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REGISTERED NUMBER: SC585228 (Scotland)




















Keithney Lothian Limited

Unaudited Financial Statements

for the Year Ended 31 January 2023






Keithney Lothian Limited (Registered number: SC585228)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Keithney Lothian Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr S L Smith
Mr T P Smith



REGISTERED OFFICE: 72 Craiglockhart Road
Edinburgh
Midlothian
EH14 1EW



REGISTERED NUMBER: SC585228 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Royal Bank of Scotland
Edinburgh Corstorphine Branch
239 St John's Road
Edinburgh
EH12 7XA

Keithney Lothian Limited (Registered number: SC585228)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,375 27,986
Tangible assets 5 20,168 26,971
44,543 54,957

CURRENT ASSETS
Stocks 10,160 6,204
Debtors 6 14,823 15,607
Cash at bank and in hand 55,377 86,355
80,360 108,166
CREDITORS
Amounts falling due within one year 7 157,402 157,071
NET CURRENT LIABILITIES (77,042 ) (48,905 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(32,499

)

6,052

PROVISIONS FOR LIABILITIES - 3,202
NET (LIABILITIES)/ASSETS (32,499 ) 2,850

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (32,599 ) 2,750
SHAREHOLDERS' FUNDS (32,499 ) 2,850

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Keithney Lothian Limited (Registered number: SC585228)

Balance Sheet - continued
31 January 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 22 September 2023 and were signed on its behalf by:





Mr T P Smith - Director


Keithney Lothian Limited (Registered number: SC585228)

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

1. STATUTORY INFORMATION

Keithney Lothian Limited 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.

Turnover and revenue recognition
Turnover, which represents net invoiced sales of goods exclusive of value added tax, is recognised at the point when a meal is served to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Lease premium are being amortised evenly over their estimated useful life of nine years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

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

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


Keithney Lothian Limited (Registered number: SC585228)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Provision for liabilities
Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

Keithney Lothian Limited (Registered number: SC585228)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022
and 31 January 2023 32,500
AMORTISATION
At 1 February 2022 4,514
Charge for year 3,611
At 31 January 2023 8,125
NET BOOK VALUE
At 31 January 2023 24,375
At 31 January 2022 27,986

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 36,609
Additions 1,441
At 31 January 2023 38,050
DEPRECIATION
At 1 February 2022 9,638
Charge for year 8,244
At 31 January 2023 17,882
NET BOOK VALUE
At 31 January 2023 20,168
At 31 January 2022 26,971

Keithney Lothian Limited (Registered number: SC585228)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,323 5,107
Other debtors 10,500 10,500
14,823 15,607

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 774 1,733
Taxation and social security 10,778 8,261
Other creditors 145,850 147,077
157,402 157,071

The directors' current accounts are unsecured, interest free and has no fixed repayment period.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 21,000 21,000
Between one and five years 84,000 84,000
In more than five years 29,750 50,750
134,750 155,750