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REGISTERED NUMBER: SC511445 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Kite Group Limited

Kite Group Limited (Registered number: SC511445)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Kite Group Limited (Registered number: SC511445)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 4,991 8,321
Tangible assets 5 27,279 26,904
32,270 35,225

CURRENT ASSETS
Stocks 456,579 534,808
Debtors 6 772,510 728,503
Cash at bank and in hand 146,137 202,214
1,375,226 1,465,525
CREDITORS
Amounts falling due within one year 7 (685,481 ) (772,868 )
NET CURRENT ASSETS 689,745 692,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

722,015

727,882

CREDITORS
Amounts falling due after more than one
year

8

-

(12,697

)
NET ASSETS 722,015 715,185

CAPITAL AND RESERVES
Called up share capital 53,358 53,358
Share premium 11,836 11,836
Retained earnings 656,821 649,991
SHAREHOLDERS' FUNDS 722,015 715,185

Kite Group Limited (Registered number: SC511445)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 23 September 2024 and were signed by:





Mr R D Paterson - Director


Kite Group Limited (Registered number: SC511445)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Kite Group Limited is a private company, limited by shares, domiciled in Scotland, registration number SC511445. The registered office is 19 Bankhead Drive, Sighthill Industrial Estate, Edinburgh EH11 4DW.

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.

Turnover
Turnover represents net invoiced sales of goods and services in respect of access equipment, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

Kite Group Limited (Registered number: SC511445)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 33,300
AMORTISATION
At 1 January 2023 24,979
Charge for year 3,330
At 31 December 2023 28,309
NET BOOK VALUE
At 31 December 2023 4,991
At 31 December 2022 8,321

Kite Group Limited (Registered number: SC511445)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 77,422
Additions 7,800
At 31 December 2023 85,222
DEPRECIATION
At 1 January 2023 50,518
Charge for year 7,425
At 31 December 2023 57,943
NET BOOK VALUE
At 31 December 2023 27,279
At 31 December 2022 26,904

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 514,898 707,706
Other debtors 257,612 20,797
772,510 728,503

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 11,495
Trade creditors 343,289 453,852
Amounts owed to related parties 39,199 19,918
Taxation and social security 147,963 130,190
Other creditors 155,030 157,413
685,481 772,868

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 12,697

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans - 24,192

Kite Group Limited (Registered number: SC511445)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr J Holmes
Balance outstanding at start of year - -
Amounts advanced 51,693 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 51,693 -