IRIS Accounts Production v24.2.0.383 SC312475 director 1.12.22 30.11.23 30.11.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3124752022-11-30SC3124752023-11-30SC3124752022-12-012023-11-30SC3124752021-11-30SC3124752021-12-012022-11-30SC3124752022-11-30SC312475ns15:Scotland2022-12-012023-11-30SC312475ns14:PoundSterling2022-12-012023-11-30SC312475ns10:Director12022-12-012023-11-30SC312475ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC312475ns10:SmallEntities2022-12-012023-11-30SC312475ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-30SC312475ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC312475ns10:FullAccounts2022-12-012023-11-30SC312475ns10:RegisteredOffice2022-12-012023-11-30SC312475ns5:CurrentFinancialInstruments2023-11-30SC312475ns5:CurrentFinancialInstruments2022-11-30SC312475ns5:Non-currentFinancialInstruments2023-11-30SC312475ns5:Non-currentFinancialInstruments2022-11-30SC312475ns5:ShareCapital2023-11-30SC312475ns5:ShareCapital2022-11-30SC312475ns5:RevaluationReserve2023-11-30SC312475ns5:RevaluationReserve2022-11-30SC312475ns5:RetainedEarningsAccumulatedLosses2023-11-30SC312475ns5:RetainedEarningsAccumulatedLosses2022-11-30SC312475ns5:PlantMachinery2022-11-30SC312475ns5:MotorVehicles2022-11-30SC312475ns5:ComputerEquipment2022-11-30SC312475ns5:PlantMachinery2022-12-012023-11-30SC312475ns5:MotorVehicles2022-12-012023-11-30SC312475ns5:ComputerEquipment2022-12-012023-11-30SC312475ns5:PlantMachinery2023-11-30SC312475ns5:MotorVehicles2023-11-30SC312475ns5:ComputerEquipment2023-11-30SC312475ns5:PlantMachinery2022-11-30SC312475ns5:MotorVehicles2022-11-30SC312475ns5:ComputerEquipment2022-11-30SC312475ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-30SC312475ns5:WithinOneYearns5:CurrentFinancialInstruments2022-11-30
REGISTERED NUMBER: SC312475 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

KTWO HIRE AND SALES LTD

KTWO HIRE AND SALES LTD (REGISTERED NUMBER: SC312475)






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


KTWO HIRE AND SALES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: C Q Mitchell





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC312475 (Scotland)





ACCOUNTANTS: Cornerstone Glasgow Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

KTWO HIRE AND SALES LTD (REGISTERED NUMBER: SC312475)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 357,058 309,651

CURRENT ASSETS
Debtors 5 118,825 275,095
Cash in hand 3,045 3,045
121,870 278,140
CREDITORS
Amounts falling due within one year 6 205,779 289,852
NET CURRENT LIABILITIES (83,909 ) (11,712 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

273,149

297,939

CREDITORS
Amounts falling due after more than one
year

7

(87,387

)

(68,499

)

PROVISIONS FOR LIABILITIES (50,326 ) (44,775 )
NET ASSETS 135,436 184,665

CAPITAL AND RESERVES
Called up share capital 102 102
Revaluation reserve 70,000 70,000
Retained earnings 65,334 114,563
135,436 184,665

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 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.

KTWO HIRE AND SALES LTD (REGISTERED NUMBER: SC312475)

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 director and authorised for issue on 28 August 2024 and were signed by:





C Q Mitchell - Director


KTWO HIRE AND SALES LTD (REGISTERED NUMBER: SC312475)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

KTWO Hire and Sales 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 as modified by the revaluation of certain assets.

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
Plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net
of depreciation and any impairment losses.

Depreciation is provided on all other items of plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following
rates:
Plant and machinery - 1% on a straight line basis
Motor vehicles - 25% on a reducing balance basis
Computer equipment-33% on a straight line basis

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.

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 18 (2022 - 14 ) .

KTWO HIRE AND SALES LTD (REGISTERED NUMBER: SC312475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 December 2022 427,604 200,247 15,616 643,467
Additions 29,675 45,632 1,224 76,531
At 30 November 2023 457,279 245,879 16,840 719,998
DEPRECIATION
At 1 December 2022 158,686 169,925 5,205 333,816
Charge for year 4,523 18,988 5,613 29,124
At 30 November 2023 163,209 188,913 10,818 362,940
NET BOOK VALUE
At 30 November 2023 294,070 56,966 6,022 357,058
At 30 November 2022 268,918 30,322 10,411 309,651

Cost or valuation at 30 November 2023 is represented by:

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Valuation in 2011 100,000 - - 100,000
Cost 357,279 245,879 16,840 619,998
457,279 245,879 16,840 719,998

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 39,845 96,521
Other debtors 78,980 178,574
118,825 275,095

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 21,973 43,940
Hire purchase contracts 35,164 7,188
Trade creditors 24,429 129,277
Taxation and social security 36,624 80,094
Other creditors 87,589 29,353
205,779 289,852

KTWO HIRE AND SALES LTD (REGISTERED NUMBER: SC312475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 26,111 31,667
Hire purchase contracts 61,276 36,832
87,387 68,499