IRIS Accounts Production v24.1.0.578 SC572681 director 1.9.23 31.8.24 31.8.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5726812023-08-31SC5726812024-08-31SC5726812023-09-012024-08-31SC5726812022-08-31SC5726812022-09-012023-08-31SC5726812023-08-31SC572681ns15:Scotland2023-09-012024-08-31SC572681ns14:PoundSterling2023-09-012024-08-31SC572681ns10:Director12023-09-012024-08-31SC572681ns10:PrivateLimitedCompanyLtd2023-09-012024-08-31SC572681ns10:SmallEntities2023-09-012024-08-31SC572681ns10:AuditExemptWithAccountantsReport2023-09-012024-08-31SC572681ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-31SC572681ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-31SC572681ns10:FullAccounts2023-09-012024-08-31SC572681ns10:RegisteredOffice2023-09-012024-08-31SC572681ns5:CurrentFinancialInstruments2024-08-31SC572681ns5:CurrentFinancialInstruments2023-08-31SC572681ns5:ShareCapital2024-08-31SC572681ns5:ShareCapital2023-08-31SC572681ns5:RetainedEarningsAccumulatedLosses2024-08-31SC572681ns5:RetainedEarningsAccumulatedLosses2023-08-31SC572681ns5:LandBuildings2023-09-012024-08-31SC572681ns5:PlantMachinery2023-09-012024-08-31SC572681ns5:LandBuildings2023-08-31SC572681ns5:PlantMachinery2023-08-31SC572681ns5:LandBuildings2024-08-31SC572681ns5:PlantMachinery2024-08-31SC572681ns5:LandBuildings2023-08-31SC572681ns5:PlantMachinery2023-08-31SC572681ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-08-31SC572681ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-31
REGISTERED NUMBER: SC572681 (Scotland)















Financial Statements for the Year Ended 31 August 2024

for

K2 Procurement Ltd

K2 Procurement Ltd (Registered number: SC572681)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Report of the Accountant 5

K2 Procurement Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: K Keith





REGISTERED OFFICE: 43 Westburn Avenue
Inverurie
AB51 5QQ





REGISTERED NUMBER: SC572681 (Scotland)





ACCOUNTANT: Lisa Barclay Accountancy Services Limited
PO Box 7003
Forfar
Angus
DD8 0BA

K2 Procurement Ltd (Registered number: SC572681)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,299 13,413

CURRENT ASSETS
Debtors 5 7,294 5,212
Cash at bank 51,790 62,513
59,084 67,725
CREDITORS
Amounts falling due within one year 6 19,280 29,254
NET CURRENT ASSETS 39,804 38,471
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,103

51,884

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 53,003 51,784
53,103 51,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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 11 September 2024 and were signed by:





K Keith - Director


K2 Procurement Ltd (Registered number: SC572681)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

K2 Procurement 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 20% on cost

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.

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 1 (2023 - 1 ) .

K2 Procurement Ltd (Registered number: SC572681)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 12,995 456 13,451
DEPRECIATION
At 1 September 2023 - 38 38
Charge for year - 114 114
At 31 August 2024 - 152 152
NET BOOK VALUE
At 31 August 2024 12,995 304 13,299
At 31 August 2023 12,995 418 13,413

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,700 3,300
Other debtors 4,594 1,912
7,294 5,212

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 18,880 28,854
Other creditors 400 400
19,280 29,254

7. RELATED PARTY DISCLOSURES

The company is 100% owned by the director Kevin Keith and Fiona Keith.

Included in Other Creditors is an overdrawn balance of £4,110 (2023 - £1,428) which represents expenses incurred and repaid by the director as well as a loan of £7,000. This will be repaid in full before 31 May 2025.

Dividends were paid to the director of £34,200 (2023 - £37,800).

K2 Procurement Ltd

Report of the Accountant to the Director of
K2 Procurement Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.






Lisa Barclay Accountancy Services Limited
PO Box 7003
Forfar
Angus
DD8 0BA


11 September 2024