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Registration number: SC040317

James F. Kidd & Son Limited

Filleted Audited Financial Statements

for the Year Ended 31 March 2024

 

James F. Kidd & Son Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

James F. Kidd & Son Limited

Company Information

Directors

C W M Kidd

F Mulchrone

C McKenna

Company secretary

A J Fletcher

Registered office




Registered number

91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

SC040317 (Scotland)

Auditors

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

James F. Kidd & Son Limited

(Registration number: SC040317)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

7

196,207

100,637

Investments

1,250

1,250

 

197,457

101,887

Current assets

 

Stock

301,494

308,386

Debtors

8

1,489,138

1,278,017

Cash at bank and in hand

 

627,874

461,543

 

2,418,506

2,047,946

Creditors: Amounts falling due within one year

9

(1,245,363)

(1,062,264)

Net current assets

 

1,173,143

985,682

Total assets less current liabilities

 

1,370,600

1,087,569

Creditors: Amounts falling due after more than one year

9

(11,312)

(36,559)

Provisions for liabilities

10

(45,127)

(22,748)

Net assets

 

1,314,161

1,028,262

Capital and reserves

 

Called up share capital

13

40,000

40,000

Retained earnings

1,274,161

988,262

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 Board on 2 October 2024 and signed on its behalf by:
 

.........................................
C W M Kidd
Director

 

James F. Kidd & Son Limited

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

1

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:
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP
UK

The principal place of business is:
Unit 2
Seven Hills Business Park
39 Bankhead Crossway South
Edinburgh
EH11 4EP
United Kingdom

2

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 2 October 2024 was Alexander Main CA, who signed for and on behalf of Brown, Scott & Main.

.........................................

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 31).

4

Other operating income

2024

2023

£

£

Rent

-

-

Furlough claims

-

-

Insurance claim

-

4,665

-

4,665

 

James F. Kidd & Son Limited

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

5

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

41,765

32,999

Directors remuneration

362,693

340,759

Directors Pension

37,400

40,800

6

Tax charge

2024

2023

£

£

Corporation tax

81,255

44,145

Deferred tax

22,379

13,563

103,634

57,708

7

Tangible assets

Tenant's improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

85,265

243,950

230,463

559,678

Additions

12,649

127,770

-

140,419

Disposals

(85,265)

(146,047)

(22,450)

(253,762)

At 31 March 2024

12,649

225,673

208,013

446,335

Depreciation

At 1 April 2023

79,060

228,359

151,622

459,041

Charge for the year

3,648

12,240

25,877

41,765

Eliminated on disposal

(82,181)

(146,047)

(22,450)

(250,678)

At 31 March 2024

527

94,552

155,049

250,128

Carrying amount

At 31 March 2024

12,122

131,121

52,964

196,207

At 31 March 2023

6,205

15,591

78,841

100,637

 

James F. Kidd & Son Limited

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

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,008,243

894,958

Amounts owed by related parties

12

30,166

30,166

Prepayments

 

157,636

83,778

Other debtors

 

293,093

269,115

   

1,489,138

1,278,017

Other debtors include loans to directors of £242,581 (2023 - 201,183).

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

25,347

33,151

Trade creditors

 

959,110

825,172

Taxation and social security

 

160,482

138,440

Accruals and deferred income

 

100,424

65,501

 

1,245,363

1,062,264

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

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.

10

Deferred tax

2024

2023

£

£

At 1 April 2023

22,748

9,185

Charge

22,379

13,563

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

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

172,357

125,261

Later than one year and not later than five years

165,479

190,024

Later than five years

858

17,628

338,694

332,913

The amount of non-cancellable operating lease payments recognised as an expense during the year was £47,998 (2023 - £49,835).

12

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

Director's loan

201,183

41,397

-

242,580

Mrs M W Kidd

Director's loan

15,000

-

(15,000)

-

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

C W M Kidd

Director's loan

201,191

17,992

(18,000)

201,183

Mrs M W Kidd

Director's loan

-

15,000

-

15,000

Loans to related parties

2024

Parent
£

Total
£

At start of period

30,166

30,166

At end of period

30,166

30,166

2023

Parent
£

Total
£

At start of period

30,166

30,166

At end of period

30,166

30,166

 

James F. Kidd & Son Limited

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

13

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

40,000

40,000

40,000

40,000