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Company registration number: SC511296
D & K (East Scotland) Limited
Unaudited abridged financial statements
31 December 2023
D & K (East Scotland) Limited
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
D & K (East Scotland) Limited
Directors and other information
Directors Mr D Pabla
Mrs K Pabla
Company number SC511296
Registered office 54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
Accountants Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
D & K (East Scotland) Limited
Directors report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023.
Directors
The directors who served the company during the year were as follows:
Mr D Pabla
Mrs K Pabla
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 February 2024 and signed on behalf of the board by:
Mr D Pabla
Director
D & K (East Scotland) Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of D & K (East Scotland) Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the abridged statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
20 February 2024
D & K (East Scotland) Limited
Abridged statement of comprehensive income
Year ended 31 December 2023
2023 2022
Note £ £
Gross profit 845,588 701,301
Administrative expenses ( 744,390) ( 564,830)
_______ _______
Operating profit 101,198 136,471
Other interest receivable and similar income 4,909 2,412
Interest payable and similar expenses ( 6,381) ( 5,712)
_______ _______
Profit before taxation 5 99,726 133,171
Tax on profit ( 29,945) ( 8,406)
_______ _______
Profit for the financial year and total comprehensive income 69,781 124,765
_______ _______
All the activities of the company are from continuing operations.
D & K (East Scotland) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 61,227 78,620
Tangible assets 7 214,005 135,331
Investments 8 24,000 24,000
_______ _______
299,232 237,951
Current assets
Stocks 231,604 184,806
Debtors 9 210,011 251,676
Cash at bank and in hand 132,185 114,573
_______ _______
573,800 551,055
Creditors: amounts falling due
within one year 10 ( 322,645) ( 322,079)
_______ _______
Net current assets 251,155 228,976
_______ _______
Total assets less current liabilities 550,387 466,927
Creditors: amounts falling due
after more than one year 11 ( 140,865) ( 118,430)
Provisions for liabilities ( 26,260) ( 5,018)
_______ _______
Net assets 383,262 343,479
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 383,260 343,477
_______ _______
Shareholders funds 383,262 343,479
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr D Pabla
Director
Company registration number: SC511296
D & K (East Scotland) Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 2 238,712 238,714
Profit for the year 124,765 124,765
_______ _______ _______
Total comprehensive income for the year - 124,765 124,765
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 31 December 2022 and 1 January 2023 2 343,479 343,481
Profit for the year 69,781 69,781
_______ _______ _______
Total comprehensive income for the year - 69,781 69,781
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______
Total investments by and distributions to owners - ( 30,000) ( 30,000)
_______ _______ _______
At 31 December 2023 2 383,260 383,262
_______ _______ _______
D & K (East Scotland) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 54 Cowgate, Kirkintilloch, Glasgow, G66 1HN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Combined other intangible assets - 10 % 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 15 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Amortisation of intangible assets 17,393 17,393
Depreciation of tangible assets 59,447 32,684
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 173,927 173,927
_______ _______
Amortisation
At 1 January 2023 95,307 95,307
Charge for the year 17,393 17,393
_______ _______
At 31 December 2023 112,700 112,700
_______ _______
Carrying amount
At 31 December 2023 61,227 61,227
_______ _______
At 31 December 2022 78,620 78,620
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 99,588 32,472 114,125 246,185
Additions 38,268 1,163 98,690 138,121
_______ _______ _______ _______
At 31 December 2023 137,856 33,635 212,815 384,306
_______ _______ _______ _______
Depreciation
At 1 January 2023 74,418 7,904 28,532 110,854
Charge for the year 9,516 3,860 46,071 59,447
_______ _______ _______ _______
At 31 December 2023 83,934 11,764 74,603 170,301
_______ _______ _______ _______
Carrying amount
At 31 December 2023 53,922 21,871 138,212 214,005
_______ _______ _______ _______
At 31 December 2022 25,170 24,568 85,593 135,331
_______ _______ _______ _______
8. Investments
Loans to group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 20,000 4,000 24,000
_______ _______ _______
Impairment
At 1 January 2023 and 31 December 2023 - - -
_______ _______ _______
Carrying amount
At 31 December 2023 20,000 4,000 24,000
_______ _______ _______
At 31 December 2022 20,000 4,000 24,000
_______ _______ _______
9. Debtors
2023 2022
£ £
Trade debtors 142,898 161,719
Other debtors 67,113 89,957
_______ _______
210,011 251,676
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 35,932 22,100
Trade creditors 124,520 108,491
Corporation tax 8,752 8,406
Social security and other taxes 35,109 30,356
Other creditors 118,332 152,726
_______ _______
322,645 322,079
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,356 51,530
Other creditors 125,509 66,900
_______ _______
140,865 118,430
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr D Pabla ( 54,064) ( 30,000) 41,953 ( 42,111)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr D Pabla ( 63,237) ( 20,000) 29,173 ( 54,064)
_______ _______ _______ _______