Kippen Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC343029 (Scotland)

KIPPEN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

L Doyle

R Henderson

SECRETARY:

A M M Thomson

REGISTERED OFFICE:

Forsyth House Lomond Court

The Castle Business Park

Stirling

FK9 4TU

REGISTERED NUMBER:

SC343029 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Bank of Scotland

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kippen Properties Limited for the year ended 31st May 2017 which comprise the Income

Statement, Balance Sheet, 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Kippen Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kippen Properties Limited and state those matters that we have agreed to state to the Board of Directors of Kippen Properties Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

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

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

22nd February 2018

FIXED ASSETS

Intangible assets

4

59,000

-

Tangible assets

5

9,740

856

Investment property

6

800,000

475,000

868,740

475,856

CURRENT ASSETS

Debtors

7

70,554

19,680

Cash at bank

-

4,005

70,554

23,685

CREDITORS

Amounts falling due within one year

8

265,973

322,746

NET CURRENT LIABILITIES

(195,419

)

(299,061

)

TOTAL ASSETS LESS CURRENT LIABILITIES

673,321

176,795

CREDITORS

Amounts falling due after more than one year

9

(459,655

)

(172,589

)

PROVISIONS FOR LIABILITIES

(35,591

)

(4,555

)

NET ASSETS/(LIABILITIES)

178,075

(349

)

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

177,975

(449

)

SHAREHOLDERS' FUNDS

178,075

(349

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19th February 2018 and were signed on its behalf by:

L Doyle - Director

R Henderson - Director

1.	STATUTORY INFORMATION

Kippen Properties 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.

The presentation currency of the financial statements is the Pound 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Before 2017, the financial statements were prepared in accounting with previous UK GAAP as issued by

the former UK Accounting Standards Board. The financial effects of the transition to the FRS are set out

below.

These financial statements for the year ended 31 May 2017 are the company's first financial statements

that comply with the FRS. The company's date of transition to the FRS is 1 June 2016. Its last financial

statements prepared in accordance with previous UK GAAP were for the year ended 31st May 2016

The transition to the FRS has resulted in changes in the company's accounting policies.

Turnover

The turnover shown in the profit and loss account represents rental income and barralage discount

receivable for the year.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the

consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and

written off on a straight line basis over its useful economic life of 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the

useful economic life of that asset as follows:

Asset type

Depreciation rate

Equipment

25% straight line

Fixtures & fittings

25% straight line

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax

is provided on these gains at the rate at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

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.

Finance leases and operating leases

Rentals receivable under operating leases are included in turnover on an accruals basis. Lease premiums

are recognised over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

60,000

At 31st May 2017

60,000

AMORTISATION

Amortisation for year

1,000

At 31st May 2017

1,000

NET BOOK VALUE

At 31st May 2017

59,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Equipment

fittings

Totals

£

£

£

COST

At 1st June 2016

9,972

31,018

40,990

Additions

-

10,000

10,000

At 31st May 2017

9,972

41,018

50,990

DEPRECIATION

At 1st June 2016

9,549

30,585

40,134

Charge for year

423

693

1,116

At 31st May 2017

9,972

31,278

41,250

NET BOOK VALUE

At 31st May 2017

-

9,740

9,740

At 31st May 2016

423

433

856

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2016

475,000

Additions

151,933

Revaluations

173,067

At 31st May 2017

800,000

NET BOOK VALUE

At 31st May 2017

800,000

At 31st May 2016

475,000

If the investment were to be sold at the balance sheet value there would be a taxable gain of £51,166

(2016: £nil). Deferred tax of £9,722 has been provided on this potential gain.

Fair value at 31st May 2017 is represented by:

£

Valuation in 2017

800,000

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

historical cost:

31.5.17

31.5.16

£

£

Cost

687,986

536,063

The investment properties were valued on a fair value basis basis on 31st May 2017 by the directors .

7.

DEBTORS

31.5.17

31.5.16

£

£

Amounts falling due within one year:

Trade debtors

11,375

500

Other debtors

48,679

8,680

60,054

9,180

Amounts falling due after more than one year:

Other debtors

10,500

10,500

Aggregate amounts

70,554

19,680

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts (see note 10)

45,531

8,666

Trade creditors

18,493

2,513

Taxation and social security

-

1,629

Other creditors

201,949

309,938

265,973

322,746

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans (see note 10)

399,655

172,589

Other creditors

60,000

-

459,655

172,589

Amounts falling due in more than five years:

Repayable by instalments

Bank loans payable after 5 years

305,233

134,135

10.

LOANS

An analysis of the maturity of loans is given below:

31.5.17

31.5.16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

24,456

-

Bank loans payable < 1 year

21,075

8,666

Other loans

15,000

-

60,531

8,666

31.5.17

31.5.16

£

£

Amounts falling due between two and five years:

Bank loans payable in 1-5 years

94,422

38,454

Other loans - 2-5 years

60,000

-

154,422

38,454

Amounts falling due in more than five years:

Repayable by instalments

Bank loans payable after 5 years

305,233

134,135

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank loans

420,730

181,255

Other loans

75,000

-

495,730

181,255

There is a negative pleadge and standard security over the assets held by the company in favour of Bank

of Scotland PLC

There is also a standard security over the property held in favour of Caledonian Hertable Ltd.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

100

Ordinary

£1

100

100

13.	RELATED PARTY DISCLOSURES

Included in creditors is an amount of £62,448 (2016: £120,308) owed to Stirling Inns Ltd.

Included in creditors is an amount of £113,456 (2016: 174.782) owed to the directors.

The directors have given a personal guarantee of £20,000 each in favour of the Bank of Scotland Plc.

14.	ULTIMATE CONTROLLING PARTY

The company was under the control of R. Henderson and L. Doyle throughout the current and previous

year.