Frank Kelbie Limited SC133320 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is scrap metal dealers. Digita Accounts Production Advanced 6.30.9574.0 true true SC133320 2022-08-01 2023-07-31 SC133320 2023-07-31 SC133320 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-07-31 SC133320 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-07-31 SC133320 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2023-07-31 SC133320 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2023-07-31 SC133320 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2023-07-31 SC133320 bus:Original 2023-07-31 SC133320 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC133320 core:ShareCapital 2023-07-31 SC133320 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 SC133320 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 SC133320 core:CurrentFinancialInstruments 2023-07-31 SC133320 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC133320 core:Non-currentFinancialInstruments 2023-07-31 SC133320 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 SC133320 core:FurnitureFittings 2023-07-31 SC133320 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 SC133320 core:MotorVehicles 2023-07-31 SC133320 core:PlantMachinery 2023-07-31 SC133320 bus:SmallEntities 2022-08-01 2023-07-31 SC133320 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC133320 bus:FullAccounts 2022-08-01 2023-07-31 SC133320 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 SC133320 bus:RegisteredOffice 2022-08-01 2023-07-31 SC133320 bus:Director4 2022-08-01 2023-07-31 SC133320 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC133320 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC133320 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC133320 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC133320 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC133320 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC133320 core:FurnitureFittings 2022-08-01 2023-07-31 SC133320 core:LandBuildings 2022-08-01 2023-07-31 SC133320 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC133320 core:MotorVehicles 2022-08-01 2023-07-31 SC133320 core:PlantMachinery 2022-08-01 2023-07-31 SC133320 countries:Scotland 2022-08-01 2023-07-31 SC133320 2022-07-31 SC133320 core:FurnitureFittings 2022-07-31 SC133320 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 SC133320 core:MotorVehicles 2022-07-31 SC133320 core:PlantMachinery 2022-07-31 SC133320 2021-08-01 2022-07-31 SC133320 2022-07-31 SC133320 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-07-31 SC133320 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-07-31 SC133320 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-07-31 SC133320 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2022-07-31 SC133320 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2022-07-31 SC133320 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC133320 core:ShareCapital 2022-07-31 SC133320 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 SC133320 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-07-31 SC133320 core:CurrentFinancialInstruments 2022-07-31 SC133320 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 SC133320 core:Non-currentFinancialInstruments 2022-07-31 SC133320 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 SC133320 core:FurnitureFittings 2022-07-31 SC133320 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 SC133320 core:MotorVehicles 2022-07-31 SC133320 core:PlantMachinery 2022-07-31 SC133320 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2021-08-01 2022-07-31 SC133320 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC133320

Frank Kelbie Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Frank Kelbie Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Frank Kelbie Limited

(Registration number: SC133320)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

836,430

577,719

Current assets

 

Stocks

5

63,439

211,593

Debtors

6

126,919

41,207

Cash at bank and in hand

 

848,749

607,256

 

1,039,107

860,056

Creditors: Amounts falling due within one year

7

(538,441)

(367,128)

Net current assets

 

500,666

492,928

Total assets less current liabilities

 

1,337,096

1,070,647

Creditors: Amounts falling due after more than one year

7

(187,658)

(73,220)

Provisions for liabilities

(74,593)

(80,419)

Net assets

 

1,074,845

917,008

Capital and reserves

 

Called up share capital

8

38,710

38,710

Retained earnings

1,036,135

878,298

Shareholders' funds

 

1,074,845

917,008

For the financial year ending 31 July 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 Income Statement.

 

Frank Kelbie Limited

(Registration number: SC133320)
Statement of Financial Position as at 31 July 2023

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr S Kelbie
Director

 

Frank Kelbie Limited

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

1

General information

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

The address of its registered office is:
6 Herons Lane
Lochee
Dundee
DD2 3DJ

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.

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.

 

Frank Kelbie Limited

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold Property

10% straight line

Motor vehicles

20% straight line

Fixtures and fittings

15% straight line

Machinery and equipment

15% straight line

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.

 

Frank Kelbie Limited

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

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 income statement 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.

 

Frank Kelbie Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Frank Kelbie Limited

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

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2022 - 7).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

320,370

10,632

433,721

523,627

1,288,350

Additions

340,930

-

2,691

95,070

438,691

Disposals

-

-

-

(15,320)

(15,320)

At 31 July 2023

661,300

10,632

436,412

603,377

1,711,721

Depreciation

At 1 August 2022

165,910

6,104

163,681

374,936

710,631

Charge for the year

51,555

1,244

52,283

66,983

172,065

Eliminated on disposal

-

-

-

(7,405)

(7,405)

At 31 July 2023

217,465

7,348

215,964

434,514

875,291

Carrying amount

At 31 July 2023

443,835

3,284

220,448

168,863

836,430

At 31 July 2022

154,460

4,528

270,040

148,691

577,719

Included within the net book value of land and buildings above is £443,835 (2022 - £154,460) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

63,439

211,593

 

Frank Kelbie Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

94,945

12,229

Prepayments

31,974

26,319

Other debtors

-

2,659

 

126,919

41,207

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

46,888

23,555

Trade creditors

 

116,338

161,636

Taxation and social security

 

235,057

156,668

Accruals and deferred income

 

40,066

23,559

Other creditors

 

100,092

1,710

 

538,441

367,128

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

187,658

73,220

 

Frank Kelbie Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

-

-

38,708

38,708

Ordinary A of £1 each

19,743

19,743

1

1

Ordinary B of £1 each

11,614

11,614

1

1

Ordinary C of £1 (2022 - £0) each

3,870

3,870

-

-

Ordinary D of £1 (2022 - £0) each

3,483

3,483

-

-

 

38,710

38,710

38,710

38,710

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

158,289

29,167

Hire purchase contracts

29,369

44,053

187,658

73,220

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,333

10,000

Hire purchase contracts

13,555

13,555

46,888

23,555