Kippen Properties Limited - Limited company - abbreviated

REGISTERED NUMBER: SC343029 (Scotland)

KIPPEN PROPERTIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MAY 2014

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

L Doyle

R Henderson

SECRETARY:

A M M Thomson

REGISTERED OFFICE:

Forsyth House Lomond Court

The Castle Business Park

Stirling

FK9 4TU

REGISTERED NUMBER:

SC343029 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Bank of Scotland

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages

three to seven) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kippen Properties Limited for the year ended 31st May 2014 which comprise the Profit

and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical

and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Kippen Properties Limited, as a body, in accordance with

our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of Kippen Properties Limited and state those matters that we have agreed to state to the Board of

Directors of Kippen Properties Limited, as a body, in this report in accordance with the requirements of the

Institute of Chartered Accountants of Scotland as detailed at

http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or

assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for

this report.

It is your duty to ensure that Kippen Properties Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of

Kippen Properties Limited. You consider that Kippen Properties Limited is exempt from the statutory audit

requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kippen Properties

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the statutory

financial statements.

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

27th February 2015

FIXED ASSETS

Tangible assets

2

3,457

4,787

Investment property

3

451,550

450,000

455,007

454,787

CURRENT ASSETS

Stocks

-

5,000

Debtors

93

14,972

Cash at bank and in hand

3,169

500

3,262

20,472

CREDITORS

Amounts falling due within one year

4

411,493

411,995

NET CURRENT LIABILITIES

(408,231

)

(391,523

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

46,776

63,264

CREDITORS

Amounts falling due after more than one
year

4

131,250

110,794

NET LIABILITIES

(84,474

)

(47,530

)

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

(84,574

)

(47,630

)

SHAREHOLDERS' FUNDS

(84,474

)

(47,530

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2014 in accordance with Section 476 of the Companies Act 2006.

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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27th February 2015 and were signed on its
behalf by:

L Doyle - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis which the directors believe to be

appropriate. At 31st May 2014 the company had net liabilities of £84,474. Included in creditors at 31st

May 2014 is a balance of £233,116 due to the directors. The directors have agreed to support the company

for at least the next 12 months after the approval of these financial statements and will not recall the loan

to the detriment of the company's ability to trade. As such the directors believe it is appropriate for the

financial statements to be prepared on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Turnover

The turnover shown in the profit and loss account represents rental, bar & restaurant and other income

receivable for the period.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the

useful economic life of that asset as follows:

Asset type

Depreciation rate

Equipment

25% straight line

Fixtures & fittings

25% straight line

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual

revaluation is transferred to the investment revaluation reserve unless it is a deficit, or its reversal, on an

individual investment property is expected to be permanent, in which case it is recognised in the profit and

loss account for the year.

This is in accordance with the FRSSE which, unlike Company Law, does not require depreciation of

investment properties. Investment properties are held for their investment potential and not for use by the

company and so their current value is of prime importance. The departure from the provisions of the Act is

required in order to give a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

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 tax, or a right to pay 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

Finance leases and operating leases

Amounts receivable under finance leases are included under debtors and represent the total amount

outstanding under lease agreements less unearned income. Finance lease income, having been allocated to

accounting periods to give a constant periodic rate of return on the net cash investment, is included in

turnover.

Rentals receivable under operating leases are included in turnover on an accruals basis. Lease premiums

are recognised over the term of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st June 2013

and 31st May 2014

40,990

DEPRECIATION

At 1st June 2013

36,203

Charge for year

1,330

At 31st May 2014

37,533

NET BOOK VALUE

At 31st May 2014

3,457

At 31st May 2013

4,787

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st June 2013

450,000

Additions

1,550

At 31st May 2014

451,550

NET BOOK VALUE

At 31st May 2014

451,550

At 31st May 2013

450,000

4.

CREDITORS

Creditors include an amount of £ 146,995 (31.5.13 - £ 137,202 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.5.14

31.5.13

£

Repayable by instalments

71,250

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

100

Ordinary

£1

100

Kippen Properties Limited - Limited company - abbreviated - 11.6

Kippen Properties Limited - Limited company - abbreviated - 11.6