £1,424,035).