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Registration number: SC423597

A1 Kilt Hire Limited

Unaudited Financial Statements

for the Year Ended 31 May 2021

 

A1 Kilt Hire Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

A1 Kilt Hire Limited

(Registration number: SC423597)
Statement of Financial Position as at 31 May 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

12,002

20,004

Tangible assets

5

9,039

12,055

 

21,041

32,059

Current assets

 

Stocks

6

8,700

10,000

Debtors

7

-

25,251

Cash at bank and in hand

 

171,269

10,747

 

179,969

45,998

Creditors: Amounts falling due within one year

8

(139,931)

(73,348)

Net current assets/(liabilities)

 

40,038

(27,350)

Total assets less current liabilities

 

61,079

4,709

Creditors: Amounts falling due after more than one year

8

(41,667)

-

Provisions for liabilities

(1,717)

(2,125)

Net assets

 

17,695

2,584

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

17,595

2,484

Shareholders' funds

 

17,695

2,584

For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

A1 Kilt Hire Limited

(Registration number: SC423597)
Statement of Financial Position as at 31 May 2021

Approved and authorised by the Board on 25 August 2022 and signed on its behalf by:
 

.........................................
Mr M Dalrymple
Director

.........................................
Mr DA Dalrymple
Director

 

A1 Kilt Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
124 Balmore Road
Glasgow
G22 6LJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

A1 Kilt Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, Fittings and Equipment

25% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

A1 Kilt Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2020 - 9).

 

A1 Kilt Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2020

80,019

80,019

At 31 May 2021

80,019

80,019

Amortisation

At 1 June 2020

60,015

60,015

Amortisation charge

8,002

8,002

At 31 May 2021

68,017

68,017

Carrying amount

At 31 May 2021

12,002

12,002

At 31 May 2020

20,004

20,004

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2020

23,364

21,419

44,783

At 31 May 2021

23,364

21,419

44,783

Depreciation

At 1 June 2020

18,016

14,712

32,728

Charge for the year

1,339

1,677

3,016

At 31 May 2021

19,355

16,389

35,744

Carrying amount

At 31 May 2021

4,009

5,030

9,039

At 31 May 2020

5,348

6,707

12,055

 

A1 Kilt Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

6

Stocks

2021
£

2020
£

Other inventories

8,700

10,000

7

Debtors

2021
£

2020
£

Prepayments

-

24,000

Other debtors

-

1,251

-

25,251

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8,334

-

Trade creditors

 

-

8,723

Taxation and social security

 

79,116

30,766

Accruals and deferred income

 

8,730

3,990

Other creditors

 

43,751

29,869

 

139,931

73,348

 

A1 Kilt Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

9

Dividends

   

2021

 

2020

   

£

 

£

Final dividend of £20,000 (2020 - £20,000)

 

20,000

 

20,000