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Registration number: SC384705

T & R Keddie Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

T & R Keddie Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

T & R Keddie Limited

Company Information

Directors

L M Scott

G W Parkhill

R A Scott

Company secretary

L M Scott

Registered office

Rogers Road
Selkirk
TD7 5DX

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
T & R Keddie Limited for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of T & R Keddie Limited for the year ended 31 March 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of T & R Keddie Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of T & R Keddie Limited and state those matters that we have agreed to state to the Board of Directors of T & R Keddie Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T & R Keddie Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that T & R Keddie Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of T & R Keddie Limited. You consider that T & R Keddie Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of T & R Keddie Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
TD9 9BD

26 June 2023

 

T & R Keddie Limited

(Registration number: SC384705)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,340

59,208

Current assets

 

Stocks

5

70,432

82,000

Debtors

6

146,014

179,493

Cash at bank and in hand

 

80,945

-

 

297,391

261,493

Creditors: Amounts falling due within one year

7

(162,661)

(145,677)

Net current assets

 

134,730

115,816

Total assets less current liabilities

 

194,070

175,024

Creditors: Amounts falling due after more than one year

7

(15,750)

(25,611)

Provisions for liabilities

(11,275)

(11,068)

Net assets

 

167,045

138,345

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

166,945

138,245

Shareholders' funds

 

167,045

138,345

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2023 and signed on its behalf by:
 

.........................................
L M Scott
Company secretary and director

.........................................
R A Scott
Director

 

T & R Keddie Limited

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

1

General information

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

The address of its registered office is:
Rogers Road
Selkirk
TD7 5DX

These financial statements were authorised for issue by the Board on 26 June 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £GBP and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

T & R Keddie Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

T & R Keddie Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

T & R Keddie Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

4,552

42,271

97,214

144,037

Additions

-

5,800

4,106

9,906

At 31 March 2023

4,552

48,071

101,320

153,943

Depreciation

At 1 April 2022

2,684

30,747

51,398

84,829

Charge for the year

187

3,727

5,860

9,774

At 31 March 2023

2,871

34,474

57,258

94,603

Carrying amount

At 31 March 2023

1,681

13,597

44,062

59,340

At 31 March 2022

1,868

11,524

45,816

59,208

5

Stocks

2023
£

2022
£

Raw materials and consumables

55,932

64,000

Work in progress

14,500

18,000

70,432

82,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

118,965

170,201

Other debtors

27,049

9,292

 

146,014

179,493

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

8,111

21,594

Trade creditors

 

96,229

84,278

Taxation and social security

 

41,969

34,245

Accruals and deferred income

 

6,820

5,560

Other creditors

 

9,532

-

 

162,661

145,677

 

T & R Keddie Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,750

25,611

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

51

51

51

51

Ordinary A shares of £1 each

49

49

49

49

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,750

24,500

Hire purchase contracts

-

1,111

15,750

25,611

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,000

5,250

Bank overdrafts

-

11,944

Hire purchase contracts

1,111

4,400

8,111

21,594

Bank borrowings

Bounce back loan is denominated in £ with a nominal interest rate of 2.25%. The loan will be repaid on 31 March 2027. The carrying amount at year end is £22,750 (2022 - £29,750).

 

T & R Keddie Limited

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

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

R A Scott

During the year the company loaned money to the directors. Interest is charged at 2% on overdrawn loan accounts. The loan was repaid after the year end.

9,092

27,049

(9,092)

27,049

-

-

-

-

 

9,092

27,049

(9,092)

27,049

       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

R A Scott

During the year the company loaned money to the directors. Interest is charged at 2% on overdrawn loan accounts. The loan was repaid after the year end.

14,410

69,682

(75,000)

9,092

 

14,410

69,682

(75,000)

9,092