Company registration number SC526979 (Scotland)
CULTURE PERTH AND KINROSS TRADING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CULTURE PERTH AND KINROSS TRADING LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
CULTURE PERTH AND KINROSS TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of the provision of catering, retail services and venue hire.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
W J Elles
Mr A J Parrott
Mr C J Ahern
Auditor
In accordance with the company's articles, Azets Audit Services were re-appointed as auditor.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
CULTURE PERTH AND KINROSS TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
On behalf of the board
W J Elles
Director
5 September 2024
CULTURE PERTH AND KINROSS TRADING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,127
Current assets
Stocks
63,247
26,145
Debtors
4
30,868
10,753
Cash at bank and in hand
91,803
41,767
185,918
78,665
Creditors: amounts falling due within one year
5
(167,193)
(55,456)
Net current assets
18,725
23,209
Total assets less current liabilities
24,852
23,209
Provisions for liabilities
(1,532)
Net assets
23,320
23,209
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
23,319
23,208
Total equity
23,320
23,209
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
W J Elles
Director
Company Registration No. SC526979
CULTURE PERTH AND KINROSS TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
2,092
2,093
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
21,116
21,116
Balance at 31 March 2023
1
23,208
23,209
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
111
111
Balance at 31 March 2024
1
23,319
23,320
CULTURE PERTH AND KINROSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Culture Perth and Kinross Trading Limited is a private company limited by shares incorporated in Scotland. The registered office is A K Bell Library, 2-8 York Place, Perth, United Kingdom, PH2 8EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as far as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:
Revenue from the sale of goods is recognised when all of the following conditions have been satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transactions; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to brining the asset to the location and condition necessary for it to be capable of operating in the matter intended by management.
Depreciation is charged so as to allocate the cost or valuation of assets less their residual values over their useful lives on a reducing value basis.
Depreciation is provided on the following basis:
Plant and equipment
25% straight line
A full year’s depreciation is provided in the year of acquisition and no depreciation is charged in the year of disposal.
CULTURE PERTH AND KINROSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted retrospectively, if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying value of the asset and are recognised within profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
1.5
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.
1.6
Financial instruments
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and 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 rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CULTURE PERTH AND KINROSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
CULTURE PERTH AND KINROSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
5,849
Additions
8,170
At 31 March 2024
14,019
Depreciation and impairment
At 1 April 2023
5,849
Depreciation charged in the year
2,043
At 31 March 2024
7,892
Carrying amount
At 31 March 2024
6,127
At 31 March 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,915
5,470
Corporation tax recoverable
1,051
Other debtors
10,902
5,283
30,868
10,753
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
50,783
3,069
Corporation tax
3,090
Other taxation and social security
4,109
1,556
Other creditors
102,623
40,707
Accruals and deferred income
9,678
7,034
167,193
55,456
CULTURE PERTH AND KINROSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Morrison
Statutory Auditor:
Azets Audit Services
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
2,277
2,281
8
Related party transactions
The company has taken advantage of the exemption under FRS 102 paragraph 1AC.35 from the requirement to disclose the information on transactions with entities which are part of the group on the basis that the consolidated group financial statements are publically available.
9
Parent company
The company is a wholly owned subsidiary of Culture Perth and Kinross Limited, a charitable company registered in Scotland (No SC518247). The registered office of Culture Perth and Kinross Limited is A K Bell Library, 2 - 8 York Place, Perth PH2 8EP. The ultimate controlling party is Perth & Kinross Council.