REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
KOMPAN SCOTLAND LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
KOMPAN SCOTLAND LTD |
KOMPAN SCOTLAND LTD (REGISTERED NUMBER: SC127228) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KOMPAN SCOTLAND LTD |
COMPANY INFORMATION |
For The Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
KOMPAN SCOTLAND LTD (REGISTERED NUMBER: SC127228) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
KOMPAN SCOTLAND LTD (REGISTERED NUMBER: SC127228) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Kompan Scotland Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Going concern |
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
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 |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - 33% on cost |
Fixtures and fittings | - 33% on cost |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from bank and other |
third parties, loan's to related parties and investments in ordinary shares. |
Short term debtors and creditors are measured at the transaction price. Other financial instruments, |
including loans, are measured initially at fair value, net of transaction costs, and are measured |
subsequently at amortised cost using the effective interest method, less any impairment. |
Financial liabilities and equity are classified according to the substance of the financial instrument's |
contractual obligations, rather than the financial instrument's legal form. |
KOMPAN SCOTLAND LTD (REGISTERED NUMBER: SC127228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
KOMPAN SCOTLAND LTD (REGISTERED NUMBER: SC127228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 430,442 | 303,989 |
Accrued expenses |
8. | LEASING AGREEMENTS |
Land and buildings | Other |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Not later than one year | 60,000 | 67,300 | 56,171 | 21,196 |
After one year but not more than five years |
170,000 |
230,000 |
124,407 |
42,292 |
After five years | - | - | - | - |
230,000 | 297,300 | 180,578 | 63,488 |
The company has entered into commercial leases on certain properties and items of machinery. These leases have an average duration of between 3 and 5 years. Only the property lease agreement contains an option for renewal, with such options being exercisable three months before the expiry of the leases. There are no restrictions placed upon the lessee. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
KOMPAN SCOTLAND LTD (REGISTERED NUMBER: SC127228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group. |
12. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking at 31 December 2023, is Kompan Limited, a company registered in England and Wales. The ultimate parent undertaking and controlling party is Kompan Holding A/S, a company incorporated in Denmark and this is the only parent undertaking to consolidate these financial statements at 31 December 2023. The consolidated financial statements of KOMPAN Holding A/S can be obtained from the Company Secretary at: Kompan Scotland Limited, Serenity House Shirwell Crescent, Furzton Lake, Milton Keynes, England, MK4 1GA. |