IRIS Accounts Production v24.1.9.2 SC550751 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5507512022-11-30SC5507512023-11-30SC5507512022-12-012023-11-30SC5507512021-11-30SC5507512021-12-012022-11-30SC5507512022-11-30SC550751ns15:Scotland2022-12-012023-11-30SC550751ns14:PoundSterling2022-12-012023-11-30SC550751ns10:Director12022-12-012023-11-30SC550751ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC550751ns10:SmallEntities2022-12-012023-11-30SC550751ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-30SC550751ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC550751ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC550751ns10:FullAccounts2022-12-012023-11-30SC550751ns10:EntityHasNeverTraded2022-12-012023-11-30SC550751ns10:Director22022-12-012023-11-30SC550751ns10:RegisteredOffice2022-12-012023-11-30SC550751ns5:CurrentFinancialInstruments2023-11-30SC550751ns5:CurrentFinancialInstruments2022-11-30SC550751ns5:Non-currentFinancialInstruments2023-11-30SC550751ns5:Non-currentFinancialInstruments2022-11-30SC550751ns5:ShareCapital2023-11-30SC550751ns5:ShareCapital2022-11-30SC550751ns5:RetainedEarningsAccumulatedLosses2023-11-30SC550751ns5:RetainedEarningsAccumulatedLosses2022-11-30SC550751ns5:LandBuildings2022-11-30SC550751ns5:PlantMachinery2022-11-30SC550751ns5:LandBuildings2022-12-012023-11-30SC550751ns5:PlantMachinery2022-12-012023-11-30SC550751ns5:LandBuildings2023-11-30SC550751ns5:PlantMachinery2023-11-30SC550751ns5:LandBuildings2022-11-30SC550751ns5:PlantMachinery2022-11-30SC550751ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-30SC550751ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-012023-11-30SC550751ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-11-30SC550751ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-30SC550751ns5:AdditionsToInvestments2023-11-30SC550751ns5:CostValuation2023-11-30SC550751ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC550751ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30
REGISTERED NUMBER: SC550751 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

KN Transport Ltd

KN Transport Ltd (Registered number: SC550751)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KN Transport Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: K Connor
Mrs N L Connor





REGISTERED OFFICE: 15 St Leonard Street
Lanark
ML11 7AB





REGISTERED NUMBER: SC550751 (Scotland)





ACCOUNTANTS: ICW Accountancy Ltd
15 St Leonard Street
Lanark
Lanarkshire
ML11 7AB

KN Transport Ltd (Registered number: SC550751)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 390,097 374,870
Investments 5 10,000 -
400,097 374,870

CURRENT ASSETS
Stocks 500 -
Debtors 6 323,933 446,088
Cash at bank and in hand 102,088 288,030
426,521 734,118
CREDITORS
Amounts falling due within one year 7 315,279 588,250
NET CURRENT ASSETS 111,242 145,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

511,339

520,738

CREDITORS
Amounts falling due after more than one year 8 (53,763 ) (118,259 )

PROVISIONS FOR LIABILITIES (92,729 ) (71,130 )
NET ASSETS 364,847 331,349

CAPITAL AND RESERVES
Called up share capital 190 190
Retained earnings 364,657 331,159
364,847 331,349

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

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

The directors acknowledge their 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.

KN Transport Ltd (Registered number: SC550751)

Balance Sheet - continued
30 November 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 Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:





K Connor - Director


KN Transport Ltd (Registered number: SC550751)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

KN Transport Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery - 15% reducing balance
Fixtures & fittings - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

KN Transport Ltd (Registered number: SC550751)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 - 445,544 445,544
Additions 19,310 128,822 148,132
Disposals - (84,252 ) (84,252 )
At 30 November 2023 19,310 490,114 509,424
DEPRECIATION
At 1 December 2022 - 70,674 70,674
Charge for year 129 70,681 70,810
Eliminated on disposal - (22,157 ) (22,157 )
At 30 November 2023 129 119,198 119,327
NET BOOK VALUE
At 30 November 2023 19,181 370,916 390,097
At 30 November 2022 - 374,870 374,870

KN Transport Ltd (Registered number: SC550751)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022 212,220
Additions 65,900
At 30 November 2023 278,120
DEPRECIATION
At 1 December 2022 28,897
Charge for year 40,192
At 30 November 2023 69,089
NET BOOK VALUE
At 30 November 2023 209,031
At 30 November 2022 183,323

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 10,000
At 30 November 2023 10,000
NET BOOK VALUE
At 30 November 2023 10,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 269,803 397,980
Other debtors 54,130 48,108
323,933 446,088

KN Transport Ltd (Registered number: SC550751)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 57,048 67,162
Trade creditors 199,521 462,974
Taxation and social security 37,489 30,935
Other creditors 11,221 17,179
315,279 588,250

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 14,937 26,667
Hire purchase contracts 38,826 91,592
53,763 118,259