Registered number
SC351044
Kindrochet Limited
Filleted Accounts
30 November 2023
Kindrochet Limited
Registered number: SC351044
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 834,559 780,897
Current assets
Stocks 20,359 19,996
Debtors 4 2,143 4,907
Cash at bank and in hand 31,361 2,531
53,863 27,434
Creditors: amounts falling due within one year 5 (420,530) (475,437)
Net current liabilities (366,667) (448,003)
Total assets less current liabilities 467,892 332,894
Creditors: amounts falling due after more than one year 6 (371,535) (321,714)
Provisions for liabilities (25,814) -
Net assets 70,543 11,180
Capital and reserves
Called up share capital 100 100
Profit and loss account 70,443 11,080
Shareholders' funds 70,543 11,180
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Angus A Smith
Director
Approved by the board on 8 August 2024
Kindrochet Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, livestock and from the rendering of restaurant services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of restaurant services is recognised at the point of sale.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% on reducing balance
Fixtures, fittings, tools and equipment 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 23
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 739,830 156,590 37,405 933,825
Additions 8,123 107,624 - 115,747
At 30 November 2023 747,953 264,214 37,405 1,049,572
Depreciation
At 1 December 2022 39,813 85,409 27,706 152,928
Charge for the year 14,959 44,701 2,425 62,085
At 30 November 2023 54,772 130,110 30,131 215,013
Net book value
At 30 November 2023 693,181 134,104 7,274 834,559
At 30 November 2022 700,017 71,181 9,699 780,897
4 Debtors 2023 2022
£ £
Trade debtors 1,859 4,304
Other debtors 284 603
2,143 4,907
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 73,822 61,558
Trade creditors 30,649 59,489
Taxation and social security costs 90,873 60,991
Other creditors 225,186 293,399
420,530 475,437
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 371,535 321,714
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 230,515 231,507
Secured bank loans 292,210 311,007
The Royal Bank of Scotland Plc hold a standard security over land at Kindrochet and a floating charge over all of the property and undertaking of the company.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 3,373 14,217
9 Other information
Kindrochet Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Kindrochet
Strathaven
South Lanarkshire
ML10 6QP
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