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REGISTERED NUMBER: SC634166 (Scotland)






































Kit Erectors Ltd

Unaudited Financial Statements

for the Year Ended 30th June 2023






Kit Erectors Ltd (Registered number: SC634166)






Contents of the Financial Statements
for the year ended 30th June 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


Kit Erectors Ltd

Company Information
for the year ended 30th June 2023







Director: Mrs M L Bowie





Registered office: 105 Howdenburn Court
Jedburgh
TD8 6PY





Registered number: SC634166 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Kit Erectors Ltd (Registered number: SC634166)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 51,433 64,292

Current assets
Debtors 5 10,736 8,433
Cash at bank 9,526 2,098
20,262 10,531
Creditors
Amounts falling due within one year 6 104,308 60,824
Net current liabilities (84,046 ) (50,293 )
Total assets less current liabilities (32,613 ) 13,999

Creditors
Amounts falling due after more than one
year

7

12,600

73,468
Net liabilities (45,213 ) (59,469 )

Capital and reserves
Called up share capital 1 1
Retained earnings (45,214 ) (59,470 )
(45,213 ) (59,469 )

Kit Erectors Ltd (Registered number: SC634166)

Balance Sheet - continued
30th June 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8th March 2024 and were signed by:





Mrs M L Bowie - Director


Kit Erectors Ltd (Registered number: SC634166)

Notes to the Financial Statements
for the year ended 30th June 2023

1. Statutory information

Kit Erectors 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.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade creditors, hire purchase contracts, accruals, bank loans and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), accruals and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Kit Erectors Ltd (Registered number: SC634166)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

2. Accounting policies - continued
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.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Tangible assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible assets. The related obligations, net of future finance charges, are included within creditors.

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The director has identified some economic factors which have impacted the business' performance and profitability in the year. The director is aware of the risk of these factors and although the company has remained in a profitable position in 2023, he is actively reviewing operations to implement change to ensure the long term profitability and viability of the company is not compromised.

Most of the long term funding for the company is by way of a director's loan account. The directors has made a commitment not to seek repayment of the loan within the foreseeable future.

As a result of this he has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseable future. Thus, he continues to adopt the going concern basis of accounting in preparing the financial statements.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

Kit Erectors Ltd (Registered number: SC634166)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

4. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1st July 2022
and 30th June 2023 8,417 88,180 96,597
Depreciation
At 1st July 2022 4,108 28,197 32,305
Charge for year 862 11,997 12,859
At 30th June 2023 4,970 40,194 45,164
Net book value
At 30th June 2023 3,447 47,986 51,433
At 30th June 2022 4,309 59,983 64,292

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 6,604 -
Other debtors 4,132 8,433
10,736 8,433

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 5,848 5,848
Hire purchase contracts 56,191 10,735
Trade creditors 1,489 1,488
Taxation and social security (106 ) 601
Other creditors 40,886 42,152
104,308 60,824

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 12,600 18,448
Hire purchase contracts - 55,020
12,600 73,468

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 56,191 65,755

The HP liabilities are secured against the assets to which they relate.