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REGISTERED NUMBER: SC182049 (Scotland)















K.I.B.S. (1998) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023






K.I.B.S. (1998) LIMITED (REGISTERED NUMBER: SC182049)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


K.I.B.S. (1998) LIMITED

COMPANY INFORMATION
For The Year Ended 30 June 2023







DIRECTOR: J B Sproull





SECRETARY: Mrs M Wadsworth





REGISTERED OFFICE: 255 Lochburn Road
Maryhill
Glasgow
G20 0QQ





REGISTERED NUMBER: SC182049 (Scotland)





ACCOUNTANTS: Benham Conway & Co
16 Royal Crescent
Glasgow
G3 7SL

K.I.B.S. (1998) LIMITED (REGISTERED NUMBER: SC182049)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,178 66,715
Investment property 5 568,684 568,684
617,862 635,399

CURRENT ASSETS
Debtors 6 8,666 14,591
Cash at bank 6,506 3,346
15,172 17,937
CREDITORS
Amounts falling due within one year 7 631,345 617,454
NET CURRENT LIABILITIES (616,173 ) (599,517 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,689

35,882

PROVISIONS FOR LIABILITIES 9,319 12,645
NET (LIABILITIES)/ASSETS (7,630 ) 23,237

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 231,745 231,745
Retained earnings (239,377 ) (208,510 )
SHAREHOLDERS' FUNDS (7,630 ) 23,237

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

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

The director acknowledges his 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.

K.I.B.S. (1998) LIMITED (REGISTERED NUMBER: SC182049)

BALANCE SHEET - continued
30 June 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2024 and were signed by:





J B Sproull - Director


K.I.B.S. (1998) LIMITED (REGISTERED NUMBER: SC182049)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023


1. STATUTORY INFORMATION

K.I.B.S. (1998) Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net rental income and income from services recharged in the year, excluding value added tax.

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 etc - 25% on reducing balance and 10% to 33% on cost or reducing balance

Investment property
Land and buildings are classified as investment property when the property is held to earn rentals or for capital appreciation or both. Investment property is initially measured at cost which comprises purchase price and any directly attributable expenditure, and subsequently remeasured to fair value at each reporting date with changes in fair value recognised in the Income Statement.

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

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
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period using the effective interest rate method. The capital element of the future payments is treated as a liability.

K.I.B.S. (1998) LIMITED (REGISTERED NUMBER: SC182049)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Going concern
The director has prepared the accounts on a going concern basis despite there being net liabilities at the balance sheet date as the company's main creditor is a company controlled by the director and it will not seek repayment of its loan until the company has sufficient funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 July 2022 107,068
Disposals (8,618 )
At 30 June 2023 98,450
DEPRECIATION
At 1 July 2022 40,353
Charge for year 16,724
Eliminated on disposal (7,805 )
At 30 June 2023 49,272
NET BOOK VALUE
At 30 June 2023 49,178
At 30 June 2022 66,715


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 568,684
NET BOOK VALUE
At 30 June 2023 568,684
At 30 June 2022 568,684



K.I.B.S. (1998) LIMITED (REGISTERED NUMBER: SC182049)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 8,666 11,973
Other debtors - 290
Tax recoverable - 2,328
8,666 14,591

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 500 66,261
Director's loan account 9,192 11,554
Taxation and social security 9,601 -
Other creditors 612,052 539,639
631,345 617,454

8. RELATED PARTY DISCLOSURES

At 30 June 2023 the company's director had provided the company with an interest free loan of £9,192 (2022, £11,554). There are no fixed repayment terms for this loan.