Kiltane Developments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC103823

KILTANE DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investments

4

865,920

865,815

CURRENT ASSETS

Stocks

681,640

681,640

Debtors

5

654,671

589,191

Cash at bank

-

16,401

1,336,311

1,287,232

CREDITORS

Amounts falling due within one year

6

305,480

295,385

NET CURRENT ASSETS

1,030,831

991,847

TOTAL ASSETS LESS CURRENT LIABILITIES

1,896,751

1,857,662

CAPITAL AND RESERVES

Called up share capital

2

2

Profit and loss account

1,896,749

1,857,660

SHAREHOLDERS' FUNDS

1,896,751

1,857,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2022 and were signed on its behalf by:

Mr J M Keane - Director

1.	STATUTORY INFORMATION

Kiltane Developments Limited is a private company, limited by shares, registered in Scotland. The registered office is 9-13 Marnin Way, Edinburgh, Scotland, EH12 9GD.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Kiltane Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover

Turnover represents the invoice value of services rendered, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer.

Work in progress

Work in progress is valued at the lower of cost and estimated selling price less costs to sell. Cost includes a relevant proportion of overheads according to stage of completion.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Fixed asset investments

Equity investments are recognised initially at fair value which is normally the transaction price excluding any transaction costs. Subsequently, they are measured at fair value through profit and loss. Revaluation gains or losses arising on revaluation are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable fair value reserve in the balance sheet. If subsequently, the original cost exceeds the fair value of the investments, then a transfer is made back from the fair value reserve to the profit and loss account reserves.

Investments representing shareholdings in unquoted subsidiary undertakings are stated at cost less impairment.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

2021

2020

£

£

Other investments not loans

865,920

865,815

Additional information is as follows:

Shares in

Listed

group

investments

undertakings

Totals

£

£

£

COST OR VALUATION

At 1 January 2021

7,070

800,050

807,120

Revaluations

105

-

105

At 31 December 2021

7,175

800,050

807,225

NET BOOK VALUE

At 31 December 2021

7,175

800,050

807,225

At 31 December 2020

7,070

800,050

807,120

Investments (neither listed nor unlisted) were as follows:

2021

2020

£

£

Other investments

58,695

58,695

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

654,671

589,191

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,699

150

Taxation and social security

9,242

1,416

Other creditors

294,539

293,819

305,480

295,385

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Mr J M Keane

Balance outstanding at start of year

16,131

12,049

Amounts advanced

23,985

4,082

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,116

16,131

The above loan is repayable on demand and interest has been charged on this at a commercial rate.

8.	RELATED PARTY DISCLOSURES

Included within debtors at the year end is an amount of £353,322 (2020: £335,322) due from Kiltane Properties Limited, a company controlled by the director, Mr J M Keane. This amount is repayable on demand and interest free.

Included within creditors at the year end is an amount due to Kiltane Investments LLP of £5,000 (2020: £5,000). The director, Mr J M Keane is a member of this LLP. This amount is repayable on demand, unsecured and interest free.

Also included within creditors at the year end is an amount due to Kiltane Retail Limited of £283,450 (2020: £283,756), a company controlled by the director, Mr J M Keane. This amount is repayable on demand, unsecured and interest free.