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REGISTERED NUMBER: SC086706 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

K.F.T. LTD.

K.F.T. LTD. (REGISTERED NUMBER: SC086706)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


K.F.T. LTD.

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: Brian James Swinbanks
Christine Swinbanks
Helen Laurenca Swinbanks





SECRETARY: Brian James Swinbanks





REGISTERED OFFICE: Brian Swinbanks Esq
1 Baliscate
Tobermory
ISLE OF MULL
Argyll
PA75 6QA





REGISTERED NUMBER: SC086706 (Scotland)





ACCOUNTANTS: R A Clement Associates
Chartered Accountants
Argyll Square
Oban
Argyll
PA34 4AZ

K.F.T. LTD. (REGISTERED NUMBER: SC086706)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 134,328 138,897
134,328 138,897

CURRENT ASSETS
Stocks 25,085 24,686
Debtors 6 8,011 2,400
Cash at bank and in hand 9,262 5,706
42,358 32,792
CREDITORS
Amounts falling due within one year 7 132,501 128,630
NET CURRENT LIABILITIES (90,143 ) (95,838 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,185

43,059

CREDITORS
Amounts falling due after more than one
year

8

55,274

59,974
NET LIABILITIES (11,089 ) (16,915 )

CAPITAL AND RESERVES
Called up share capital 6,002 6,002
Retained earnings (17,091 ) (22,917 )
SHAREHOLDERS' FUNDS (11,089 ) (16,915 )

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 directors acknowledge their 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.

K.F.T. LTD. (REGISTERED NUMBER: SC086706)

BALANCE SHEET - continued
31 December 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 Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Brian James Swinbanks - Director


K.F.T. LTD. (REGISTERED NUMBER: SC086706)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

K.F.T. 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research & development
Expenditure on New product development is being written off over the expected useful life of the assets, being 5 years.

K.F.T. LTD. (REGISTERED NUMBER: SC086706)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
Although the company appears insolvent, the largest single creditor is the directors of the company. The directors support the company and confirm that no demand for repayment shall be made until funds are available to do so.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 11,087 5,049 16,136
AMORTISATION
At 1 January 2023
and 31 December 2023 11,087 5,049 16,136
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 152,113 92,847 15,341 27,508 287,809
DEPRECIATION
At 1 January 2023 21,294 87,150 14,431 26,037 148,912
Charge for year 3,042 855 182 490 4,569
At 31 December 2023 24,336 88,005 14,613 26,527 153,481
NET BOOK VALUE
At 31 December 2023 127,777 4,842 728 981 134,328
At 31 December 2022 130,819 5,697 910 1,471 138,897

If Heritable Property had not been revalued it would have been included at the following historical cost - £173,859.

Heritable Property was valued by the directors on an open market basis on 31st December 2004.

K.F.T. LTD. (REGISTERED NUMBER: SC086706)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,011 2,400

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,939 11,588
Taxation and social security 7,921 4,855
Other creditors 114,641 112,187
132,501 128,630

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 55,274 59,974

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 38,488 43,188

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 65,195 71,562

The bank loan is secured by way of a standard charge over the property at Unit 1, Baliscate, Tobermory.

10. CONTROL

The company is controlled by the directors.