1 December 2022 v2024.54.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBPSC5510762022-12-012023-11-30SC5510762023-11-30SC5510762022-11-30SC551076core:WithinOneYear2023-11-30SC551076core:WithinOneYear2022-11-30SC551076core:AfterOneYear2023-11-30SC551076core:AfterOneYear2022-11-30SC551076core:ShareCapital2023-11-30SC551076core:ShareCapital2022-11-30SC551076core:RetainedEarningsAccumulatedLosses2023-11-30SC551076core:RetainedEarningsAccumulatedLosses2022-11-30SC551076bus:Director12022-12-012023-11-30SC551076bus:RegisteredOffice2022-12-012023-11-30SC55107612022-12-012023-11-30SC5510762021-12-012022-11-30SC551076countries:Scotland2022-12-012023-11-30SC551076bus:AuditExemptWithAccountantsReport2022-12-012023-11-30SC551076bus:PrivateLimitedCompanyLtd2022-12-012023-11-30SC551076bus:SmallEntities2022-12-012023-11-30SC551076bus:FullAccounts2022-12-012023-11-30
Company registration number:
SC551076
KTSU Limited
Unaudited Filleted Financial Statements for the year ended
30 November 2023
DBFM
The Stables Studio, Hopetoun House, South Queensferry, West Lothian, EH30 9SL, United Kingdom
KTSU Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of KTSU Limited
Year ended
30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
KTSU Limited
for the year ended
30 November 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/​accountspreparationguidance.
This report is made solely to the Board of Directors of
KTSU Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
KTSU Limited
and state those matters that we have agreed to state to the Board of Directors of
KTSU Limited
, as a body, in this report in accordance with the requirements of the ICAS as detailed at http://www.icas.com/​accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
KTSU Limited
and its Board of Directors, as a body, for our work or for this report.
DBFM
The Stables Studio
Hopetoun House
South Queensferry
West Lothian
EH30 9SL
United Kingdom
Date:
31 October 2024
KTSU Limited
Statement of Financial Position
30 November 2023
20232022
Note££
Current assets    
Stocks
34,821
 
34,821
 
Debtors 5
294
 
414
 
Cash at bank and in hand
8,947
 
7,708
 
44,062
 
42,943
 
Creditors: amounts falling due within one year 6
(2,220
)
(1,320
)
Net current assets
41,842
 
41,623
 
Total assets less current liabilities 41,842   41,623  
Creditors: amounts falling due after more than one year 7
(80,157
)
(79,456
)
Net liabilities
(38,315
)
(37,833
)
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
(38,316
)
(37,834
)
Shareholders deficit
(38,315
)
(37,833
)
For the year ending
30 November 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
31 October 2024
, and are signed on behalf of the board by:
Mr O Rolland
Director
Company registration number:
SC551076
KTSU Limited
Notes to the Financial Statements
Year ended
30 November 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
33a Barnton Avenue West
,
Edinburgh
,
EH4 6DF
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The company was set up and operated by Mrs Lisa Rolland who sadly passed away suddenly in December 2023, at which point her husband Mr Ogilivie Rolland was appointed as a director. The balance due by the company to Mrs Rolland was transferred to Mr Rolland, who confirms no immediate plans to demand repayment. Due to the continued support of the Rolland family the accounts have been drawn up on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2022: Nil).

5 Debtors

20232022
££
Other debtors
294
 
414
 

6 Creditors: amounts falling due within one year

20232022
££
Other creditors
2,220
 
1,320
 

7 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
80,157
 
79,456