Kidd Holdings Limited - Accounts to registrar - small 17.1.1
Kidd Holdings Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2017 |
| for |
| Kidd Holdings Limited |
| Kidd Holdings Limited (Registered number: SC195094) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Kidd Holdings Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 91 West Savile Terrace |
| Edinburgh |
| EH9 3DP |
| BANKERS: |
| 18 Charlotte Square |
| Edinburgh |
| EH2 4DF |
| Kidd Holdings Limited (Registered number: SC195094) |
| Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment in subsidiary | 3 |
| Investment properties | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 8 |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| 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 |
| Kidd Holdings Limited (Registered number: SC195094) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Kidd Holdings Limited is a |
| and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Kidd Holdings Limited as an individual company and do not contain |
| consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the |
| Companies Act 2006 not to prepare consolidated financial statements. |
| Turnover |
| Turnover represents rental income receivable for the accounting period. |
| Investments in subsidiaries |
| Investments of non-puttable ordinary shares in subsidiary undertakings are recognised at cost less impairment. |
| Investment properties |
| Investment properties are shown at fair valuation. Any aggregate surplus or deficit arising from changes in fair value during |
| the year is recognised in profit or loss. This is transferred, for ease of identification, to the fair value reserve which displays |
| the cumulative unrealised surplus or deficit on revaluation.This transfer and the resultant balances are shown in the notes to |
| the financial statements |
| Kidd Holdings Limited (Registered number: SC195094) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other |
| Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual |
| provisions of the instrument. |
| Financial assets and liabilities are offset, with the amounts presented in the financial statements, when there is a legally |
| enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset |
| and settle the liability simultaneously. |
| Basic Financial Assets |
| Basic financial assets, including bank balances, are initially measured at transaction price including transaction costs and |
| are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing |
| transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of |
| interest. Financial assets classified as receivable within one year are not amortised. |
| Basic Financial Liabilities |
| Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the |
| arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future |
| payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
| amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from |
| suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are |
| presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured |
| at amortised cost using the effective rate of interest. |
| 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 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. |
| Group relief |
| Tax losses surrendered to any group company are paid in full by the claimant company. |
| Kidd Holdings Limited (Registered number: SC195094) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The financial statements have been prepared on the going concern basis. The directors consider this basis is appropriate as |
| the company is supported by the increasing value of its investments and it continues to meet its day to day commitments |
| from working capital as they fall due. The directors have a reasonable expectation that the company has adequate resources |
| to continue in operational existence for the foreseeable future. |
| 3. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 4. | INVESTMENT PROPERTIES |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2016 |
| and 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Included in cost or valuation of investment properties is heritable land of £150,000 (2016 £150,000) which is not |
| depreciated. |
| No (2016 no) corporation tax liability would arise if the investment properties were sold at their fair value. |
| Cost or valuation at 31 March 2017 is represented by: |
| £ |
| Valuation in 2017 | 839,891 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 621,717 | 621,717 |
| Kidd Holdings Limited (Registered number: SC195094) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 4. | INVESTMENT PROPERTIES - continued |
| The directors have reviewed the value of each of the company's investment properties as at 31 March 2017. The directors |
| consider the book value of each of these properties at 31 March 2017 reflects market value on an existing use basis. The |
| directors' valuation of one of the properties is based upon an independent valuation of £750,000 undertaken in February |
| 2016 on an existing use basis by Graham + Sibbald, Chartered Surveyors. The company's other heritable property was |
| valued at £89,891 by the directors in March 2017 on an existing use basis.The directors do not consider any significant |
| assumptions have been applied in their determination of the fair value of each property. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loan (secured) |
| Amount owed to group undertaking |
| Corporation tax |
| Other creditors |
| The amount owed to group undertaking at the previous year end was due to James F Kidd & Son Limited. See note 12 for |
| further details. |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loan (secured) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan (secured) | 106,250 | - |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loan (secured) |
| The company's bank borrowings are secured by a standard security over one of the company's heritable properties and by a |
| bond and floating charge over all the property or undertaking of the company in favour of Svenska Handelsbanken AB |
| (publ). |
| Kidd Holdings Limited (Registered number: SC195094) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 8. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2016 | 588,262 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 March 2017 | 594,957 |
| The retained earnings reserve comprises distributable amounts recognised in the profit and loss account. |
| The fair value reserve comprises non-distributable and unrealised amounts recognised in the profit and loss account. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | CONTINGENT LIABILITIES |
| The company has provided, with its subsidiary undertaking James F Kidd & Son Limited, a guarantee in favour of Svenska |
| Handelsbanken AB (publ) for all present and future obligations and liabilities of both or any of the companies to that bank. |
| This company's borrowings from its banker at 31 March 2017 is disclosed at note 8 and its subsidiary's bank borrowings |
| from this bank at that date were nil (2016 nil). |
| At 31 March 2016 the company had provided a standard security over its heritable property and a bond and floating charge |
| over its assets in favour of its banker at that time, Bank of Scotland, in respect of its own and its subsidiary's bank |
| borrowings. At 31 March 2016 this company had no borrowings from its former banker and its subsidiary had borrowings |
| of £208,753 from that bank. |
| Kidd Holdings Limited (Registered number: SC195094) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The company's subsidiary undertaking provided the following loans to directors which subsisted during the years ended 31 |
| March 2017 and 31 March 2016: |
| 2017 | 2016 |
| £ | £ |
| C W M Kidd |
| Balance outstanding at start of year | 245,772 | 192,415 |
| Amounts advanced | 41,119 | 67,439 |
| Amounts repaid | (79,385 | ) | (14,082 | ) |
| Balance outstanding at end of year | 207,506 | 245,772 |
| N G Kidd |
| Balance outstanding at start of year | 2,367 | 1,325 |
| Amounts advanced | 2,644 | 3,212 |
| Amounts repaid | (2,804 | ) | (2,170 | ) |
| Balance outstanding at end of year | 2,207 | 2,367 |
| The directors' loans are interest free and there are no fixed repayment dates. |
| 12. | RELATED PARTY DISCLOSURES |
| During the year the company charged rent totalling £96,000 (2016 £70,200) to its subsidiary, James F Kidd & Son |
| Limited, and the subsidiary paid an administrative expense of £1,000 (2016 £1,000) on behalf of this company. |
| During the year the company repaid an interest free inter-company balance totalling £240,515 (2016 nil) to its subsidiary. |
| At the year end no balance (2016 a balance of £239,515) was due to the subsidiary. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The Mr and Mrs D M Kidd Discretionary Trust controls the company. Each of the company's directors: Mrs M W Kidd, C |
| W M Kidd, S J Kidd and N G Kidd is a trustee of The Mr and Mrs D M Kidd Discretionary Trust. |
| 14. | FIRST YEAR ADOPTION |
| These financial statements for the year ended 31 March 2017 are the first financial statements of Kidd Holdings Limited |
| prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
| The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS has affected the reported |
| financial position and financial performance is given on pages 14 to 16 of the full accounts. |