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REGISTERED NUMBER: SC281605 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Kinross Electrical Services Limited

Kinross Electrical Services Limited (Registered number: SC281605)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Kinross Electrical Services Limited (Registered number: SC281605)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 56,114 12,646

CURRENT ASSETS
Stocks 1,200 1,150
Debtors 5 17,070 34,125
Cash at bank 38,463 69,685
56,733 104,960
CREDITORS
Amounts falling due within one year 6 (67,390 ) (78,861 )
NET CURRENT (LIABILITIES)/ASSETS (10,657 ) 26,099
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,457

38,745

CREDITORS
Amounts falling due after more than one
year

7

(15,529

)

(7,750

)

PROVISIONS FOR LIABILITIES (10,661 ) (2,869 )
NET ASSETS 19,267 28,126

CAPITAL AND RESERVES
Called up share capital 11 11
Retained earnings 19,256 28,115
SHAREHOLDERS' FUNDS 19,267 28,126

Kinross Electrical Services Limited (Registered number: SC281605)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 25 June 2024 and were signed on its behalf by:




Mr S Kinross - Director



Mrs K Kinross - Director


Kinross Electrical Services Limited (Registered number: SC281605)

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

1. STATUTORY INFORMATION

Kinross Electrical Services Limited is a private company, limited by shares, registered in Scotland. the company's registered number is SC281605 and the registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

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 net invoices sales of goods and services in respect of electrician services, excluding value added tax. Sales are recognised at the point at which the good are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all
tangible fixed assets are depreciated to nil value.

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.

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.

Kinross Electrical Services Limited (Registered number: SC281605)

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

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 76,057
Additions 66,274
Disposals (41,682 )
At 31 March 2024 100,649
DEPRECIATION
At 1 April 2023 63,411
Charge for year 14,382
Eliminated on disposal (33,258 )
At 31 March 2024 44,535
NET BOOK VALUE
At 31 March 2024 56,114
At 31 March 2023 12,646

Kinross Electrical Services Limited (Registered number: SC281605)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 39,350
At 31 March 2024 39,350
DEPRECIATION
Charge for year 7,230
At 31 March 2024 7,230
NET BOOK VALUE
At 31 March 2024 32,120

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 14,633 32,272
Other debtors 2,437 1,853
17,070 34,125

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 3,000 3,000
Hire purchase contracts 8,084 -
Trade creditors 5,661 5,224
Taxation and social security 10,227 23,421
Other creditors 40,418 47,216
67,390 78,861

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 4,750 7,750
Hire purchase contracts 10,779 -
15,529 7,750

Kinross Electrical Services Limited (Registered number: SC281605)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 18,863 -