Registration number:
James F. Kidd & Son Limited
for the Year Ended 31 March 2024
James F. Kidd & Son Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
James F. Kidd & Son Limited
Company Information
Directors |
C W M Kidd F Mulchrone C McKenna |
Company secretary |
A J Fletcher |
Registered office |
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Auditors |
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James F. Kidd & Son Limited
(Registration number: SC040317)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stock |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
40,000 |
40,000 |
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Retained earnings |
1,274,161 |
988,262 |
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Shareholders' funds |
1,314,161 |
1,028,262 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland, registered number SC040317.
The address of its registered office is:
UK
The principal place of business is:
Unit 2
Seven Hills Business Park
39 Bankhead Crossway South
Edinburgh
EH11 4EP
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
The financial statements have been prepared on a going concern basis. The directors consider this basis remains appropriate as the company continues to meet its day to day commitments from working capital as they fall due. The directors have a reasonable expectation the company will have adequate working capital to continue operating for the foreseeable future.
Audit report
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Revenue recognition
Turnover comprises consideration received or receivable from the sale of goods sold during the period, stated after the deduction of discount and value added tax, and is recognised on completion of delivery of goods to the customer.
Foreign currency transactions and balances
James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Group relief is paid in full by the claimant company.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost less residual value of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Tenant's improvements |
5% per annum straight line |
Plant and machinery |
25% per annum straight line |
Fixtures, fittings and equipment |
25% per annum straight line |
Motor vehicles |
25% per annum straight line |
Investments
Fixed asset investments comprise vehicle registration plates which are stated at cost less provision for impairment.
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to sell and comprise goods for resale. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell and the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Hire purchase contracts and leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the hire purchase or finance lease creditor is included in the balance sheet as a creditor.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
The company operates defined contribution plans under which fixed contributions are paid into pension funds and the company has no legal or constructive obligation to pay further contributions even if the funds do not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Other operating income |
2024 |
2023 |
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£ |
£ |
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Rent |
- |
- |
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Furlough claims |
- |
- |
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Insurance claim |
- |
4,665 |
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- |
4,665 |
James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Directors remuneration |
362,693 |
340,759 |
Directors Pension |
37,400 |
40,800 |
Tax charge |
2024 |
2023 |
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£ |
£ |
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Corporation tax |
81,255 |
44,145 |
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Deferred tax |
22,379 |
13,563 |
|
103,634 |
57,708 |
Tangible assets |
Tenant's improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
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|
- |
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Disposals |
( |
( |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Other debtors include loans to directors of £242,581 (2023 - 201,183).
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Finance lease liabilities and hire purchase |
11,312 |
36,559 |
Creditors include net obligations under hire purchase contracts totalling £36,559 (2023 £69,710) which are secured.
Deferred tax |
2024 |
2023 |
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£ |
£ |
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At 1 April 2023 |
22,748 |
9,185 |
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Charge |
22,379 |
13,563 |
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At 31 March 2024 |
45,127 |
22,748 |
James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
The directors' loans are interest free and are repayable on demand.
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
C W M Kidd |
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Director's loan |
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- |
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Mrs M W Kidd |
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Director's loan |
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- |
( |
- |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
C W M Kidd |
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Director's loan |
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( |
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Mrs M W Kidd |
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Director's loan |
- |
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- |
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Loans to related parties
2024 |
Parent |
Total |
At start of period |
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At end of period |
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2023 |
Parent |
Total |
At start of period |
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At end of period |
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James F. Kidd & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
40,000 |
40,000 |
40,000 |
40,000 |