Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr D J E McGowan 19/10/2016 10 November 2024 The principal activity of the company during the financial year was software engineering. 10434959 2024-03-31 10434959 bus:Director1 2024-03-31 10434959 2023-03-31 10434959 core:CurrentFinancialInstruments 2024-03-31 10434959 core:CurrentFinancialInstruments 2023-03-31 10434959 core:ShareCapital 2024-03-31 10434959 core:ShareCapital 2023-03-31 10434959 core:RetainedEarningsAccumulatedLosses 2024-03-31 10434959 core:RetainedEarningsAccumulatedLosses 2023-03-31 10434959 core:OtherPropertyPlantEquipment 2023-03-31 10434959 core:OtherPropertyPlantEquipment 2024-03-31 10434959 2023-04-01 2024-03-31 10434959 bus:FilletedAccounts 2023-04-01 2024-03-31 10434959 bus:SmallEntities 2023-04-01 2024-03-31 10434959 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10434959 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10434959 bus:Director1 2023-04-01 2024-03-31 10434959 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10434959 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 10434959 (England and Wales)

KELSO ASSOCIATES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KELSO ASSOCIATES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KELSO ASSOCIATES LTD

BALANCE SHEET

As at 31 March 2024
KELSO ASSOCIATES LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,779 2,224
1,779 2,224
Current assets
Debtors 4 13,110 17,250
Cash at bank and in hand 42,906 45,837
56,016 63,087
Creditors: amounts falling due within one year 5 ( 39,694) ( 31,727)
Net current assets 16,322 31,360
Total assets less current liabilities 18,101 33,584
Net assets 18,101 33,584
Capital and reserves
Called-up share capital 1 1
Profit and loss account 18,100 33,583
Total shareholder's funds 18,101 33,584

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Kelso Associates Ltd (registered number: 10434959) were approved and authorised for issue by the Director on 10 November 2024. They were signed on its behalf by:

Mr D J E McGowan
Director
KELSO ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KELSO ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kelso Associates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when ;
The amount of revenue can be reliably measured;
it is probable that future economic benefit will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

The company is run and administered by the director for whom no formal contract of service is in place.

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 4,532 4,532
At 31 March 2024 4,532 4,532
Accumulated depreciation
At 01 April 2023 2,308 2,308
Charge for the financial year 445 445
At 31 March 2024 2,753 2,753
Net book value
At 31 March 2024 1,779 1,779
At 31 March 2023 2,224 2,224

4. Debtors

2024 2023
£ £
Trade debtors 13,110 17,250

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 37,608 30,019
Other creditors 2,086 1,708
39,694 31,727

6. Related party transactions

Transactions with the entity's director

The director maintains an interest free loan with the company which is repayable on demand. At the balance sheet date the amount owing to the director was £1,094 (2023 £782).