IRIS Accounts Production v23.3.0.418 SC277672 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2776722022-02-28SC2776722023-02-28SC2776722022-03-012023-02-28SC2776722021-02-28SC2776722021-03-012022-02-28SC2776722022-02-28SC277672ns10:Originalns15:Scotland2022-03-012023-02-28SC277672ns14:PoundSterlingns10:Original2022-03-012023-02-28SC277672ns10:Originalns10:Director12022-03-012023-02-28SC277672ns10:Original2022-03-012023-02-28SC277672ns10:Original2023-02-28SC277672ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-28SC277672ns10:Originalns10:SmallEntities2022-03-012023-02-28SC277672ns10:Originalns10:AuditExemptWithAccountantsReport2022-03-012023-02-28SC277672ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-28SC277672ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-28SC277672ns10:Originalns10:FullAccounts2022-03-012023-02-28SC277672ns10:Originalns10:Director22022-03-012023-02-28SC277672ns10:Originalns10:RegisteredOffice2022-03-012023-02-28SC277672ns10:Original2022-02-28SC277672ns10:Originalns5:CurrentFinancialInstruments2023-02-28SC277672ns10:Originalns5:CurrentFinancialInstruments2022-02-28SC277672ns10:Originalns5:Non-currentFinancialInstruments2023-02-28SC277672ns10:Originalns5:Non-currentFinancialInstruments2022-02-28SC277672ns5:ShareCapitalns10:Original2023-02-28SC277672ns5:ShareCapitalns10:Original2022-02-28SC277672ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-28SC277672ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-28SC277672ns10:Originalns5:LandBuildings2022-03-012023-02-28SC277672ns10:Originalns5:PlantMachinery2022-03-012023-02-28SC277672ns10:Original2021-03-012022-02-28SC277672ns10:Originalns5:LandBuildings2022-02-28SC277672ns10:Originalns5:PlantMachinery2022-02-28SC277672ns10:Original2022-02-28SC277672ns10:Originalns5:LandBuildings2023-02-28SC277672ns10:Originalns5:PlantMachinery2023-02-28SC277672ns10:Originalns5:LandBuildings2022-02-28SC277672ns10:Originalns5:PlantMachinery2022-02-28SC277672ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC277672ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-28SC277672ns5:Securedns10:Original2023-02-28SC277672ns5:Securedns10:Original2022-02-28
REGISTERED NUMBER: SC277672 (Scotland)










Unaudited Financial Statements

for the Year Ended

28 February 2023

for

VK TIMBER & BUILDING MATERIALS LTD

VK TIMBER & BUILDING MATERIALS LTD (REGISTERED NUMBER: SC277672)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

VK TIMBER & BUILDING MATERIALS LTD

Company Information
for the Year Ended 28 February 2023







DIRECTORS: R T Kirk
J Kirk





REGISTERED OFFICE: 2430 London Road
Glasgow
G32 8XZ





REGISTERED NUMBER: SC277672 (Scotland)





ACCOUNTANTS: WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

VK TIMBER & BUILDING MATERIALS LTD (REGISTERED NUMBER: SC277672)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 346,046 378,171

CURRENT ASSETS
Stocks 220,879 249,179
Debtors 5 133,710 116,041
Cash in hand 12,029 10,481
366,618 375,701
CREDITORS
Amounts falling due within one year 6 (423,366 ) (399,970 )
NET CURRENT LIABILITIES (56,748 ) (24,269 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

289,298

353,902

CREDITORS
Amounts falling due after more than one
year

7

(68,068

)

(120,452

)

PROVISIONS FOR LIABILITIES (75,481 ) (61,816 )
NET ASSETS 145,749 171,634

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 144,749 170,634
145,749 171,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

VK TIMBER & BUILDING MATERIALS LTD (REGISTERED NUMBER: SC277672)

Balance Sheet - continued
28 February 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 20 November 2023 and were signed on its behalf by:





R T Kirk - Director


VK TIMBER & BUILDING MATERIALS LTD (REGISTERED NUMBER: SC277672)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Vk Timber & Building Materials Ltd 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on reducing balance

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

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

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.

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.

VK TIMBER & BUILDING MATERIALS LTD (REGISTERED NUMBER: SC277672)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 87,010 517,557 604,567
Additions - 43,242 43,242
At 28 February 2023 87,010 560,799 647,809
DEPRECIATION
At 1 March 2022 34,187 192,209 226,396
Charge for year 8,701 66,666 75,367
At 28 February 2023 42,888 258,875 301,763
NET BOOK VALUE
At 28 February 2023 44,122 301,924 346,046
At 28 February 2022 52,823 325,348 378,171

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 76,043 76,017
Other debtors 57,667 40,024
133,710 116,041

VK TIMBER & BUILDING MATERIALS LTD (REGISTERED NUMBER: SC277672)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 72,963 116,142
Hire purchase contracts 42,384 47,159
Trade creditors 201,201 179,868
Taxation and social security 80,502 38,986
Other creditors 26,316 17,815
423,366 399,970

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,500 32,500
Hire purchase contracts 45,568 87,952
68,068 120,452

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 32,500 55,220

Clydesdale Bank holds a floating charge over the assets of the company.

9. ULTIMATE CONTROLLING PARTY

The controlling party is R T Kirk.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Vk Timber & Building Materials Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vk Timber & Building Materials Ltd for the year ended 28 February 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Vk Timber & Building Materials Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vk Timber & Building Materials Ltd and state those matters that we have agreed to state to the Board of Directors of Vk Timber & Building Materials Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Vk Timber & Building Materials Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vk Timber & Building Materials Ltd. You consider that Vk Timber & Building Materials Ltd 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 financial statements of Vk Timber & Building Materials Ltd. 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 financial statements.






WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA


20 November 2023