Registered number
SC646664
KERR TRADING Ltd
Filleted Accounts
30 November 2023
KERR TRADING Ltd
Registered number: SC646664
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,000 28,000
Tangible assets 4 396,871 401,756
420,871 429,756
Current assets
Stocks 38,131 45,651
Debtors 5 4,914 4,454
43,045 50,105
Creditors: amounts falling due within one year 6 (23,544) (18,470)
Net current assets 19,501 31,635
Total assets less current liabilities 440,372 461,391
Creditors: amounts falling due after more than one year 7 (468,567) (475,326)
Net liabilities (28,195) (13,935)
Capital and reserves
Called up share capital 2 2
Profit and loss account (28,197) (13,937)
Shareholders' funds (28,195) (13,935)
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.
E Kerr
Director
Approved by the board on 21 August 2024
KERR TRADING Ltd
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 and from the rendering of 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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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 9 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 40,000
At 30 November 2023 40,000
Amortisation
At 1 December 2022 12,000
Provided during the year 4,000
At 30 November 2023 16,000
Net book value
At 30 November 2023 24,000
At 30 November 2022 28,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 392,250 7,143 15,595 414,988
At 30 November 2023 392,250 7,143 15,595 414,988
Depreciation
At 1 December 2022 - 5,916 7,316 13,232
Charge for the year - 1,227 3,658 4,885
At 30 November 2023 - 7,143 10,974 18,117
Net book value
At 30 November 2023 392,250 - 4,621 396,871
At 30 November 2022 392,250 1,227 8,279 401,756
5 Debtors 2023 2022
£ £
Trade debtors 3,589 3,454
Petty Cash 1,325 1,000
4,914 4,454
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,645 3,038
Trade creditors 13,357 14,377
Other creditors 542 1,055
23,544 18,470
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,710 38,081
Property Loan 226,071 237,268
Other creditors 208,786 199,977
468,567 475,326
8 Other information
KERR TRADING Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Homewood
Contin
Strathpeffer
Ross Shire
IV14 9ES
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