Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Zoe Davidson 22/11/2023 Robert Stirling Kidd 23/05/2003 Heather Jo-Anne McKinlay 23/05/2003 29 August 2024 The principal activity of the company continued to be that of the sale of tailor made holidays in Scotland and Ireland. SC250017 2024-03-31 SC250017 bus:Director1 2024-03-31 SC250017 bus:Director2 2024-03-31 SC250017 bus:Director3 2024-03-31 SC250017 2023-03-31 SC250017 core:CurrentFinancialInstruments 2024-03-31 SC250017 core:CurrentFinancialInstruments 2023-03-31 SC250017 core:ShareCapital 2024-03-31 SC250017 core:ShareCapital 2023-03-31 SC250017 core:CapitalRedemptionReserve 2024-03-31 SC250017 core:CapitalRedemptionReserve 2023-03-31 SC250017 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC250017 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC250017 core:LandBuildings 2023-03-31 SC250017 core:OtherPropertyPlantEquipment 2023-03-31 SC250017 core:LandBuildings 2024-03-31 SC250017 core:OtherPropertyPlantEquipment 2024-03-31 SC250017 2022-03-31 SC250017 bus:OrdinaryShareClass1 2024-03-31 SC250017 core:WithinOneYear 2024-03-31 SC250017 core:WithinOneYear 2023-03-31 SC250017 core:BetweenOneFiveYears 2024-03-31 SC250017 core:BetweenOneFiveYears 2023-03-31 SC250017 2023-04-01 2024-03-31 SC250017 bus:FilletedAccounts 2023-04-01 2024-03-31 SC250017 bus:SmallEntities 2023-04-01 2024-03-31 SC250017 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC250017 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC250017 bus:Director1 2023-04-01 2024-03-31 SC250017 bus:Director2 2023-04-01 2024-03-31 SC250017 bus:Director3 2023-04-01 2024-03-31 SC250017 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 SC250017 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC250017 2022-04-01 2023-03-31 SC250017 core:LandBuildings 2023-04-01 2024-03-31 SC250017 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC250017 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC250017 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC250017 (Scotland)

MCKINLAY KIDD LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MCKINLAY KIDD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MCKINLAY KIDD LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MCKINLAY KIDD LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 36,754 47,719
36,754 47,719
Current assets
Stocks 4 0 275
Debtors 5 646,357 475,830
Cash at bank and in hand 6 4,610,869 3,865,016
5,257,226 4,341,121
Creditors: amounts falling due within one year 7 ( 3,787,723) ( 3,246,132)
Net current assets 1,469,503 1,094,989
Total assets less current liabilities 1,506,257 1,142,708
Provision for liabilities 8, 9 ( 5,002) ( 7,898)
Net assets 1,501,255 1,134,810
Capital and reserves
Called-up share capital 10 33,500 33,500
Capital redemption reserve 20,000 20,000
Profit and loss account 1,447,755 1,081,310
Total shareholders' funds 1,501,255 1,134,810

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of McKinlay Kidd Limited (registered number: SC250017) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Robert Stirling Kidd
Director
MCKINLAY KIDD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MCKINLAY KIDD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

McKinlay Kidd Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 6/1 The Hatrack 144 St. Vincent Street, Glasgow, G2 5LQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Turnover represents amounts receivable from the sale of holidays and other travel related services supplied to customers net of VAT.

Revenue and expenses relating to the travel are taken to the profit and loss on a departure date basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 3 years straight line
Plant and machinery etc. 3 years straight line
not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation has been provided in respect of a sculpture held in the other property, plant and equipment category. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. However, the directors believe that the sculpture will maintain its value as shown in the accounts and as such no depreciation has been charged.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 18

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 32,279 87,635 119,914
Additions 0 9,860 9,860
Disposals 0 ( 2,444) ( 2,444)
At 31 March 2024 32,279 95,051 127,330
Accumulated depreciation
At 01 April 2023 32,279 39,916 72,195
Charge for the financial year 0 20,825 20,825
Disposals 0 ( 2,444) ( 2,444)
At 31 March 2024 32,279 58,297 90,576
Net book value
At 31 March 2024 0 36,754 36,754
At 31 March 2023 0 47,719 47,719

4. Stocks

2024 2023
£ £
Stocks 0 275

5. Debtors

2024 2023
£ £
Trade debtors 1,081 11,902
Other debtors 645,276 463,928
646,357 475,830

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 4,610,869 3,865,016

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 66,403 37,966
Taxation and social security 183,410 124,562
Other creditors 3,537,910 3,083,604
3,787,723 3,246,132

8. Provision for liabilities

2024 2023
£ £
Deferred tax 5,002 7,898

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 7,898) ( 6,021)
Credited/(charged) to the Statement of Income and Retained Earnings 2,896 ( 1,877)
At the end of financial year ( 5,002) ( 7,898)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
33,500 Ordinary shares of £ 1.00 each 33,500 33,500

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 19,860 20,700
between one and five years 6,525 26,385
26,385 47,085