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REGISTERED NUMBER: SC225670 (Scotland)




















KYLEMARK EMBROIDERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)






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

Chartered Certified Accountants' Report 8

KYLEMARK EMBROIDERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R K Macleod
Mrs K M Macleod





SECRETARY: R K Macleod





REGISTERED OFFICE: Newton Mill
45 Green Street
Ayr
KA8 8BQ





REGISTERED NUMBER: SC225670 (Scotland)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,940 31,512
Tangible assets 5 66,567 58,855
90,507 90,367

CURRENT ASSETS
Stocks 48,907 62,778
Debtors 6 295,580 359,095
Cash at bank and in hand 98,063 90,303
442,550 512,176
CREDITORS
Amounts falling due within one year 7 267,221 329,482
NET CURRENT ASSETS 175,329 182,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,836

273,061

CREDITORS
Amounts falling due after more than one
year

8

(31,371

)

(45,441

)

PROVISIONS FOR LIABILITIES 10 (14,312 ) (10,133 )

ACCRUALS AND DEFERRED INCOME (2,000 ) (569 )
NET ASSETS 218,153 216,918

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 12 217,153 215,918
SHAREHOLDERS' FUNDS 218,153 216,918

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.

KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)

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 26 September 2024 and were signed on its behalf by:





R K Macleod - Director


KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Kylemark Embroidery Limited 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.

Turnover
Turnover represents revenue recognised in the financial statements. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and excludes value added tax.

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.

Website development are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

Rentals paid and receivable under operating leases are charged or credited to the profit and loss account on a straight line basis over the period of the lease.

KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 14 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 37,860
AMORTISATION
At 1 January 2023 6,348
Charge for year 7,572
At 31 December 2023 13,920
NET BOOK VALUE
At 31 December 2023 23,940
At 31 December 2022 31,512

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 254,361 23,990 278,351
Additions 21,148 - 21,148
At 31 December 2023 275,509 23,990 299,499
DEPRECIATION
At 1 January 2023 214,470 5,026 219,496
Charge for year 8,696 4,740 13,436
At 31 December 2023 223,166 9,766 232,932
NET BOOK VALUE
At 31 December 2023 52,343 14,224 66,567
At 31 December 2022 39,891 18,964 58,855

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135,886 198,727
Other debtors 158,296 158,639
Directors' current accounts - 404
Prepayments 1,398 1,325
295,580 359,095

KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 179,260 226,738
Corporation tax 19,658 8,966
Social security and other taxes 10,571 8,323
VAT 25,972 33,639
Other creditors 17,690 37,746
Deferred government grants 4,070 4,070
267,221 329,482

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 22,500 32,500
Deferred government grants 8,871 12,941
31,371 45,441

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 30,888 30,888
Between one and five years 39,342 70,230
70,230 101,118

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 14,312 10,133

Deferred
tax
£   
Balance at 1 January 2023 10,133
Charge to Income Statement during year 4,179
Balance at 31 December 2023 14,312

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

KYLEMARK EMBROIDERY LIMITED (REGISTERED NUMBER: SC225670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RESERVES
Retained
earnings
£   

At 1 January 2023 215,918
Profit for the year 61,235
Dividends (60,000 )
At 31 December 2023 217,153

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
R K Macleod and Mrs K M Macleod
Balance outstanding at start of year 404 -
Amounts advanced - 404
Amounts repaid (404 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 404

The loan is unsecured, interest free and has no fixed terms of repayment.

14. RELATED PARTY DISCLOSURES

The company was owed £158,000 by Kenneth Macleod Properties Limited. This company is owned and controlled by the director R Macleod. The loan is interest free, and is repayable on demand.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KYLEMARK EMBROIDERY LIMITED

The following reproduces the text of the report prepared for the directors 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 Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kylemark Embroidery Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Kylemark Embroidery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kylemark Embroidery Limited and state those matters that we have agreed to state to the Board of Directors of Kylemark Embroidery Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kylemark Embroidery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kylemark Embroidery Limited. You consider that Kylemark Embroidery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kylemark Embroidery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


26 September 2024