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Company Registration number: 06021594

Kirkaldy & Roe Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Kirkaldy & Roe Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

Kirkaldy & Roe Ltd

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

988,029

1,135,050

Current assets

 

Stocks

5

1,975,430

1,474,316

Debtors

6

279,273

520,339

Cash at bank and in hand

 

1,125,694

670,016

 

3,380,397

2,664,671

Creditors: Amounts falling due within one year

7

(1,049,211)

(1,019,234)

Net current assets

 

2,331,186

1,645,437

Total assets less current liabilities

 

3,319,215

2,780,487

Creditors: Amounts falling due after more than one year

7

(28,064)

(90,753)

Provisions for liabilities

(242,566)

(212,069)

Net assets

 

3,048,585

2,477,665

Capital and reserves

 

Called up share capital

102

102

Retained earnings

3,048,483

2,477,563

Shareholders' funds

 

3,048,585

2,477,665

 

Kirkaldy & Roe Ltd

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 06021594

Approved and authorised by the Board on 18 July 2024 and signed on its behalf by:
 

.........................................
Mr M Kirkaldy
Director

 

Kirkaldy & Roe Ltd

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Orchard Farm
Moorhouse
Carlisle
CA5 6EY
 

These financial statements were authorised for issue by the Board on 18 July 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Kirkaldy & Roe Ltd

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Kirkaldy & Roe Ltd

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

Stock and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Finance leases and hire purchase contracts

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases and hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kirkaldy & Roe Ltd

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 41 (2022 - 31).

4

TANGIBLE ASSETS

Plant and machinery
£

Computer equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,601,317

26,188

345,442

1,972,947

Additions

23,381

1,515

15,000

39,896

Disposals

(7,569)

-

-

(7,569)

At 31 December 2023

1,617,129

27,703

360,442

2,005,274

Depreciation

At 1 January 2023

637,719

22,345

177,833

837,897

Charge for the year

135,748

2,179

43,777

181,704

Eliminated on disposal

(2,356)

-

-

(2,356)

At 31 December 2023

771,111

24,524

221,610

1,017,245

Carrying amount

At 31 December 2023

846,018

3,179

138,832

988,029

At 31 December 2022

963,598

3,843

167,609

1,135,050

 

Kirkaldy & Roe Ltd

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

STOCK

2023
£

2022
£

Stock and work in progress

1,975,430

1,474,316

6

DEBTORS

2023
£

2022
£

Trade debtors

40,777

273,567

Prepayments

17,212

12,918

Other debtors

221,284

233,854

279,273

520,339

7

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

62,690

108,763

Trade creditors

 

155,647

286,022

Taxation and social security

 

297,332

94,764

Accruals and deferred income

 

16,095

15,720

Other creditors

 

517,447

513,965

 

1,049,211

1,019,234


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £62,690 (2022 - £108,763).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Loans and borrowings

28,064

90,753


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £28,064 (2022 - £90,753).