James Keiller Property Holdings Limited Filleted accounts for Companies House (small and micro)

JAMES KEILLER PROPERTY HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC453899

James Keiller Property Holdings Limited

Filleted Unaudited Financial Statements

For the year ended

30 September 2021

James Keiller Property Holdings Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		98	98

Current assets

Debtors	5	17,718,404	18,508,420
Cash at bank and in hand		101,573	156,514
		-------------	-------------
		17,819,977	18,664,934

Creditors: amounts falling due within one year	6	( 27,776,608)		( 28,123,086)
		-------------		-------------
Net current liabilities			( 9,956,631)	( 9,458,152)
			------------	------------
Total assets less current liabilities			( 9,956,533)	( 9,458,054)
			------------	------------
Net liabilities			( 9,956,533)	( 9,458,054)
			------------	------------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		( 9,956,633)	( 9,458,154)
		------------	------------
Shareholders deficit		( 9,956,533)	( 9,458,054)
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 June 2022 , and are signed on behalf of the board by:

B R Linton
Director

Company registration number: SC453899

James Keiller Property Holdings Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Bannerman House, 27 South Tay Street, Dundee, DD1 1NR, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed the company and group's ability to continue as a going concern and has reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements. See note titled Going concern for further details, including COVID-19.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover comprises rents receivable, sales of development properties and services provided net of value added tax. Profit is recorded in the financial statements in connection with property developments when a legally binding contract for sale of the development has been entered into. Turnover with regards rental income is recorded when this is receivable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments in group undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2020 and 30 September 2021	98
	----
Impairment
At 1 October 2020 and 30 September 2021	–
	----

Carrying amount
At 30 September 2021	98
	----
At 30 September 2020	98
	----

The company owns 100% of the issued share capital of James Keiller Holdings Limited, a company registered in Scotland and whose principal activity is that of an intermediate holding company for a group of companies, and James Keiller Developments Limited, a company registered in Scotland and whose principal activity is also that of an intermediate holding company for a group of companies.

5. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	17,512,035	18,200,406
Other debtors	206,369	308,014
	-------------	-------------
	17,718,404	18,508,420
	-------------	-------------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	27,618,865	27,967,059
Corporation tax	1,081	1,081
Other creditors	156,662	154,946
	-------------	-------------
	27,776,608	28,123,086
	-------------	-------------

7. Deferred tax

The company has an unrecognised deferred tax asset of £812,962 (2020: £520,937), which has primarily arisen from tax losses carried forward. Its recoverability is dependent upon future taxable trading profits arising, the likelihood of which cannot be at this stage determined with reasonable certainty.

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 0.01 each	10,000	100	10,000	100
	--------	----	--------	----

Ordinary shareholders shall have one vote for each Ordinary share held by them.

9. Related party transactions

The company has taken advantage of exemption under the FRS 102 from the requirement to disclose related party transactions with wholly owned group undertakings. Included within other debtors are loans due from the following companies and Trusts in which B R Linton is a director/shareholder/trustee:

	2021	2020
	£	£
Bruce McAllan Limited	61,709	61,709
Hedges Developments Limited	30,740	30,740
SZM Estates Limited	1,925	11,614
Craigie Estates Limited	74,598	74,400
SJB Developments Limited	8,753	8,753
SWR Developments Limited	40	40
MAHL Properties Limited	17,506	17,506
	---------	---------
	195,271	204,762
	---------	---------

No interest (2020: £nil) is receivable on the loans. Included within other creditors are loans due to the following companies in which B R Linton is a director:

	2021	2020
	£	£
Broughty Ferry Estates Limited	141,112	141,112
	---------	---------

No interest (2020: £nil) is payable on the loan.