Company registration number SC735559 (Scotland)
Kerloch Consulting Ltd
Unaudited financial statements
for the period ended 30 June 2023
Pages for filing with registrar
Kerloch Consulting Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Kerloch Consulting Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kerloch Consulting Ltd for the period ended 30 June 2023 which comprise, the statement of financial position 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Kerloch Consulting Ltd, as a body, in accordance with the terms of our engagement letter dated 4 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Kerloch Consulting Ltd and state those matters that we have agreed to state to the Board of Directors of Kerloch Consulting Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kerloch Consulting Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Kerloch Consulting 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 loss of Kerloch Consulting Ltd. You consider that Kerloch Consulting Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Kerloch Consulting 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.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
5 March 2024
Kerloch Consulting Ltd
Statement of financial position
as at 30 June 2023
30 June 2023
2
2023
Notes
£
£
Fixed assets
Investment properties
2
197,214
Current assets
Debtors
61
Cash at bank and in hand
6,924
6,985
Creditors: amounts falling due within one year
(211,677)
Net current liabilities
(204,692)
Net liabilities
(7,478)
Capital and reserves
Called up share capital
100
Revaluation reserve
3
(10,000)
Profit and loss reserves
2,422
Total equity
(7,478)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Kerloch Consulting Ltd
Statement of financial position (continued)
as at 30 June 2023
30 June 2023
3
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
Steven Mitchell
Director
Company Registration No. SC735559
Kerloch Consulting Ltd
Notes to the financial statements
for the period ended 30 June 2023
4
1
Accounting policies
Company information
Kerloch Consulting Ltd is a private company limited by shares incorporated in Scotland. The registered office is 23 Ramsay Road, Banchory, AB31 5TT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Investment property
2023
£
Fair value
At 15 June 2022
Additions
207,214
Revaluations
(10,000)
At 30 June 2023
197,214
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Kerloch Consulting Ltd
Notes to the financial statements (continued)
for the period ended 30 June 2023
5
3
Revaluation reserve
2023
£
At the beginning of the period
Other movements
(10,000)
At the end of the period
(10,000)
4
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance (credit)
£
£
£
£
Steven Mitchell - Director's account
-
-
105,065
(50)
105,015
Lindsey Mitchell - Director's account
-
-
105,065
(50)
105,015
-
210,130
(100)
210,030