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REGISTERED NUMBER: SC277672 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Vk Timber & Building Materials Ltd

Vk Timber & Building Materials Ltd (Registered number: SC277672)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Vk Timber & Building Materials Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: R T Kirk
J Kirk





SECRETARY: T Kirk





REGISTERED OFFICE: 2430 London Road
Glasgow
G32 8XZ





REGISTERED NUMBER: SC277672 (Scotland)





ACCOUNTANTS: Accountants Plus
Chartered Certified Accountants
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

Vk Timber & Building Materials Ltd (Registered number: SC277672)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 339,532 346,046

CURRENT ASSETS
Stocks 168,932 220,879
Debtors 5 186,421 133,710
Cash in hand 3,727 12,029
359,080 366,618
CREDITORS
Amounts falling due within one year 6 476,145 423,366
NET CURRENT LIABILITIES (117,065 ) (56,748 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

222,467

289,298

CREDITORS
Amounts falling due after more than
one year

7

(47,377

)

(68,068

)

PROVISIONS FOR LIABILITIES (69,507 ) (75,481 )
NET ASSETS 105,583 145,749

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 104,583 144,749
105,583 145,749

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Vk Timber & Building Materials Ltd (Registered number: SC277672)

Balance Sheet - continued
29 February 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





R T Kirk - Director


Vk Timber & Building Materials Ltd (Registered number: SC277672)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Vk Timber & Building Materials Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances
Cash and bank balances are measured at the transaction price.


Vk Timber & Building Materials Ltd (Registered number: SC277672)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

Vk Timber & Building Materials Ltd (Registered number: SC277672)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 March 2023 87,010 72,143 216,580
Additions 28,980 - -
At 29 February 2024 115,990 72,143 216,580
DEPRECIATION
At 1 March 2023 42,888 33,650 87,942
Charge for year 11,599 5,774 19,296
At 29 February 2024 54,487 39,424 107,238
NET BOOK VALUE
At 29 February 2024 61,503 32,719 109,342
At 28 February 2023 44,122 38,493 128,638

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 249,468 22,608 647,809
Additions 45,790 708 75,478
At 29 February 2024 295,258 23,316 723,287
DEPRECIATION
At 1 March 2023 119,670 17,613 301,763
Charge for year 43,897 1,426 81,992
At 29 February 2024 163,567 19,039 383,755
NET BOOK VALUE
At 29 February 2024 131,691 4,277 339,532
At 28 February 2023 129,798 4,995 346,046

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 106,524 76,043
Other debtors 13,619 -
Directors' current accounts 66,278 57,667
186,421 133,710

Vk Timber & Building Materials Ltd (Registered number: SC277672)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 77,487 72,963
Hire purchase contracts 46,650 42,384
Trade creditors 201,286 201,201
Tax 64,592 33,384
Social security and other taxes 2,176 13,338
VAT 43,296 33,780
Other creditors 8,239 15,425
Accrued expenses 32,419 10,891
476,145 423,366

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 2,500 12,500
Hire purchase contracts 34,877 45,568
47,377 68,068

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
R T Kirk and J Kirk
Balance outstanding at start of year 57,666 40,024
Amounts advanced 8,613 17,642
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,279 57,666

9. ULTIMATE CONTROLLING PARTY

The controlling party is R T Kirk.

The ultimate controlling party is R T Kirk.