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Company Registration No. SC434806 (Scotland)
Keith Sherrit Ltd Unaudited accounts for the year ended 31 October 2023
Keith Sherrit Ltd Unaudited accounts Contents
Page
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Keith Sherrit Ltd Company Information for the year ended 31 October 2023
Director
Keith Sherrit
Company Number
SC434806 (Scotland)
Registered Office
Laurenston Westtown Errol Perthshire PH2 7SU
Accountants
Fraser + Accountants 3 Barossa Place Perth Perthshire PH1 5HG
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Keith Sherrit Ltd Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
8,244 
10,214 
Current assets
Inventories
501 
501 
Debtors
10,310 
5,408 
Cash at bank and in hand
- 
2,014 
10,811 
7,923 
Creditors: amounts falling due within one year
(10,944)
(6,880)
Net current (liabilities)/assets
(133)
1,043 
Total assets less current liabilities
8,111 
11,257 
Creditors: amounts falling due after more than one year
(8,653)
(13,847)
Provisions for liabilities
Deferred tax
- 
(1,941)
Net liabilities
(542)
(4,531)
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
(544)
(4,533)
Shareholders' funds
(542)
(4,531)
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 March 2024 and were signed on its behalf by
Keith Sherrit Director Company Registration No. SC434806
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Keith Sherrit Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Keith Sherrit Ltd is a private company, limited by shares, registered in Scotland, registration number SC434806. The registered office is Laurenston, Westtown, Errol, Perthshire, PH2 7SU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance
Motor vehicles
20% Reducing balance
Computer equipment
25% Straight line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 November 2022
4,159 
17,227 
974 
22,360 
At 31 October 2023
4,159 
17,227 
974 
22,360 
Depreciation
At 1 November 2022
1,659 
9,845 
642 
12,146 
Charge for the year
375 
1,476 
119 
1,970 
At 31 October 2023
2,034 
11,321 
761 
14,116 
Net book value
At 31 October 2023
2,125 
5,906 
213 
8,244 
At 31 October 2022
2,500 
7,382 
332 
10,214 
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Keith Sherrit Ltd Notes to the Accounts for the year ended 31 October 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due after more than one year
Trade debtors
4,926 
- 
Other debtors
5,384 
5,408 
10,310 
5,408 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
8,483 
5,123 
Trade creditors
1,134 
241 
Taxes and social security
942 
(1,153)
Other creditors
- 
2,669 
Accruals
385 
- 
10,944 
6,880 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
8,653 
13,847 
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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