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REGISTERED NUMBER: SC166302 (Scotland)
















Audited Financial Statements

for the Year Ended 31 December 2023

for

Kilmartin House Trading Co Ltd.

Kilmartin House Trading Co Ltd. (Registered number: SC166302)






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


Kilmartin House Trading Co Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Ms J V Brown
Ms G M MacLeod



REGISTERED OFFICE: Kilmartin Museum
Kilmartin
Lochgilphead
Argyll
PA31 8RQ



REGISTERED NUMBER: SC166302 (Scotland)



AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN



SOLICITORS: Burness Paul LLP
120 Bothwell Street
Glasgow
G2 7JL

Kilmartin House Trading Co Ltd. (Registered number: SC166302)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks - 243
Debtors 5 470 503
Cash at bank and in hand 13,811 15,529
14,281 16,275
CREDITORS
Amounts falling due within one year 6 1,550 5,495
NET CURRENT ASSETS 12,731 10,780
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,731

10,780

CREDITORS
Amounts falling due after more than one
year

7

4,347

4,347
NET ASSETS 8,384 6,433

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 8,382 6,431
8,384 6,433

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Ms G M MacLeod - Director


Kilmartin House Trading Co Ltd. (Registered number: SC166302)

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

1. STATUTORY INFORMATION

Kilmartin House Trading Co 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The company has cash resources and support of the parent incorporated charity. Due to this support, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In the year to 31 December 2021 the company ceased to trade as the occupied premises were refurbished. Trade will recommence once the refurbishment project has been completed. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Kilmartin House Trading Co Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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 subsidiaries within the group.

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover represents net sales of goods and services, excluding value added tax and discounts offered. Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

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

Kilmartin House Trading Co Ltd. (Registered number: SC166302)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

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

4. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

(4,489

)

-

Kilmartin House Trading Co Ltd. (Registered number: SC166302)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 48 48
VAT 74 48
Prepayments 348 407
470 503

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 424 408
Amounts owed to group undertakings 748 383
Corporation tax 378 -
Accrued expenses - 4,704
1,550 5,495

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 4,347 4,347

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 12,600

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson

10. ULTIMATE CONTROLLING PARTY

Kilmartin House Trading Co Ltd is owned 100% by Kilmartin Museum Company Ltd which is an incorporated charity. Charity registration number SC022744 and company registration number SC502086. The charity prepares consolidated financial statement which are available at the charity's registered office of Kilmartin Museum, Kilmartin, Lochgilphead, Argyll, PA31 8RQ.