Kippen Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC343029 (Scotland)

KIPPEN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2020

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

L Doyle

R Henderson

SECRETARY:

A M M Thomson

REGISTERED OFFICE:

Springfield House

Laurelhill Business Park

Stirling

FK7 9JQ

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. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

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 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/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 ICAS as detailed at http://www.icas.com/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 profit 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

21st May 2021

FIXED ASSETS

Intangible assets

4

23,000

35,000

Tangible assets

5

6,870

12,646

Investment property

6

400,000

400,000

429,870

447,646

CURRENT ASSETS

Debtors

7

11,191

6,575

Cash at bank

1,900

1,149

13,091

7,724

CREDITORS

Amounts falling due within one year

8

48,875

53,043

NET CURRENT LIABILITIES

(35,784

)

(45,319

)

TOTAL ASSETS LESS CURRENT LIABILITIES

394,086

402,327

CREDITORS

Amounts falling due after more than one year

9

(190,164

)

(205,465

)

PROVISIONS FOR LIABILITIES

12

(30,855

)

(31,630

)

NET ASSETS

173,067

165,232

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

172,967

165,132

SHAREHOLDERS' FUNDS

173,067

165,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2020 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st May 2021 and were signed on its behalf by:

R Henderson - Director

1.	STATUTORY INFORMATION

Kippen Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern basis

The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

In common with many other businesses the COVID 19 pandemic has caused a downturn in business but the various government support initiatives have helped to alleviate the effect of this. The directors are not able to predict what government measures will be taken to control the continued spread of the virus and so this does create a material uncertainty that may cast doubt on the company's ability to continue as a going concern however the directors are of the view that the company will continue as a going concern and, therefore, will realise its assets, liabilities and commitments in the normal course of business.

Turnover

The turnover shown in the profit and loss account represents rental income and barralage discount receivable for the year.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate at the balance sheet date.

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.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Operating leases

Rentals receivable under operating leases are included in turnover on an accruals basis. Lease premiums are recognised over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2019

and 31st May 2020

60,000

AMORTISATION

At 1st June 2019

25,000

Amortisation for year

12,000

At 31st May 2020

37,000

NET BOOK VALUE

At 31st May 2020

23,000

At 31st May 2019

35,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st June 2019

and 31st May 2020

23,106

DEPRECIATION

At 1st June 2019

10,460

Charge for year

5,776

At 31st May 2020

16,236

NET BOOK VALUE

At 31st May 2020

6,870

At 31st May 2019

12,646

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2019

and 31st May 2020

400,000

NET BOOK VALUE

At 31st May 2020

400,000

At 31st May 2019

400,000

Fair value at 31st May 2020 is represented by:

£

Valuation in 2020

400,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.5.20

31.5.19

£

£

Cost

157,181

157,181

The investment properties were valued on a fair value basis basis on 31st May 2020 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Other debtors

11,191

6,575

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans and overdrafts (see note 10)

10,220

9,820

Trade creditors

290

15

Taxation and social security

5,450

7,063

Other creditors

32,915

36,145

48,875

53,043

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans (see note 10)

146,813

144,215

Other creditors

43,351

61,250

190,164

205,465

Amounts falling due in more than five years:

Repayable by instalments

Bank loans payable after 5 years

89,194

100,379

10.

LOANS

An analysis of the maturity of loans is given below:

31.5.20

31.5.19

£

£

Amounts falling due within one year or on demand:

Bank loans payable < 1 year

10,220

9,820

Other loans

15,000

15,000

25,220

24,820

Amounts falling due between two and five years:

Bank loans payable in 1-5 years

57,619

43,836

Other loans - 2-5 years

43,351

61,250

100,970

105,086

Amounts falling due in more than five years:

Repayable by instalments

Bank loans payable after 5 years

89,194

100,379

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.20

31.5.19

£

£

Bank loans

145,033

154,035

Other loan

58,351

76,250

203,384

230,285

There is a floating charge and standard security over the assets held by the company in favour of Bank of Scotland PLC

There is also a standard security over the property and a floating charge in favour of Caledonian Heritable Ltd.

12.	PROVISIONS FOR LIABILITIES

31.5.20

31.5.19

£

£

Deferred tax

Deferred tax: FA allowances

(3,750

)

(2,975

)

Deferred tax: capital gain/ loss

34,605

34,605

30,855

31,630

Deferred

tax

£

Balance at 1st June 2019

31,630

Deferred tax: FA allowances

(775

)

Deferred tax: capital gains

Balance at 31st May 2020

30,855

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

100

Ordinary

£1

100

100

14.	RELATED PARTY DISCLOSURES

Included in creditors is an amount of £10,229 (2019: £8,534) owed to the directors.

15.	ULTIMATE CONTROLLING PARTY

The company was under the control of R. Henderson and L. Doyle throughout the current and previous year.