Registration number:
Ross Kinnaird & Co Ltd
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Ross Kinnaird & Co Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Ross Kinnaird & Co Ltd
Company Information
Directors |
R I Kinnaird S R Kinnaird |
Registered office |
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Accountants |
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Ross Kinnaird & Co Ltd
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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 |
2 |
2 |
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Retained earnings |
8,362 |
7,779 |
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Shareholders' funds |
8,364 |
7,781 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Ross Kinnaird & Co Ltd
Statement of Financial Position as at 29 February 2024
Approved and authorised by the
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R I Kinnaird
Director
Company registration number: 11805744
Ross Kinnaird & Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the manufacture and refurbishment of motor vehicle parts and furniture.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a profit for the year ended 29 February 2024 and had net assets of £8,364 at that date including cash at bank £3,980. The company’s affairs are uncomplicated, and the directors are able to moderate or control the company’s overheads during periods of reduced activity.
On the basis of the above, and after making queries, the directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax.
The company recognises revenue when the parts and furniture are delivered to customers.
Ross Kinnaird & Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% Straight line |
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.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Ross Kinnaird & Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Taxation and social security |
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Accruals and deferred income |
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Ross Kinnaird & Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £66,707 (2023: £78,122).
TRANSACTIONS WITH THE DIRECTORS |
At 29 February 2024 an amount of £2,504 (2023: £2,343) was due from the director. Advances of £22,302 and repayments of £22,220 were made during the year. Interest of £79 (2023: £43) is payable to the company at 2.02% pa. There are no set terms in place.