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No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC711540
2023-02-01
2024-01-31
SC711540
2024-01-31
SC711540
2023-01-31
SC711540
2021-10-07
2023-01-31
SC711540
2023-01-31
SC711540
2021-10-06
SC711540
core:FurnitureFittings
2023-02-01
2024-01-31
SC711540
bus:LeadAgentIfApplicable
2023-02-01
2024-01-31
SC711540
bus:Director1
2023-02-01
2024-01-31
SC711540
bus:Director2
2023-02-01
2024-01-31
SC711540
core:WithinOneYear
2024-01-31
SC711540
core:WithinOneYear
2023-01-31
SC711540
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
SC711540
core:FurnitureFittings
2023-01-31
SC711540
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-31
SC711540
core:FurnitureFittings
2024-01-31
SC711540
core:AfterOneYear
2024-01-31
SC711540
core:AfterOneYear
2023-01-31
SC711540
core:ShareCapital
2024-01-31
SC711540
core:ShareCapital
2023-01-31
SC711540
core:RetainedEarningsAccumulatedLosses
2024-01-31
SC711540
core:RetainedEarningsAccumulatedLosses
2023-01-31
SC711540
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
SC711540
core:FurnitureFittings
2023-01-31
SC711540
bus:SmallEntities
2023-02-01
2024-01-31
SC711540
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2023-02-01
2024-01-31
SC711540
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2023-02-01
2024-01-31
SC711540
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2023-02-01
2024-01-31
SC711540
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2023-02-01
2024-01-31
SC711540
core:AllAssociates
2024-01-31
SC711540
core:AllUnconsolidatedStructuredEntities
2024-01-31
COMPANY REGISTRATION NUMBER:
SC711540
Filleted Unaudited Financial Statements |
|
Year ended 31 January 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Kelvin Lettings Limited |
|
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kelvin Lettings Limited for the year ended 31 January 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Kelvin Lettings Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Kelvin Lettings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kelvin Lettings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Kelvin Lettings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kelvin Lettings Limited. You consider that Kelvin Lettings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Kelvin Lettings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
11 October 2024
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
4 |
|
443,678 |
444,784 |
|
|
|
|
|
Current assets
Debtors |
5 |
3,054 |
|
2,818 |
Cash at bank and in hand |
636 |
|
126 |
|
------- |
|
------- |
|
3,690 |
|
2,944 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
316,449 |
|
303,026 |
|
--------- |
|
--------- |
Net current liabilities |
|
312,759 |
300,082 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
130,919 |
144,702 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
176,200 |
176,009 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
4,512 |
4,862 |
|
|
--------- |
--------- |
Net liabilities |
|
(
49,793) |
(
36,169) |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
(
49,794) |
(
36,170) |
|
|
-------- |
-------- |
Shareholders deficit |
|
(
49,793) |
(
36,169) |
|
|
-------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
11 October 2024
, and are signed on behalf of the board by:
Mr D Blair |
Mr R Sheridan |
Director |
Director |
|
|
Company registration number:
SC711540
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Going concern
The company is reliant on the support of the directors and other group entities in order to continue in operational existence and meet its liabilities as they fall due. The directors are satisfied that the group entities will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% reducing balance |
|
|
|
|
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
4.
Tangible assets
|
Freehold property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 February 2023 |
415,185 |
33,379 |
448,564 |
Additions |
– |
5,848 |
5,848 |
|
--------- |
-------- |
--------- |
At 31 January 2024 |
415,185 |
39,227 |
454,412 |
|
--------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 February 2023 |
– |
3,780 |
3,780 |
Charge for the year |
– |
6,954 |
6,954 |
|
--------- |
-------- |
--------- |
At 31 January 2024 |
– |
10,734 |
10,734 |
|
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 January 2024 |
415,185 |
28,493 |
443,678 |
|
--------- |
-------- |
--------- |
At 31 January 2023 |
415,185 |
29,599 |
444,784 |
|
--------- |
-------- |
--------- |
|
|
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Prepayments and accrued income |
3,054 |
2,818 |
|
------- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to group undertakings |
309,265 |
297,081 |
Accruals and deferred income |
3,521 |
2,642 |
Director loan accounts |
3,663 |
3,303 |
|
--------- |
--------- |
|
316,449 |
303,026 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
176,200 |
176,009 |
|
--------- |
--------- |
|
|
|
The company has granted a standard charge, in favour of its banker, over the property owned, including a negative pledge.
8.
Directors' advances, credits and guarantees
As at 31 January 2024 the company owed the directors £
3,663
(2023:£3,303). The loans are interest free, unsecured and have no fixed date of repayment.
9.
Related party transactions
At the period end the amount of loan funds provided by B & S Jewellery Ltd. , a group undertaking, was £
9,278
(2023:£7,578). At the period end the amount of loan funds provided by Kelvin Holdings Limited , a group undertaking, was £ 299,987
(2023:£289,502).
10.
Controlling party
Kelvin Holdings Limited
is regarded by the directors as being the companys ultimate parent company. Kelvin Holdings Limited is controlled by the directors.