James Keiller Estates Limited Filleted accounts for Companies House (small and micro)

JAMES KEILLER ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC145636

James Keiller Estates Limited

Filleted Unaudited Financial Statements

For the year ended

30 September 2020

James Keiller Estates Limited

Financial Statements

Year ended 30 September 2020

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 5

James Keiller Estates Limited

Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	5	583,632	580,206
Cash at bank and in hand		13	2,213
		---------	---------
		583,645	582,419

Creditors: amounts falling due within one year	6	( 57,729)		( 569,992)
		---------		---------
Net current assets			525,916	12,427
			---------	--------
Total assets less current liabilities			525,916	12,427
			---------	--------
Net assets			525,916	12,427
			---------	--------

Capital and reserves

Called up share capital	7	1	1
Capital redemption reserve		1	1
Profit and loss account		525,914	12,425
		---------	--------
Shareholder funds		525,916	12,427
		---------	--------

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 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 June 2021 , and are signed on behalf of the board by:

B R Linton
Director

Company registration number: SC145636

James Keiller Estates Limited

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Bannerman House, 27 South Tay Street, Dundee, DD1 1NR.

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 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 . Going concern The financial statements have been prepared on a going concern basis. The director has assessed the company's ability to continue as a going concern, and has reasonable expectation that the company, and the group, has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements. See the note titled Going concern and COVID-19 for further information.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of property, rents received and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments in group undertakings and unlisted entities are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Investments

	Shares in group undertakings
	£

Cost
At 1 October 2019	383
Disposals	( 383)
	----
At 30 September 2020	–
	----
Impairment
At 1 October 2019	383
Disposals	( 383)
	----
At 30 September 2020	–
	----

Carrying amount
At 30 September 2020	–
	----
At 30 September 2019	–
	----

Subsequent to the year end, Bluestone Estates Limited was dissolved. As this company undertook no activity after 30 September 2020, and James Keiller Estates Limited derived no benefit from the shareholding after that date, the investment in this company has been disposed of at the year end.

5. Debtors

	2020	2019
	£	£

Trade debtors	1,678	1,780
Amounts owed by group undertakings and undertakings in which the company has a participating interest	402,478	380,022
Other debtors	179,476	198,404
	---------	---------
	583,632	580,206
	---------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£

Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,969	–
Other creditors	52,760	569,992
	--------	---------
	57,729	569,992
	--------	---------

7. Called up share capital

Issued, called up and fully paid

2020		2019
No.	£	No.	£

Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

8. Going concern and covid-19

Both during and subsequent to the year end, the director was aware of ongoing material uncertainties in respect of the effects of COVID-19 that may cast significant doubt upon the company's ability to continue as a going concern. However, the director is developing and implementing mitigating actions and processes to ensure that the company continues to function and manage future operations and those of his stakeholders.

On the basis that the company has no external funding and the director has indicated that he will continue to provide funding necessary, he is satisfied that it is appropriate to prepare the accounts on the going concern basis.

9. Related party transactions

The company has taken advantage of exemption under the FRS 102 from the requirement to disclose related party transactions with wholly owned group undertakings. Included in other debtors are the following amounts:

	2020	2019
	£	£
Craigie Estates Limited	128,179	128,179
Delson Waste Management (Dundee) Limited	17,500	17,500
RLS Trading Limited	8,812	8,812
SWR Developments Limited	180	180
	---------	---------
	154,671	154,671
	---------	---------

B R Linton is a director of each of the above companies. The companies all operate in the property sector and the director is satisfied that all sums are fully recoverable on the assumption that they continue to receive support from the bank. Included in other debtors is an amount of £ 19,479 (2019: 19,479) due from Creston Estates Limited of which S A H Linton, daughter of B R Linton , is a director. Also included in other debtors are the following amounts:

	2020	2019
	£	£
BRL 1995 Discretionary Trust	330	330
	----	----

B R Linton is a trustee of the above trust. Included in other creditors are the following amounts:

	2020	2019
	£	£
Shire Properties (Scotland) Limited	–	522,202
	----	---------

B R Linton is a director of the above company. The loan and oustsanding interest was waived on 1 October 2019 by Shire Properties Limited . Loan interest of £nil (2019: £9,137) was charged in the period to the company by Shire Properties (Scotland) Limited. Included in other creditors is an amount due to James Keiller Estates Limited Retirement and Death Benefit Scheme of £ 44,487 (2019: £44,487). Loan interest of £nil (2019: £nil) was charged in the period to the company. B R Linton is a trustee of this scheme.

10. Controlling party

The company's immediate parent undertaking is James Keiller Holdings Limited and its ultimate parent undertaking is James Keiller Property Holdings Limited . The Linton family control 100% of the shares of James Keiller Property Holdings Limited, the company's ultimate controlling party.