Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30truetrue2022-07-01falsePlumbing, heat and air-conditioning installation1212The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04009279 2022-07-01 2023-06-30 04009279 2021-07-01 2022-06-30 04009279 2023-06-30 04009279 2022-06-30 04009279 2021-07-01 04009279 c:Director1 2022-07-01 2023-06-30 04009279 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 04009279 d:Buildings d:LongLeaseholdAssets 2023-06-30 04009279 d:Buildings d:LongLeaseholdAssets 2022-06-30 04009279 d:MotorVehicles 2022-07-01 2023-06-30 04009279 d:MotorVehicles 2023-06-30 04009279 d:MotorVehicles 2022-06-30 04009279 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04009279 d:FurnitureFittings 2022-07-01 2023-06-30 04009279 d:FurnitureFittings 2023-06-30 04009279 d:FurnitureFittings 2022-06-30 04009279 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04009279 d:OfficeEquipment 2022-07-01 2023-06-30 04009279 d:OfficeEquipment 2023-06-30 04009279 d:OfficeEquipment 2022-06-30 04009279 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04009279 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04009279 d:Goodwill 2022-07-01 2023-06-30 04009279 d:Goodwill 2023-06-30 04009279 d:Goodwill 2022-06-30 04009279 d:CurrentFinancialInstruments 2023-06-30 04009279 d:CurrentFinancialInstruments 2022-06-30 04009279 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04009279 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 04009279 d:ShareCapital 2023-06-30 04009279 d:ShareCapital 2022-06-30 04009279 d:RetainedEarningsAccumulatedLosses 2023-06-30 04009279 d:RetainedEarningsAccumulatedLosses 2022-06-30 04009279 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04009279 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 04009279 c:OrdinaryShareClass1 2022-07-01 2023-06-30 04009279 c:OrdinaryShareClass1 2023-06-30 04009279 c:OrdinaryShareClass1 2022-06-30 04009279 c:FRS102 2022-07-01 2023-06-30 04009279 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 04009279 c:FullAccounts 2022-07-01 2023-06-30 04009279 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04009279 d:WithinOneYear 2023-06-30 04009279 d:WithinOneYear 2022-06-30 04009279 d:BetweenOneFiveYears 2023-06-30 04009279 d:BetweenOneFiveYears 2022-06-30 04009279 2 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04009279









KINLOCHS AND SON LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
KINLOCHS AND SON LTD
REGISTERED NUMBER: 04009279

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
63,673
52,860

Current assets
  

Stocks
  
15,500
15,500

Debtors: amounts falling due within one year
 7 
1,038,790
1,169,762

Cash at bank and in hand
 8 
65,016
60,839

  
1,119,306
1,246,101

Creditors: amounts falling due within one year
 9 
(829,896)
(1,009,242)

Net current assets
  
 
 
289,410
 
 
236,859

Total assets less current liabilities
  
353,083
289,719

Provisions for liabilities
  

Deferred tax
  
(2,189)
(796)

Net assets
  
350,894
288,923


Capital and reserves
  

Called up share capital 
 11 
21
21

Profit and loss account
  
350,873
288,902

  
350,894
288,923


Page 1

 
KINLOCHS AND SON LTD
REGISTERED NUMBER: 04009279
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S Kinloch
Director

Date: 6 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Kinloch and Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Cliffe Court, George Summers Close, Medway City Estate, Rochester, ME2 4GU.
The principal activity of the company continued to be that of sales, servicing and repair of air conditioning equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets -  goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on following bases:


Improvements to leasehold property
-
over 20 years
Motor vehicles
-
25% reducing balance
Fixtures fittings and equipment
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each balance sheet date, an assessment is made of impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Total
12
12

Page 7

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Goodwill

£





At 1 July 2022
7,500


Disposals
(7,500)



At 30 June 2023

-





At 1 July 2022
7,500


On disposals
(7,500)



At 30 June 2023

-



Net book value



At 30 June 2023
-



At 30 June 2022
-



Page 8

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Leasehold property improvements
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
69,549
5,500
28,513
25,644
129,206


Additions
-
10,565
-
6,888
17,453



At 30 June 2023

69,549
16,065
28,513
32,532
146,659



Depreciation


At 1 July 2022
24,340
5,190
26,426
20,390
76,346


Charge for the year on owned assets
3,477
958
522
1,683
6,640



At 30 June 2023

27,817
6,148
26,948
22,073
82,986



Net book value



At 30 June 2023
41,732
9,917
1,565
10,459
63,673



At 30 June 2022
45,209
310
2,087
5,254
52,860


6.


Stocks

2023
2022
£
£

Raw materials and consumables
15,500
15,500

15,500
15,500


Page 9

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Trade debtors
440,506
573,917

Amounts owed by group undertakings
534,074
468,970

Amounts recoverable on contracts
36,128
96,920

Prepayments and accrued income
28,082
29,955

1,038,790
1,169,762



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
65,016
60,839

65,016
60,839



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
244,006
504,830

Corporation tax
64,736
52,655

Other taxation and social security
83,198
55,071

Other creditors
119,768
117,931

Accruals and deferred income
318,188
278,755

829,896
1,009,242


Page 10

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(796)
(469)


Charge for year
(1,393)
(327)



At end of year
(2,189)
(796)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,189)
(796)

(2,189)
(796)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



21 (2022 - 21) Ordinary shares of £1.00 each
21
21



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £53,442 (2022 - £47,976). Contributions totalling £Nil (2022 - Nil) were payable to the fund at the reporting date and are included in other creditors.

Page 11

 
KINLOCHS AND SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Commitments under operating leases

At 30 June 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
26,123
5,261

Later than 1 year and not later than 5 years
30,463
-

56,586
5,261


14.


Related party transactions

As at 30 June 2023, included within other debtors is a balance amounting to £534,074 (2022 - £468,970)  owed from Kinlochs and Son Holdings Limited, the parent company.
During the year the company was charged rent of £20,000 
(2022 - £20,000) by the parent company for the use of the freehold property.


15.


Controlling party

The utimate parent company is Kinlochs and Son Holdings Limited which owns 100% of the issued share capital.
The ultimate controlling party is Mr S Kinloch, the company director.

 
Page 12