Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29falsetrue2023-03-01false4No description of principal activity10The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC593466 2023-03-01 2024-02-29 SC593466 2022-03-01 2023-02-28 SC593466 2024-02-29 SC593466 2023-02-28 SC593466 c:Director1 2023-03-01 2024-02-29 SC593466 c:Director2 2023-03-01 2024-02-29 SC593466 c:Director3 2023-03-01 2024-02-29 SC593466 c:Director4 2023-03-01 2024-02-29 SC593466 c:RegisteredOffice 2023-03-01 2024-02-29 SC593466 d:PlantMachinery 2023-03-01 2024-02-29 SC593466 d:PlantMachinery 2024-02-29 SC593466 d:PlantMachinery 2023-02-28 SC593466 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC593466 d:MotorVehicles 2023-03-01 2024-02-29 SC593466 d:MotorVehicles 2024-02-29 SC593466 d:MotorVehicles 2023-02-28 SC593466 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC593466 d:OfficeEquipment 2023-03-01 2024-02-29 SC593466 d:OfficeEquipment 2024-02-29 SC593466 d:OfficeEquipment 2023-02-28 SC593466 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC593466 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC593466 d:CurrentFinancialInstruments 2024-02-29 SC593466 d:CurrentFinancialInstruments 2023-02-28 SC593466 d:Non-currentFinancialInstruments 2024-02-29 SC593466 d:Non-currentFinancialInstruments 2023-02-28 SC593466 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 SC593466 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 SC593466 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 SC593466 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 SC593466 d:ShareCapital 2024-02-29 SC593466 d:ShareCapital 2023-02-28 SC593466 d:RetainedEarningsAccumulatedLosses 2024-02-29 SC593466 d:RetainedEarningsAccumulatedLosses 2023-02-28 SC593466 c:OrdinaryShareClass1 2023-03-01 2024-02-29 SC593466 c:OrdinaryShareClass1 2024-02-29 SC593466 c:OrdinaryShareClass1 2023-02-28 SC593466 c:FRS102 2023-03-01 2024-02-29 SC593466 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 SC593466 c:FullAccounts 2023-03-01 2024-02-29 SC593466 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC593466 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC593466










KWIKCO SUPPLIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
KWIKCO SUPPLIES LTD
 

COMPANY INFORMATION


Directors
Mr W Braisby 
Mr S McVicars 
Mr F Braisby 
Ms. E Petrie 




Registered number
SC593466



Registered office
24 Dickson Street
Elgin Industrial Estate

Dunfermline

Fife

KY12 7SN




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
KWIKCO SUPPLIES LTD
REGISTERED NUMBER: SC593466

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
39,316
25,771

  
39,316
25,771

Current assets
  

Stocks
  
161,246
64,235

Debtors: amounts falling due within one year
 5 
269,413
235,474

Cash at bank and in hand
  
8,281
1,570

  
438,940
301,279

Creditors: amounts falling due within one year
 6 
(450,222)
(293,213)

Net current (liabilities)/assets
  
 
 
(11,282)
 
 
8,066

Total assets less current liabilities
  
28,034
33,837

Creditors: amounts falling due after more than one year
 7 
(22,714)
(15,400)

Provisions for liabilities
  

Deferred tax
  
(2,580)
-

  
 
 
(2,580)
 
 
-

Net assets
  
2,740
18,437


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
2,640
18,337

  
2,740
18,437

Page 1

 
KWIKCO SUPPLIES LTD
REGISTERED NUMBER: SC593466

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




Mr W Braisby
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
KWIKCO SUPPLIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Kwikco Supplies Limited is a private company, limited by shares, incorporated in Scotland with registration number SC593466. The registered office is 24 Dickson Street, Elgin Industrial Estate, Dunfermline, Fife, KY12 7SN.
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.3

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. Turnover is measured 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 revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are 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 transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
KWIKCO SUPPLIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
KWIKCO SUPPLIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
20%
Straight line
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively 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 amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 4).

Page 5

 
KWIKCO SUPPLIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
346
25,000
6,500
31,846


Additions
26,500
-
-
26,500



At 29 February 2024

26,846
25,000
6,500
58,346



Depreciation


At 1 March 2023
152
4,986
937
6,075


Charge for the year on owned assets
6,655
5,000
1,300
12,955



At 29 February 2024

6,807
9,986
2,237
19,030



Net book value



At 29 February 2024
20,039
15,014
4,263
39,316



At 28 February 2023
194
20,014
5,563
25,771

Page 6

 
KWIKCO SUPPLIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
262,912
166,177

Other debtors
6,501
21,316

Prepayments and accrued income
-
45,000

Deferred taxation
-
2,981

269,413
235,474


Included within other debtors due within one year is a loan to the directors, amounting to £NIL (2023 - £21,000). This loan has been repaid following the year end.




6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
180,941
94,649

Bank loans
5,600
5,600

Trade creditors
211,548
181,007

Other taxation and social security
16,245
8,707

Obligations under finance lease and hire purchase contracts
6,693
-

Other creditors
25,795
-

Accruals and deferred income
3,400
3,250

450,222
293,213


Secured Creditors
Hire purchase liabilities falling due within one year are secured over the assets to which they relate.

Page 7

 
KWIKCO SUPPLIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
9,800
15,400

Net obligations under finance leases and hire purchase contracts
12,914
-

22,714
15,400


Secured Creditors
Hire purchase liabilities falling due after one year are secured over the assets to which they relate.


8.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



Page 8