Registered number
SC633677
K & S Fabrication (Fife) Ltd
Filleted Accounts
30 June 2023
K & S Fabrication (Fife) Ltd
Registered number: SC633677
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 71,228 7,457
Current assets
Stocks 2,500 2,500
Debtors 4 3,408 23,094
Cash at bank and in hand 1,390 5,927
7,298 31,521
Creditors: amounts falling due within one year 5 (20,619) (21,953)
Net current (liabilities)/assets (13,321) 9,568
Total assets less current liabilities 57,907 17,025
Creditors: amounts falling due after more than one year 6 (57,588) (16,947)
Net assets 319 78
Capital and reserves
Called up share capital 100 100
Profit and loss account 219 (22)
Shareholders' funds 319 78
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Smith
Director
Approved by the board on 28 March 2024
K & S Fabrication (Fife) Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Where appropriate, depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Plant and machinery 15% on a Reducing Balance basis
Motor Vehicles 25% on a Reducing Balance basis
Fixtures, fittings, tools and equipment 15% on a Reducing Balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised in respect of the this period of accounts.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 867 12,799 13,666
Additions 50,805 - 18,096 68,901
Disposals - - (1,601) (1,601)
At 30 June 2023 50,805 867 29,294 80,966
Depreciation
At 1 July 2022 - 335 5,874 6,209
Charge for the year - 80 3,449 3,529
At 30 June 2023 - 415 9,323 9,738
Net book value
At 30 June 2023 50,805 452 19,971 71,228
At 30 June 2022 - 532 6,925 7,457
4 Debtors 2023 2022
£ £
Trade debtors 725 2,479
CIS deductions 1,680 1,072
Retention 1,003 1,003
Other debtors - 18,540
3,408 23,094
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 400 -
Obligations under finance lease and hire purchase contracts - (1,991)
Trade creditors 13,324 10,795
Corporation tax 1,220 7,046
Other taxes and social security costs 1,106 4,994
Other creditors 4,569 1,109
20,619 21,953
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's accounts (22,360) 15
Bank loans 67,128 15,792
Obligations under finance lease and hire purchase contracts 12,820 1,140
57,588 16,947
7 Other information
K & S Fabrication (Fife) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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