The Halo Kilmarnock Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC536157 (Scotland)

THE HALO KILMARNOCK LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Macklin

M M S Macklin

G A Deans

REGISTERED OFFICE:

c/o Macdonald Henderson Limited

94 Hope Street

Glasgow

G2 6PH

REGISTERED NUMBER:

SC536157 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

FIXED ASSETS

Tangible assets

4

2,241,066

1,569,066

CURRENT ASSETS

Debtors

5

1,258,326

2,148,597

Cash at bank

90,947

120,099

1,349,273

2,268,696

CREDITORS

Amounts falling due within one year

6

59,358

308,870

NET CURRENT ASSETS

1,289,915

1,959,826

TOTAL ASSETS LESS CURRENT LIABILITIES

3,530,981

3,528,892

CAPITAL AND RESERVES

Called up share capital

3

3

Capital contributions

3,533,614

3,533,614

Retained earnings

(2,636

)

(4,725

)

SHAREHOLDERS' FUNDS

3,530,981

3,528,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 18th September 2019 and were signed on its behalf by:

G A Deans - Director

D Macklin - Director

1.	STATUTORY INFORMATION

The Halo Kilmarnock 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

As the only category of assets is property under construction, no depreciation has been provided in the current or

comparative financial statements.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Assets

under

construction

£

COST

At 1st June 2018

1,569,066

Additions

672,000

At 31st May 2019

2,241,066

NET BOOK VALUE

At 31st May 2019

2,241,066

At 31st May 2018

1,569,066

The company has a licence to occupy land, pending the formal transfer of title, in connection with the project

outlined at note 9 below. Site preparation and enabling costs have been treated as capital expenditure in these

circumstances.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

1,258,326

2,148,597

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

53,262

296,929

Taxation and social security

28

-

Other creditors

6,068

11,941

59,358

308,870

7.	RELATED PARTY DISCLOSURES

During the year the company traded with entities in which the directors had controlling interests. The total cost to

the company in respect of the related transactions was £84,724. Balances owed to these entities at the year-end

date amounted to £6,398.

During the year the company also traded with its parent company (refer to note 8). The total cost to the company

in respect of the related transactions was £84,500. The balance owed to the parent company at the year-end date

was £3,000.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Halo Urban Regeneration Company Limited.

The ultimate controlling party is M M S Macklin.

9.	CAPITAL CONTRIBUTIONS

Under the terms of a Minute of Agreement dated 13 October 2017, involving the company and East Ayrshire

Council, capital contributions totalling £3,533,614 are payable to the company by East Ayrshire Council and

Diageo Scotland Limited. The difference between this total and the amounts received at the balance sheet date

(£1,254,604) is included in the other debtors (note 5). The capital contributions are used to fund the project

capital expenditure (note 4) and related overheads.