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COMPANY REGISTRATION NUMBER: SC492518
Kirkton Trading Ltd
Filleted Unaudited Financial Statements
For the year ended
5 April 2023
Kirkton Trading Ltd
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
15,344
17,059
Current assets
Stocks
800
1,200
Debtors
5
575
385
Cash at bank and in hand
267
517
-------
-------
1,642
2,102
Creditors: amounts falling due within one year
6
11,343
8,855
--------
-------
Net current liabilities
9,701
6,753
--------
--------
Total assets less current liabilities
5,643
10,306
-------
--------
Net assets
5,643
10,306
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
5,642
10,305
-------
--------
Shareholders funds
5,643
10,306
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kirkton Trading Ltd
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the board of directors and authorised for issue on 4 August 2023 , and are signed on behalf of the board by:
H Rooke
Director
Company registration number: SC492518
Kirkton Trading Ltd
Notes to the Financial Statements
Year ended 5 April 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Smithy, Ribhuachan, Strathcarron, Wester Ross, IV54 8YS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Office Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 6 April 2022 and 5 April 2023
25,678
287
25,965
--------
----
--------
Depreciation
At 6 April 2022
8,657
249
8,906
Charge for the year
1,702
13
1,715
--------
----
--------
At 5 April 2023
10,359
262
10,621
--------
----
--------
Carrying amount
At 5 April 2023
15,319
25
15,344
--------
----
--------
At 5 April 2022
17,021
38
17,059
--------
----
--------
5. Debtors
2023
2022
£
£
Trade debtors
575
385
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,466
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,999
1,500
Social security and other taxes
5,144
4,689
Other creditors
1,200
1,200
--------
-------
11,343
8,855
--------
-------
7. Related party transactions
The company was under the control of the Directors throughout the current period. Lochcarron Community Development Company owns 100% of the shares of Kirkton Trading Ltd . During the year the company received a loan from LCDC. The amount remaining at 5 April 2023 was £5,000.