Company Registration No. SC091497 (Scotland)
Kintore Industrial Service Sites Limited
unaudited financial statements
for the year ended 31 March 2020
Pages for filing with Registrar
Kintore Industrial Service Sites Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Kintore Industrial Service Sites Limited
Balance sheet
as at 31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,421
38,827
Investment properties
4
3,250,000
3,250,000
3,278,421
3,288,827
Current assets
Debtors
5
115,503
58,813
Cash at bank and in hand
274,084
413,050
389,587
471,863
Creditors: amounts falling due within one year
6
(293,912)
(501,778)
Net current assets/(liabilities)
95,675
(29,915)
Total assets less current liabilities
3,374,096
3,258,912
Creditors: amounts falling due after more than one year
7
(5,728)
(65,728)
Provisions for liabilities
(148,918)
(130,594)
Net assets
3,219,450
3,062,590
Capital and reserves
Called up share capital
30,000
30,000
Non-distributable reserves
8
296,420
296,420
Profit and loss reserves
9
2,893,030
2,736,170
Total equity
3,219,450
3,062,590
Kintore Industrial Service Sites Limited
Balance sheet (continued)
as at 31 March 2020
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 November 2020 and are signed on its behalf by:
J M Bruce
Director
Company Registration No. SC091497
Kintore Industrial Service Sites Limited
Notes to the financial statements
for the year ended 31 March 2020
- 3 -
1
Accounting policies
Company information
Kintore Industrial Service Sites Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Braeriach, Ann's Forest, Clovenstone, Kintore, Aberdeenshire, AB51 0YG.
1.1
Accounting convention
The financial statements have been prepared on a going concern basis. The directors have reviewed the company's current contracts, future potential opportunities and liabilities likely to arise in the next 12 months and has deemed the going concern basis to be appropriate in the preparation of these accounts.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced rents and sales of services, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on cost
Fixtures, fittings & equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Kintore Industrial Service Sites Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 net 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, which include debtors and cash and 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 rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Kintore Industrial Service Sites Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Kintore Industrial Service Sites Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
- 6 -
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
2
Kintore Industrial Service Sites Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
- 7 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2019
62,752
2,673
24,727
90,152
Additions
-
2,834
-
2,834
At 31 March 2020
62,752
5,507
24,727
92,986
Depreciation and impairment
At 1 April 2019
36,537
2,424
12,364
51,325
Depreciation charged in the year
6,166
892
6,182
13,240
At 31 March 2020
42,703
3,316
18,546
64,565
Carrying amount
At 31 March 2020
20,049
2,191
6,181
28,421
At 31 March 2019
26,215
249
12,363
38,827
4
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
3,250,000
Investment property comprises industrial units at Kintore Business Park, Kintore, Aberdeenshire. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2012 by Knight Frank LLP, which is not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors revalued the properties at 31 March 2017 and believe the value to remain unchanged at 31 March 2020.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
52,796
5,762
Other debtors
62,707
53,051
115,503
58,813
Kintore Industrial Service Sites Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
- 8 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
-
577
Corporation tax
8,867
71,999
Other taxation and social security
13,327
22,157
Other creditors
271,718
407,045
293,912
501,778
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
5,728
65,728
8
Revaluation reserve
2020
2019
£
£
At the beginning and end of the year
296,420
296,420
9
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
2,736,170
2,372,952
Profit for the year
156,860
363,218
At the end of the year
2,893,030
2,736,170