Kilgarth Development Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC193430 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2019

for

Kilgarth Development Company Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J J Fields

C J French

P Nichols

REGISTERED OFFICE:

Fernbank

2/4 Allanshaw Gardens

Hamilton

Lanarkshire

ML3 8NU

REGISTERED NUMBER:

SC193430 (Scotland)

ACCOUNTANTS:

Valhalla Private Client Services LLP

Valhalla House

30 Ashby Road

Tove Valley Business Park

Towcester

Northamptonshire

NN12 6PG

FIXED ASSETS

Tangible assets

3

650,637

-

CURRENT ASSETS

Stocks

4

-

650,637

Debtors

5

20,000

20,000

Cash at bank

1,647

1,648

21,647

672,285

CREDITORS

Amounts falling due within one year

6

64,579

62,579

NET CURRENT (LIABILITIES)/ASSETS

(42,932

)

609,706

TOTAL ASSETS LESS CURRENT LIABILITIES

607,705

609,706

CREDITORS

Amounts falling due after more than one year

7

1,929,600

1,852,470

NET LIABILITIES

(1,321,895

)

(1,242,764

)

CAPITAL AND RESERVES

Called up share capital

9

25,071

25,071

Share premium

2,755,969

2,755,969

Retained earnings

(4,102,935

)

(4,023,804

)

SHAREHOLDERS' FUNDS

(1,321,895

)

(1,242,764

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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 8 August 2019 and were signed on its behalf by:

J J Fields - Director

1.	STATUTORY INFORMATION

Kilgarth Development Company 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.

Tangible fixed assets

The total amount in tangible fixed assets relates to the transfer from stock as detailed in note 4.

Depreciation is not provided on the basis of the valuation performed in March 2019 as detailed in note 4.

Stocks

Stocks, being land and related project and development costs (excluding interest), are valued at the lower of cost and net realisable value

(see note 4).

The land and development costs were transferred to stock at 1 April 2010 at market value.

Going concern

The financial statements have been prepared on a going concern basis based upon the continued support of Kilgarth Investments Limited

(See note 10).

3.	TANGIBLE FIXED ASSETS

Land

development

£

COST

Additions

650,637

At 30 June 2019

650,637

NET BOOK VALUE

At 30 June 2019

650,637

4.

STOCKS

30.6.19

30.6.18

£

£

Stocks

-

650,637

In the opinion of the directors, the business of the company was the development of the Kilgarth project to a point where it can be sold. It

was not intended to develop and hold the project as an investment. Consequently, it was previously considered appropriate to show the

project as stock, rather than fixed assets. Stock was stated at open market value using a land valuation in 2010/2011 by independent

advisors, Rydens LLP, as the original basis. A further valuation was obtained as at 31 March 2011 to confirm that this properly

represented the lower of cost or net realisable value. Negotiations with various relevant authorities progressed and, the costs involved

have been added to the carrying value of closing stock.

In the year to 31 March 2019 it was decided not to develop the property and to commence the process of selling the property. The value

has therefore been transferred from stock to fixed assets as at 31 March 2019. An independent valuation was obtained in March 2019

from Rydens LLP on two bases. Firstly, on the basis that no planning permission could be obtained for industrial use a valuation of

£250,000. Secondly, on the basis that planning permission could be obtained for industrial use a valuation of £1,100,000.

The directors are of the opinion that the carrying value of £650,637 transferred from stock is a realistic return.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Prepayment deposit

20,000

20,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

4,800

4,800

Amounts owed to group undertakings

51,009

51,009

Other creditors

170

170

Accrued expenses

8,600

6,600

64,579

62,579

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

9,197

9,197

Amounts owed to group undertakings

1,920,403

1,843,273

1,929,600

1,852,470

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.19

30.6.18

£

£

Amounts owed to group

1,920,403

1,843,273

The loans are secured on all the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.19

30.6.18

value:

£

£

2,497,000

Ordinary B

1p

24,970

24,970

10,000

Ordinary C

1p

100

100

1

Ordinary E

£1

1

1

25,071

25,071

10.	RELATED PARTY DISCLOSURES