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Registration number: SC195094

Kidd Holdings Limited

Annual Report and Audited Financial Statements

for the Year Ended 31 March 2024

 

Kidd Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Kidd Holdings Limited

Company Information

Directors

C W M Kidd

N G Kidd

S J Kidd

Company secretary

A J Fletcher

Registered office




Registration number

91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

SC195094

Auditors

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

 

Kidd Holdings Limited

(Registration number: SC195094)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Assets held for sale

5

40,000

1,200,000

Investments

6

-

40,000

 

40,000

1,240,000

Current assets

 

Cash at bank and in hand

 

3,265,920

30,716

Creditors: Amounts falling due within one year

7

(616,700)

(79,853)

Net current assets/(liabilities)

 

2,649,220

(49,137)

Total assets less current liabilities

 

2,689,220

1,190,863

Provisions for liabilities

-

(54,300)

Net assets

 

2,689,220

1,136,563

Capital and reserves

 

Called up share capital

9

40,000

40,000

Non distributable reserve

-

523,983

Retained earnings

2,649,220

572,580

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

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

 

Kidd Holdings 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, registration number SC195094.

The address of its registered office is:
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP
United Kingdom

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 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

The financial statements contain information about Kidd Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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

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.

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

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
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
 Recognition and measurement
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Currect tax:

UK corporation tax

581,135

17,925

Deferred tax

(54,300)

-

Tax on profit

526,835

17,925

5

Assets held for sale

2023
 £

Cost/valuation

At 1 April 2023

1,200,000

Disposals

(1,200,000)

Transfers

40,000

At 31 March 2024

40,000

At 31 March 2023

1,200,000

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

40,000

Subsidiaries

£

Cost

At 1 April 2023

40,000

Transfers

(40,000)

At 31 March 2024

-

Carrying amount

At 31 March 2024

-

At 31 March 2023

40,000

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

30,165

30,165

Taxation and social security

 

581,135

17,924

Accruals and deferred income

 

5,400

1,764

Other creditors

 

-

30,000

 

616,700

79,853

 

8

Deferred tax

2024

2023

£

£

At

31 March 2024

-

54,300

At

1 April 2023

54,300

54,300

Release for the year on realised gain

(54,300)

-

At

31 March 2024

-

54,300

9

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

       
 

Kidd Holdings Limited

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

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividends of £1.425 (2023 - £2.55) per each ordinary share

 

57,000

 

102,000

         

11

Related party transactions

Summary of transactions with subsidiaries

James F Kidd & Son Limited is wholly-owned by the company.
 During the year, the company received rental income totalling £76,000 (2023 £96,000) from James F Kidd & Son Limited.
 

Income and receivables from related parties

2024

Subsidiary
£

Rental income

76,000

2023

Subsidiary
£

Rental income

96,000

Loans from related parties

2024

Subsidiary
£

At start of period

30,165

At end of period

30,165

2023

Subsidiary
£

At start of period

13,206

Advanced

16,959

At end of period

30,165

Terms of loans from related parties

The loan from James F Kidd & Son Limited is interest free and repayable on demand.
 

 

12

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.