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

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 2020
James Keiller Property Holdings Limited
Statement of Financial Position
30 September 2020
2020
2019
Note
£
£
£
Fixed assets
Investments
4
98
98
Current assets
Debtors
5
18,508,420
18,005,609
Cash at bank and in hand
156,514
1,920,176
-------------
-------------
18,664,934
19,925,785
Creditors: amounts falling due within one year
6
( 28,123,086)
( 28,891,993)
-------------
-------------
Net current liabilities
( 9,458,152)
( 8,966,208)
------------
------------
Total assets less current liabilities
( 9,458,054)
( 8,966,110)
------------
------------
Net liabilities
( 9,458,054)
( 8,966,110)
------------
------------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 9,458,154)
( 8,966,210)
------------
------------
Shareholders deficit
( 9,458,054)
( 8,966,110)
------------
------------
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 2020 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 24 June 2021 , 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 2020
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.
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 2019 and 30 September 2020
98
----
Impairment
At 1 October 2019 and 30 September 2020
–
----
Carrying amount
At 30 September 2020
98
----
At 30 September 2019
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
2020
2019
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
18,200,406
15,539,423
Other debtors
308,014
2,466,186
-------------
-------------
18,508,420
18,005,609
-------------
-------------
6. Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
27,967,059
28,738,868
Corporation tax
1,081
1,083
Other creditors
154,946
152,042
-------------
-------------
28,123,086
28,891,993
-------------
-------------
7. Deferred tax
The company has an unrecognised deferred tax asset of £518,800 (2019:£580,763), 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
2020
2019
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. Going concern
Both during and subsequent to the year end, the director was aware of ongoing material uncertainties in respect of the effects of COVID-19 that may cast significant doubt upon the company's ability to continue as a going concern. However, the director is developing and implementing mitigating actions and processes to ensure that the company continues to function and manage future operations and those of his stakeholders.
On the basis that the company has no external funding and the director has indicated that he will continue to provide funding necessary, he is satisfied that it is appropriate to prepare the accounts on the going concern basis.
10. 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:
2020 2019
£ £
Bruce McAllan Limited 61,709 61,633
Hedges Developments Limited 30,740 30,740
SZM Estates Limited 11,614 10,387
Craigie Estates Limited 74,400 74,400
SJB Developments Limited 8,753 8,753
SWR Developments Limited 40 40
MAHL Properties Limited 17,506 17,506
--------- ---------
204,762 203,459
--------- ---------
No interest (2019: £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:
2020 2019
£ £
Broughty Ferry Estates Limited 141,112 141,112
--------- ---------
No interest (2019: £nil) is payable on the loan.