Killermont Developments Ltd - Accounts to registrar (filleted) - small 23.1.2

Killermont Developments Ltd - Accounts to registrar (filleted) - small 23.1.2

KILLERMONT DEVELOPMENTS LTD - Company Information

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REGISTERED NUMBER: SC459498 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 September 2022

for

KILLERMONT DEVELOPMENTS LTD
KILLERMONT DEVELOPMENTS LTD (REGISTERED NUMBER: SC459498)






Contents of the Financial Statements
for the Year Ended 30 September 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


KILLERMONT DEVELOPMENTS LTD

Company Information
for the Year Ended 30 September 2022







DIRECTORS: I Stokes
Mrs I Stokes





REGISTERED OFFICE: Suite 411, Baltic Chambers
50 Wellington Street
Glasgow
Strathclyde
G2 6HJ





REGISTERED NUMBER: SC459498 (Scotland)





ACCOUNTANTS: SD Business Management
Suite 411 Baltic Chambers
50 Wellington Street
Glasgow
Strathclyde
G2 6HJ
Page 1
KILLERMONT DEVELOPMENTS LTD (REGISTERED NUMBER: SC459498)

Abridged Balance Sheet
30 September 2022

30.9.22 30.9.21
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,070,000 1,040,000

CURRENT ASSETS
Cash at bank 102,025 106,862

CREDITORS
Amounts falling due within one year 754,948 792,458
NET CURRENT LIABILITIES (652,923 ) (685,596 )
TOTAL ASSETS LESS CURRENT LIABILITIES 417,077 354,404

PROVISIONS FOR LIABILITIES 32,432 26,732
NET ASSETS 384,645 327,672

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 384,445 327,472
SHAREHOLDERS' FUNDS 384,645 327,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 June 2023 and were signed on its behalf by:





I Stokes - Director


The notes form part of these financial statements

Page 2
KILLERMONT DEVELOPMENTS LTD (REGISTERED NUMBER: SC459498)

Notes to the Financial Statements
for the Year Ended 30 September 2022

1. STATUTORY INFORMATION

Killermont Developments Ltd 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.

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.

In accordance with their responsibility as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

Turnover
Turnover represent the gross amount of rental income received.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Properties
The company's properties are held for long term investment and in accordance with FRS 102 Section 16.

i) Investment properties are revalued annually and the aggregate surplus or deficit is transferred to the profit & loss as a non-distributable reserve; and

ii) No depreciation or amortisation is provided in respect of investment properties.

Included in the Retained Earnings is a non-distributable reserve of £189,746 (2021: £192,178).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

Page 3 continued...
KILLERMONT DEVELOPMENTS LTD (REGISTERED NUMBER: SC459498)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2021 1,040,000
Revaluations 30,000
At 30 September 2022 1,070,000
NET BOOK VALUE
At 30 September 2022 1,070,000
At 30 September 2021 1,040,000

Fair value at 30 September 2022 is represented by:
£   
Valuation in 2018 72,178
Valuation in 2019 10,000
Valuation in 2020 35,000
Valuation in 2021 75,000
Valuation in 2022 30,000
Cost 847,822
1,070,000

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

30.9.22 30.9.21
£    £   
Cost 847,822 847,822
Aggregate depreciation (310,356 ) (240,755 )

The investment properties were valued on an open market basis on 30 September 2022 by the directors .

Deferred tax has been provided for should the investment properties be realised at the revalued amount.

Page 4