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REGISTERED NUMBER: SC372083 (Scotland)












Financial Statements

for the Year Ended 31 March 2023

for

Kilts 4 U Ltd.

Kilts 4 U Ltd. (Registered number: SC372083)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kilts 4 U Ltd.

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs S Carlton
L L Carlton





REGISTERED OFFICE: 2 Erskine Square
Hillington Park
Lanarkshire
G52 4BJ





REGISTERED NUMBER: SC372083 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Kilts 4 U Ltd. (Registered number: SC372083)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 270,576 158,031

CURRENT ASSETS
Stocks 40,000 40,000
Debtors 5 456,527 429,786
Cash at bank 16,708 27,632
513,235 497,418
CREDITORS
Amounts falling due within one year 6 438,617 398,176
NET CURRENT ASSETS 74,618 99,242
TOTAL ASSETS LESS CURRENT
LIABILITIES

345,194

257,273

CREDITORS
Amounts falling due after more than one
year

7

78,720

112,382
NET ASSETS 266,474 144,891

CAPITAL AND RESERVES
Called up share capital 8 10 10
Retained earnings 266,464 144,881
SHAREHOLDERS' FUNDS 266,474 144,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kilts 4 U Ltd. (Registered number: SC372083)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 August 2023 and were signed on its behalf by:





Mrs S Carlton - Director


Kilts 4 U Ltd. (Registered number: SC372083)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Kilts 4 U Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
The company operates a retail shop for the sale of a range of products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by credit or payment card and are net of value added taxation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Hire stock - 10% on reducing balance
Fittings & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10 - 33% straight line

Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Kilts 4 U Ltd. (Registered number: SC372083)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Hire Fittings Motor Computer
stock & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 111,088 31,354 26,666 97,000 266,108
Additions 57,876 21,583 - 63,944 143,403
At 31 March 2023 168,964 52,937 26,666 160,944 409,511
DEPRECIATION
At 1 April 2022 71,993 15,062 6,666 14,356 108,077
Charge for year - 3,083 5,000 22,775 30,858
At 31 March 2023 71,993 18,145 11,666 37,131 138,935
NET BOOK VALUE
At 31 March 2023 96,971 34,792 15,000 123,813 270,576
At 31 March 2022 39,095 16,292 20,000 82,644 158,031

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,761 7,094
Other debtors 454,766 422,692
456,527 429,786

Kilts 4 U Ltd. (Registered number: SC372083)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 20,000
Hire purchase contracts 3,663 3,663
Trade creditors 169,772 130,493
Taxation and social security 102,772 85,147
Other creditors 142,410 158,873
438,617 398,176

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 58,333 78,333
Hire purchase contracts 9,554 13,216
Other creditors 10,833 20,833
78,720 112,382

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary 1 10 10