Black King Properties Limited Filleted accounts for Companies House (small and micro)

BLACK KING PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC227954

Black King Properties Limited

Filleted Unaudited Financial Statements

30 June 2021

Black King Properties Limited

Financial Statements

Year ended 30 June 2021

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Black King Properties Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Black King Properties Limited

Year ended 30 June 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Black King Properties Limited for the year ended 30 June 2021, which comprise the statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Black King Properties Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Black King Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Black King Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Black King 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 Black King Properties Limited. You consider that Black King 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 Black King 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

8 March 2022

Black King Properties Limited

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5	375,803	375,922
Investments	6	275	275
		---------	---------
		376,078	376,197

Current assets

Debtors	7	167,456	173,758
Cash at bank and in hand		73,677	32,194
		---------	---------
		241,133	205,952

Creditors: amounts falling due within one year	8	127,113		76,778
		---------		---------
Net current assets			114,020	129,174
			---------	---------
Total assets less current liabilities			490,098	505,371

Creditors: amounts falling due after more than one year	9	15,000	–
		---------	---------
Net assets		475,098	505,371
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	475,096	505,369
	---------	---------
Shareholders funds	475,098	505,371
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Black King Properties Limited

Statement of Financial Position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 8 March 2022 , and are signed on behalf of the board by:

Mr G C King

Director

Company registration number: SC227954

Black King Properties Limited

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets

	Investment property	Equipment	Total
	£	£	£
Cost
At 1 July 2020 and 30 June 2021	375,560	1,107	376,667
	---------	-------	---------
Depreciation
At 1 July 2020	–	745	745
Charge for the year	–	119	119
	---------	-------	---------
At 30 June 2021	–	864	864
	---------	-------	---------
Carrying amount
At 30 June 2021	375,560	243	375,803
	---------	-------	---------
At 30 June 2020	375,560	362	375,922
	---------	-------	---------

Tangible assets held at valuation

The company's investment properties were valued at £375,560 at 30th June 2021 (2020: £375,560). If the properties had not been revalued they would have been stated at a cost of £365,714 (2020: £315,714).

6. Investments

	Other investments other than loans
	£
Cost
At 1 July 2020 and 30 June 2021	275
	----
Impairment
At 1 July 2020 and 30 June 2021	–
	----

Carrying amount
At 30 June 2021	275
	----
At 30 June 2020	275
	----

The company owns 100% of the ordinary share capital of Oban Bay Properties Limited, a company registered in Scotland. The profit of that company for the year ended 30 June 2021 was £nil (2020: £nil). The aggregate share capital and reserves was £1,000 (2020: £1,000).

The company acquired an interest of 25% of the shareholding in Chapel Street Properties (Scotland) Limited at its incorporation on 22nd November 2018. That company has not yet prepared accounts.

7. Debtors

	2021	2020
	£	£
Trade debtors	–	1,087
Other debtors	167,456	172,671
	---------	---------
	167,456	173,758
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,000	1,000
Corporation tax	3,424	1,359
Social security and other taxes	3,173	573
Other creditors - Deposit	–	1,419
Other creditors	119,516	72,427
	---------	--------
	127,113	76,778
	---------	--------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	15,000	–
	--------	----

10. Directors' advances, credits and guarantees

At the year end the company owed Mr & Mrs G C King, directors, an amount of £113,998 (2020: £70,000).

11. Related party transactions

At 30th June 2021 the company owed its subsidiary, Oban Bay Properties Limited £1,000 (2020: £1,000). At 30th June 2021 the company was owed £156,475 (2020: £166,475) from Chapel Street Properties (Scotland) Limited, a company in which it has an interest.

12. Controlling party

The company was under the control of Mr G C King , director, throughout the current period.