Company Registration No. SC707355 (Scotland)
PHIL KYLE LIMITED
Unaudited accounts
for the year ended 31 August 2023
PHIL KYLE LIMITED
Unaudited accounts
Contents
PHIL KYLE LIMITED
Company Information
for the year ended 31 August 2023
Company Number
SC707355 (Scotland)
Registered Office
21 BROADSTRAIK CRESCENT ELRICK
WESTHILL
AB32 6JR
UNITED KINGDOM
Accountants
A2Z Accounting Solutions Limited
26 Grandholm Grove
Aberdeen
AB22 8AX
PHIL KYLE LIMITED
Statement of financial position
as at 31 August 2023
Tangible assets
7,199
2,066
Cash at bank and in hand
4,703
201
Creditors: amounts falling due within one year
(12,209)
(3,513)
Net current liabilities
(5,701)
(1,568)
Total assets less current liabilities
1,498
498
Provisions for liabilities
Called up share capital
10
10
Profit and loss account
120
95
Shareholders' funds
130
105
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 October 2023 and were signed on its behalf by
Philip Kyle
Director
Company Registration No. SC707355
PHIL KYLE LIMITED
Notes to the Accounts
for the year ended 31 August 2023
PHIL KYLE LIMITED is a private company, limited by shares, registered in Scotland, registration number SC707355. The registered office is 21 BROADSTRAIK CRESCENT ELRICK, WESTHILL, AB32 6JR, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 August 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 23 August 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% SLM
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
PHIL KYLE LIMITED
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2022
3,097
-
3,097
Additions
4,115
3,513
7,628
At 31 August 2023
7,212
3,513
10,725
At 1 September 2022
1,031
-
1,031
Charge for the year
2,403
92
2,495
At 31 August 2023
3,434
92
3,526
At 31 August 2023
3,778
3,421
7,199
At 31 August 2022
2,066
-
2,066
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
9,976
10,164
Loans from directors
(2,724)
(8,226)
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).