Kiltane Developments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC103823

KILTANE DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investments

4

67,845

63,715

CURRENT ASSETS

Stocks

681,640

681,640

Debtors

5

886,538

886,538

Cash at bank

4,586

124,115

1,572,764

1,692,293

CREDITORS

Amounts falling due within one year

6

238,093

350,938

NET CURRENT ASSETS

1,334,671

1,341,355

TOTAL ASSETS LESS CURRENT LIABILITIES

1,402,516

1,405,070

CAPITAL AND RESERVES

Called up share capital

2

2

Profit and loss account

1,402,514

1,405,068

SHAREHOLDERS' FUNDS

1,402,516

1,405,070

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

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

The financial statements were approved by the Board of Directors on 10 April 2018 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 2nd Floor, 18 George Street, Edinburgh, EH2 2PF.

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.

Turnover

Turnover represents the net invoice value of services rendered and goods supplied, exclusive of value added tax.

Work in progress

Work in progress is valued on the basis of direct costs based on normal level of activity. Provision is made for

any foreseeable losses where appropriate. The replacement cost of work in progress would not be materially

different.

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

Listed shareholdings are recorded at fair value at the balance sheet date, a value which represents the stock

market value at this date.

Unlisted associated company shareholdings and other investments are recorded at cost less impairment.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recorded at transaction value and subsequently measured at their settlement

value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

4.	FIXED ASSET INVESTMENTS

Other investments of £9,150 represent listed investments of £9,100 and unlisted of £50. The listed investments

are ordinary shares listed on the London Stock Exchange measured at fair value through profit or loss, the quoted

market price amounting to £9,100 (2016: £4,970).The historical cost of these shares is £2,800.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

886,538

886,538

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

-

14,735

Other creditors

238,093

336,203

238,093

350,938

7.	RELATED PARTY DISCLOSURES