Klin Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC198804 (Scotland)

KLIN HOLDINGS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Macklin

SECRETARY:

D Macklin

REGISTERED OFFICE:

Andrew Barclay Railway Heritage Centre

West Langlands Street

Kilmarnock

Ayrshire

KA1 2PY

REGISTERED NUMBER:

SC198804 (Scotland)

ACCOUNTANTS:

JRD LLP

11 Portland Road

Kilmarnock

KA1 2BT

FIXED ASSETS

Tangible assets

4

135,369

139,141

Investment property

5

4,017,298

4,295,000

4,152,667

4,434,141

CURRENT ASSETS

Stocks

50,000

-

Debtors

6

1,930,755

1,601,176

Cash at bank and in hand

113,736

273,595

2,094,491

1,874,771

CREDITORS

Amounts falling due within one year

7

169,061

102,350

NET CURRENT ASSETS

1,925,430

1,772,421

TOTAL ASSETS LESS CURRENT LIABILITIES

6,078,097

6,206,562

CREDITORS

Amounts falling due after more than one year

8

(1,685,153

)

(1,713,509

)

PROVISIONS FOR LIABILITIES

(874

)

(874

)

NET ASSETS

4,392,070

4,492,179

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Revaluation reserve

9

3,443,427

3,443,427

Retained earnings

943,643

1,043,752

SHAREHOLDERS' FUNDS

4,392,070

4,492,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 16th January 2024 and were signed by:

D Macklin - Director

1.	STATUTORY INFORMATION

Klin Holdings 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.

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.

Turnover

Turnover represents amounts recognised as income on contracts. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on reducing balance

Investment property

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although the accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005), it is a departure from the general requirement of the Companies Act 1985 for all tangible assets to be depreciated. In the opinion of the director, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this, which might otherwise have been charged, cannot be separately identified or quantified.

Stocks

Development land stocks and finished goods are valued at the lower of cost and net realisable value.

Contract work-in-progress includes an element of profit to the extent that this is being recognised on long term contracts.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st October 2022

and 30th September 2023

155,000

70,125

225,125

DEPRECIATION

At 1st October 2022

48,050

37,934

85,984

Charge for year

3,100

672

3,772

At 30th September 2023

51,150

38,606

89,756

NET BOOK VALUE

At 30th September 2023

103,850

31,519

135,369

At 30th September 2022

106,950

32,191

139,141

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st October 2022

4,295,000

Disposals

(277,702

)

At 30th September 2023

4,017,298

NET BOOK VALUE

At 30th September 2023

4,017,298

At 30th September 2022

4,295,000

The investment properties were revalued by the director at the last balance sheet date, taking into consideration an external valuation carried out during the previous financial year.

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

15,135

23,445

Amounts owed by group undertakings

4,270

4,835

Other debtors

1,058

3,998

20,463

32,278

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,910,292

1,568,898

Aggregate amounts

1,930,755

1,601,176

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

22,800

22,800

Trade creditors

40,239

36,238

Taxation and social security

34,122

25,439

Other creditors

71,900

17,873

169,061

102,350

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,654,400

1,677,200

Other creditors

30,753

36,309

1,685,153

1,713,509

2023

2022

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,586,000

1,586,000

Other loans more 5yrs instal

8,529

14,085

1,594,529

1,600,085

9.

RESERVES

Revaluation

reserve

£

At 1st October 2022

and 30th September 2023

3,443,427

10.	RELATED PARTY DISCLOSURES

During the year, rental income of £9,600 was charged to the director in respect of a property that was used personally throughout the financial year.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Klin Investment UK Limited.

The ultimate controlling party is D Macklin.