Registration number:
Kidd Holdings Limited
for the Year Ended 31 March 2024
Kidd Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Kidd Holdings Limited
Company Information
Directors |
C W M Kidd N G Kidd S J Kidd |
Company secretary |
A J Fletcher |
Registered office |
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Auditors |
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Kidd Holdings Limited
(Registration number: SC195094)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Non-current assets |
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Assets held for sale |
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|
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Investments |
- |
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|
|
|
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Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
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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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Non distributable reserve |
- |
523,983 |
|
Retained earnings |
2,649,220 |
572,580 |
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Shareholders' funds |
2,689,220 |
1,136,563 |
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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Kidd Holdings 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, registration number SC195094.
The address of its registered office is:
United Kingdom
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 were initially prepared using the historical cost convention on the going concern basis. As the directors have determined since the year end and sale of its subsidiary to have the company wound up, an alternative basis has been applied but no adjustments have been considered necessary.
The functional and presentation currency is sterling.
Group accounts not prepared
Going concern
As noted above under Basis of preparation, these financial statements were initially prepared using the historical cost convention on the going concern basis. As the directors have determined since the year end and sale of its subsidiary to have the company wound up, an alternative basis has been applied but no adjustments have been considered necessary.
Audit report
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Turnover
Turnover represents rental income receivable for the accounting period.
Kidd Holdings 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 in the countries where the company operates and generates taxable income.
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.
Tax losses surrendered to a group company are paid in full by the claimant company.
Assets held for sale
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.
Assets classified as held for sale are measured at the lower of the carrying amount upon classification and the fair value less costs to sell.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Kidd Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial instruments
Classification
Recognition and measurement
Basic financial assets, including bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 |
2023 |
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£ |
£ |
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Currect tax: |
|||
UK corporation tax |
581,135 |
17,925 |
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Deferred tax |
(54,300) |
- |
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Tax on profit |
526,835 |
17,925 |
Assets held for sale |
2023 |
|
Cost/valuation |
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At 1 April 2023 |
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Disposals |
( |
Transfers |
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At 31 March 2024 |
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At 31 March 2023 |
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At 31 March 2024, assets held for sale referred to the company's investments in its subsidiary. All transactions that resulted in the reclassification of assets held for sale at 31 March 2024 are expected to be completed during the course of the year.
At 31 March 2023, assets held for sale referred to the company's investment properties. The transaction that resulted in assets held for sale reclassification at 31 March 2023 was completed in January 2024.
Kidd Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost |
|
At 1 April 2023 |
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Transfers |
( |
At 31 March 2024 |
- |
Carrying amount |
|
At 31 March 2024 |
- |
At 31 March 2023 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
- |
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Deferred tax |
2024 |
2023 |
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£ |
£ |
|||
At |
31 March 2024 |
- |
54,300 |
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At |
1 April 2023 |
54,300 |
54,300 |
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Release for the year on realised gain |
(54,300) |
- |
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At |
31 March 2024 |
- |
54,300 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
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40,000 |
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40,000 |
Kidd Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividends of £1.425 (2023 - £2.55) per each ordinary share |
57,000 |
102,000 |
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Related party transactions |
Summary of transactions with subsidiaries
Income and receivables from related parties
2024 |
Subsidiary |
Rental income |
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2023 |
Subsidiary |
Rental income |
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Loans from related parties
2024 |
Subsidiary |
At start of period |
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At end of period |
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2023 |
Subsidiary |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
Events since the balance sheet date and going concern |
Since the year end the company’s subsidiary has been sold for a sum greater than its balance sheet value. As the company’s assets now largely comprise cash at bank the company’s directors have determined to have the company wound up.