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COMPANY REGISTRATION NUMBER: 06974539
Kirkcaldy Consulting Limited
Filleted Unaudited Financial Statements
31 July 2023
Kirkcaldy Consulting Limited
Financial Statements
Year ended 31 July 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Kirkcaldy Consulting Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Kirkcaldy Consulting Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirkcaldy Consulting Limited for the year ended 31 July 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Kirkcaldy Consulting Limited in accordance with the terms of our engagement letter dated 4 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Kirkcaldy Consulting Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirkcaldy Consulting Limited and its director for our work or for this report.
It is your duty to ensure that Kirkcaldy Consulting Limited 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 Kirkcaldy Consulting Limited. You consider that Kirkcaldy Consulting Limited 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 Kirkcaldy Consulting Limited. 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
4 April 2024
Kirkcaldy Consulting Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
44
Current assets
Debtors
6
517
2,100
Cash at bank and in hand
25,536
1,996
--------
-------
26,053
4,096
Creditors: amounts falling due within one year
7
23,496
7,745
--------
-------
Net current assets/(liabilities)
2,557
( 3,649)
-------
-------
Total assets less current liabilities
2,557
( 3,605)
Creditors: amounts falling due after more than one year
8
10,000
24,000
--------
--------
Net liabilities
( 7,443)
( 27,605)
--------
--------
Kirkcaldy Consulting Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 7,543)
( 27,705)
-------
--------
Shareholders deficit
( 7,443)
( 27,605)
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 March 2024 , and are signed on behalf of the board by:
Dr S R Kirkcaldy
Director
Company registration number: 06974539
Kirkcaldy Consulting Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Hebblethwaites, 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Statement of Financial Position at the year end date shows a net liability position. Despite this, the accounts have been prepared on a going concern basis. The director considers that this basis remains appropriate given the ongoing funding made available to the company by the director.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
3 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
15% reducing balance
Computer Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.
4. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
70,000
--------
Amortisation
At 1 August 2022 and 31 July 2023
70,000
--------
Carrying amount
At 31 July 2023
--------
At 31 July 2022
--------
5. Tangible assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 August 2022
351
1,962
2,313
Disposals
( 351)
( 1,962)
( 2,313)
----
-------
-------
At 31 July 2023
----
-------
-------
Depreciation
At 1 August 2022
307
1,962
2,269
Charge for the year
7
7
Disposals
( 314)
( 1,962)
( 2,276)
----
-------
-------
At 31 July 2023
----
-------
-------
Carrying amount
At 31 July 2023
----
-------
-------
At 31 July 2022
44
44
----
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
2,100
Other debtors
517
----
-------
517
2,100
----
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
1,009
673
Other creditors
22,487
7,072
--------
-------
23,496
7,745
--------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
10,000
24,000
--------
--------
9. Director's advances, credits and guarantees
A loan account exists as between the company and the director. At the start of the year on 1 August 2022, the balance of monies owing by the company, to the director, in this regard, was £30,347. During the year, the director introduced a further net total of £1,415 to leave a closing liability of funds owing to the director at 31 July 2023 of £31,762. There are no formal terms attaching to the loan balance, other than the fact that the director has agreed that at least £10,000 (2022: £24,000) will not be repaid until at least twelve months after the period end date. Interest is not being charged in respect of the loan.