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REGISTERED NUMBER:
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THE HALO KILMARNOCK LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2019 |
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REGISTERED NUMBER:
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THE HALO KILMARNOCK LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2019 |
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THE HALO KILMARNOCK LIMITED (REGISTERED NUMBER: SC536157) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2019 |
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Page |
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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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THE HALO KILMARNOCK LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
11 Portland Road |
Kilmarnock |
Ayrshire |
KA1 2BT |
THE HALO KILMARNOCK LIMITED (REGISTERED NUMBER: SC536157) |
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BALANCE SHEET |
31ST MAY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital contributions |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
THE HALO KILMARNOCK LIMITED (REGISTERED NUMBER: SC536157) |
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BALANCE SHEET - continued |
31ST MAY 2019 |
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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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THE HALO KILMARNOCK LIMITED (REGISTERED NUMBER: SC536157) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2019 |
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1. | STATUTORY INFORMATION |
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The Halo Kilmarnock 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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
As the only category of assets is property under construction, no depreciation has been provided in the current or |
comparative financial statements. |
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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
THE HALO KILMARNOCK LIMITED (REGISTERED NUMBER: SC536157) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2019 |
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4. | TANGIBLE FIXED ASSETS |
Assets |
under |
construction |
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COST |
At 1st June 2018 |
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Additions |
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At 31st May 2019 |
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NET BOOK VALUE |
At 31st May 2019 |
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At 31st May 2018 |
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The company has a licence to occupy land, pending the formal transfer of title, in connection with the project |
outlined at note 9 below. Site preparation and enabling costs have been treated as capital expenditure in these |
circumstances. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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During the year the company traded with entities in which the directors had controlling interests. The total cost to |
the company in respect of the related transactions was £84,724. Balances owed to these entities at the year-end |
date amounted to £6,398. |
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During the year the company also traded with its parent company (refer to note 8). The total cost to the company |
in respect of the related transactions was £84,500. The balance owed to the parent company at the year-end date |
was £3,000. |
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8. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Halo Urban Regeneration Company Limited. |
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The ultimate controlling party is
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THE HALO KILMARNOCK LIMITED (REGISTERED NUMBER: SC536157) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2019 |
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9. | CAPITAL CONTRIBUTIONS |
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Under the terms of a Minute of Agreement dated 13 October 2017, involving the company and East Ayrshire |
Council, capital contributions totalling £3,533,614 are payable to the company by East Ayrshire Council and |
Diageo Scotland Limited. The difference between this total and the amounts received at the balance sheet date |
(£1,254,604) is included in the other debtors (note 5). The capital contributions are used to fund the project |
capital expenditure (note 4) and related overheads. |