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

JAMES KEILLER HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC263697

James Keiller Holdings Limited

Filleted Unaudited Financial Statements

For the year ended

30 September 2021

James Keiller Holdings Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		24,060	174,061

Current assets

Debtors	5	39,962,664	40,105,650
Cash at bank and in hand		23,979	1,992
		-------------	-------------
		39,986,643	40,107,642

Creditors: amounts falling due within one year	6	1,639,765		2,108,524
		-------------		-------------
Net current assets			38,346,878	37,999,118
			-------------	-------------
Total assets less current liabilities			38,370,938	38,173,179
			-------------	-------------
Net assets			38,370,938	38,173,179
			-------------	-------------

Capital and reserves

Called up share capital	8	139,017	139,017
Profit and loss account		38,231,921	38,034,162
		-------------	-------------
Shareholders funds		38,370,938	38,173,179
		-------------	-------------

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: SC263697

James Keiller 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.

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's ability to continue as a going concern, and has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements.

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.

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 and unlisted entities 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	174,061
Disposals	( 1)
	---------
At 30 September 2021	174,060
	---------
Impairment
At 1 October 2020	–
Impairment losses	150,000
	---------
At 30 September 2021	150,000
	---------

Carrying amount
At 30 September 2021	24,060
	---------
At 30 September 2020	174,061
	---------

All of the companies are wholly owned by the company and have property investment as their principal activity.

Subsidiaries, associates and other investments

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Inveraldie Properties Limited	Scotland	Ordinary	100
James Keiller Estates Limited	Scotland	Ordinary	100
Westport Apartments Limited	Scotland	Ordinary	100

5. Debtors

	2021	2020
	£	£

Amounts owed by group undertakings and undertakings in which the company has a participating interest	32,790,239	32,684,744
Other debtors	7,172,425	7,420,906
	-------------	-------------
	39,962,664	40,105,650
	-------------	-------------

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	1,501,632	1,830,861
Other creditors	138,133	277,663
	------------	------------
	1,639,765	2,108,524
	------------	------------

7. Deferred tax

An unrecognised deferred tax asset of £1211,644 (2020: £160,849) exists as a result of timing differences. 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 £ 1 each	139,017	139,017	139,017	139,017
	---------	---------	---------	---------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

2021
Balance brought forward	Amounts repaid	Balance outstanding
£	£	£

B R Linton	–	–	–
	----	----	----

2020
Balance brought forward	Amounts repaid	Balance outstanding
£	£	£

B R Linton	86,600	( 86,600)	–
	--------	--------	----

10. Related party transactions

Included in other debtors are the following amounts:

	2021	2020
	£	£
Camlin (Pentland) Limited	–	75,000
Craigie Estates Limited	1,192,378	1,153,917
Benson Properties Limited	2,260,990	2,260,990
Elliot Estates Limited	1,708,811	1,674,611
Forfar Estates Limited	–	134,000
Hedges Developments Limited	6,828	6,703
SWR Developments Limited	934,096	921,596
MAHL Properties Limited	848,295	848,295
Rattray Real Estate Limited	105,000	105,000
Shire Properties (Scotland) Limited	–	42,052
	------------	------------
	7,056,398	7,222,164
	------------	------------

B R Linton is a director of all of the above companies. The companies all operate in the property sector and the director is satisfied that all sums are fully recoverable on the assumption that they continue to receive support from the bank. Also included in other debtors is an amount of £69,390 (2020: £79,390) due from The Keiller Trust and £3,200 (2020: £3,200) due from the BRL Trust, trusts in which B R Linton is a trustee. During the period the company charged loan interest on the outstanding balances for the following amounts:

	2021	2020
	£	£
Craigie Estates Limited	38,461	38,461
SWR Developments Limited	12,500	19,966
Elliot Estates Limited	34,200	34,200
MAHL Properties Limited	17,987	17,987
Hedges Developments Limited	125	125

		---------	---------
		103,273	110,739
		---------	---------

Included in other creditors are the following amounts:

	2021	2020
	£	£
Flat Homes Limited	24,000	24,000
RLS Trading Limited	60,922	60,922
Shire Properties (Scotland) Limited	–	14,700
	--------	--------
	84,922	99,622
	--------	--------

B R Linton is a director of the above named companies. The company has taken advantage of exemption under the FRS 102 from the requirement to disclose related party transactions with wholly owned group undertakings.

11. Controlling party

The company's parent undertaking is James Keiller Property Holdings Limited . The Linton family control 100% of the shares of James Keiller Property Holdings Limited, the company's ultimate controlling party.