Registered number
SC313456
Kiroan Limited
Filleted Accounts
For the Year Ended
31 March 2023
Kiroan Limited
Registered number: SC313456
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 238,652 282,620
Current assets
Debtors 4 8,661 -
Cash at bank and in hand 85,659 25,855
94,320 25,855
Creditors: amounts falling due within one year 5 (49,102) (24,250)
Net current assets 45,218 1,605
Total assets less current liabilities 283,870 284,225
Creditors: amounts falling due after more than one year 6 (103,486) (115,547)
Net assets 180,384 168,678
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 180,284 168,578
Shareholder's funds 180,384 168,678
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Barry Magee
Director
Approved by the board on 17 October 2023
Kiroan Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 5% straight line
Motor vehicles 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2022 309,351 14,033 323,384
Disposals (38,000) - (38,000)
At 31 March 2023 271,351 14,033 285,384
Depreciation
At 1 April 2022 26,731 14,033 40,764
Charge for the year 13,568 - 13,568
On disposals (7,600) - (7,600)
At 31 March 2023 32,699 14,033 46,732
Net book value
At 31 March 2023 238,652 - 238,652
At 31 March 2022 282,620 - 282,620
4 Debtors 2023 2022
£ £
Trade debtors 8,661 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,940 15,940
Corporation tax 15,232 -
Other creditors 17,930 8,310
49,102 24,250
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 103,486 115,547
7 Events after the reporting date
There are no events after the year end which would necessitate a change to the financial statements.
8 Contingent liabilities
As far as the director is aware there are no contingent liabilities at 31st March 2023 not provided for in the accounts.
9 Related party transactions
There were no related party transactions occurring outside the normal course of business.
10 Controlling party
The ultimate controlling party has been identified as Barry Magee the managing director.
11 Other information
Kiroan Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Denholm Fishselling Limited
Harbour Buildings, Station Road
Mallaig
Inverness-Shire
Scotland
PH41 4PY
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