Company registration number SC510954 (Scotland)
K & S Greig Limited
Unaudited financial statements
for the year ended 31 July 2023
Pages for filing with registrar
K & S Greig Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of K & S Greig Limited
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 K & S Greig 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 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 K & S Greig Limited, as a body, in accordance with the terms of our engagement letter dated 8 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of K & S Greig Limited and state those matters that we have agreed to state to the Board of Directors of K & S Greig Limited, 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 K & S Greig Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that K & S Greig 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 loss of K & S Greig Limited. You consider that K & S Greig 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 K & S Greig 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.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
6 February 2024
K & S Greig Limited
Statement of financial position
as at 31 July 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
1
Current assets
Debtors
-
0
155,221
Cash at bank and in hand
276,540
216,936
276,540
372,157
Creditors: amounts falling due within one year
(1,598)
(1,156)
Net current assets
274,942
371,001
Net assets
274,942
371,002
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
274,941
371,001
Total equity
274,942
371,002

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 year ended 31 July 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 year 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.

K & S Greig Limited
Statement of financial position (continued)
as at 31 July 2023
3
The financial statements were approved by the board of directors and authorised for issue on 3 February 2024 and are signed on its behalf by:
Kathleen M. Greig
Director
Company Registration No. SC510954
K & S Greig Limited
Notes to the financial statements
for the year ended 31 July 2023
4
1
Accounting policies
Company information

K & S Greig Limited is a private company limited by shares incorporated in Scotland. The registered office is Kirkhill Cottage, Kirkbrae, Oldmeldrum, Inverurie, Aberdeenshire, AB51 0DJ.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

K & S Greig Limited
Notes to the financial statements (continued)
for the year ended 31 July 2023
5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022
1
Disposals
(1)
At 31 July 2023
-
Carrying amount
At 31 July 2023
-
At 31 July 2022
1
K & S Greig Limited
Notes to the financial statements (continued)
for the year ended 31 July 2023
6
4
Related party transactions
Transactions with related parties

During the year, £nil (2022 - £8,000) was transferred to, and £88,272 was transferred from K & S Marine Limited. At the year end the remaining balance due from K & S Marine Limited of £66,949 was written-off. At the year end, £nil (2022 - £155,221) was due from K & S Marine Ltd. Kathleen M. Greig and Steven J. Greig are directors of K & S Marine Limited.

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