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Fair value model Ordinary 1.00000 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REGISTERED NUMBER: SC175001















KILTANE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






KILTANE LIMITED (REGISTERED NUMBER: SC175001)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 4

Profit and Loss Account 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


KILTANE LIMITED (REGISTERED NUMBER: SC175001)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

The results for the year and financial position of the company are as shown in the annexed financial statements.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

REVIEW OF BUSINESS
Our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. This year it has returned to turnover, having previously been gross assets.

Turnover increased from £12,960,961 for the year ended 30 June 2023 to £19,214,471 for the year ended 30 June 2024. Net assets at 30 June 2024 have risen to £16,519,486 from £12,216,402 at 30 June 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors regularly review the risks that we believe could seriously affect the company's performance, future prospects and ability to trade and we are satisfied that sufficient controls are in place to reduce these risks to an acceptable level.

The directors have considered the risks associated with their supply chain and the associated currency exchange rate risks and have taken all steps to ensure the relationships built up remain strong and ready for any changes that arise together with the close monitoring of currency rate movements.

FUTURE DEVELOPMENTS
The directors expect that turnover for current year will show an increase on 2024. The company will continue to invest in people, processes and systems to help deliver business growth.

ON BEHALF OF THE BOARD:





J M Keane - Director


9 December 2024

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was the retail of cashmere, woollens, tweeds and other luxury products to international and domestic tourists.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £53,053 (2023: £53,053).

POST BALANCE SHEET EVENTS
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

J M Keane
K Keane

Other changes in directors holding office are as follows:

J S Keane - deceased 16 June 2024

FINANCIAL INSTRUMENTS
The company's operations expose it to a variety of financial risks that include the effects of changes in commodity market prices, exchange rate risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring all levels of the related costs.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable laws 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 the affairs of the company and of the profit and 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;
- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;
- 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.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J M Keane - Director


9 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KILTANE LIMITED

Opinion
We have audited the financial statements of Kiltane Limited (the 'company') for the year ended 30 June 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KILTANE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FRS102, taxation legislation and Sale of Goods Act. We also considered those laws and regulations having an indirect impact but nonetheless significant, including, GDPR, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KILTANE LIMITED

Auditors' responsibilities for the audit of the financial statements - continued
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In assessing the risk of material misstatements due to fraud in relation to revenue recognition, we:
- performed analytical procedures to identify unusual or unexpected relationships;
- performed walkthrough tests and substantive sample testing; and
- carried out cut off testing to ensure revenue recognised in the correct period.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jayne F Clifford MA CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd
Statutory Auditor
Chartered Accountants
Caledonia House
89 Seaward Street
Glasgow
G41 1HJ

9 December 2024

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 3 19,214,471 12,960,961

Cost of sales (7,208,385 ) (6,349,634 )
GROSS PROFIT 12,006,086 6,611,327

Administrative expenses (6,233,348 ) (5,318,890 )
5,772,738 1,292,437

Other operating income 4 177,913 151,347
Gain on revaluation of investment property - 1,492,626
5,950,651 2,936,410


Interest payable and similar expenses 6 (255,327 ) (276,938 )
PROFIT BEFORE TAXATION 7 5,695,324 2,659,472

Tax on profit 8 (1,437,812 ) (452,775 )
PROFIT FOR THE FINANCIAL YEAR 4,257,512 2,206,697

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 4,257,512 2,206,697


OTHER COMPREHENSIVE INCOME
Revalued heritable property 131,500 400,000
Income tax relating to other comprehensive
income

(32,875

)

(257,058

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

98,625

142,942
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,356,137

2,349,639

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 7,499,209 5,618,277
Investment property 12 4,800,000 4,800,000
12,299,209 10,418,277

CURRENT ASSETS
Stocks 13 9,059,109 4,499,158
Debtors 14 3,958,483 3,202,443
Cash at bank and in hand 1,530,069 5,858,436
14,547,661 13,560,037
CREDITORS
Amounts falling due within one year 15 7,943,351 6,426,237
NET CURRENT ASSETS 6,604,310 7,133,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,903,519

17,552,077

CREDITORS
Amounts falling due after more than one
year

16

(849,299

)

(3,829,859

)

PROVISIONS FOR LIABILITIES 20 (1,534,734 ) (1,505,816 )
NET ASSETS 16,519,486 12,216,402

CAPITAL AND RESERVES
Called up share capital 21 400,000 400,000
Non-distributable reserve 22 2,082,374 4,898,894
Capital redemption reserve 22 40,000 40,000
Revaluation reserve 22 2,915,145 -
Retained earnings 22 11,081,967 6,877,508
SHAREHOLDERS' FUNDS 16,519,486 12,216,402

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2024 and were signed on its behalf by:





J M Keane - Director


KILTANE LIMITED (REGISTERED NUMBER: SC175001)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Non-distributable
capital earnings reserve
£    £    £   
Balance at 1 July 2022 400,000 5,792,719 3,687,097

Changes in equity
Dividends - (53,053 ) -
Total comprehensive income - 2,349,639 -
Transfer of revaluation - (1,892,626 ) 1,892,626
Transfer of deferred tax on
revaluation - 680,829 (680,829 )
Balance at 30 June 2023 400,000 6,877,508 4,898,894

Changes in equity
Dividends - (53,053 ) -
Total comprehensive income - 4,356,137 -
Transfer of revaluation - (131,500 ) 131,500
Transfer of deferred tax on
revaluation - 32,875 (32,875 )
Transfer of heritable property
to revaluation reserve - - (2,915,145 )
Balance at 30 June 2024 400,000 11,081,967 2,082,374
Capital
redemption Revaluation Total
reserve reserve equity
£    £    £   
Balance at 1 July 2022 40,000 - 9,919,816

Changes in equity
Dividends - - (53,053 )
Total comprehensive income - - 2,349,639
Balance at 30 June 2023 40,000 - 12,216,402

Changes in equity
Dividends - - (53,053 )
Total comprehensive income - - 4,356,137
Transfer of heritable property
to revaluation reserve - 2,915,145 -
Balance at 30 June 2024 40,000 2,915,145 16,519,486

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,613,211 3,813,745
Interest paid (255,327 ) (276,938 )
Tax paid (61,872 ) 313,972
Net cash from operating activities 1,296,012 3,850,779

Cash flows from investing activities
Purchase of property plant and equipment (1,928,311 ) (115,128 )
Net cash from investing activities (1,928,311 ) (115,128 )

Cash flows from financing activities
Loan repayments in year (3,643,015 ) (1,258,100 )
Capital repayments in year - (4,203 )
Equity dividends paid (53,053 ) (53,053 )
Net cash from financing activities (3,696,068 ) (1,315,356 )

(Decrease)/increase in cash and cash equivalents (4,328,367 ) 2,420,295
Cash and cash equivalents at beginning of
year

2

5,858,436

3,438,141

Cash and cash equivalents at end of year 2 1,530,069 5,858,436

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 5,695,324 2,659,472
Depreciation charges 166,207 192,460
Loss on disposal of fixed assets 12,671 -
Gain on revaluation of fixed assets - (1,492,626 )
Finance costs 255,327 276,938
6,129,529 1,636,244
(Increase)/decrease in stocks (4,559,951 ) 398,131
Increase in trade and other debtors (756,040 ) (994,445 )
Increase in trade and other creditors 799,673 2,773,815
Cash generated from operations 1,613,211 3,813,745

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 1,530,069 5,858,436
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 5,858,436 3,438,141


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 5,858,436 (4,328,367 ) 1,530,069
5,858,436 (4,328,367 ) 1,530,069
Debt
Debts falling due within 1 year (1,256,927 ) 662,455 (594,472 )
Debts falling due after 1 year (3,829,859 ) 2,980,560 (849,299 )
(5,086,786 ) 3,643,015 (1,443,771 )
Total 771,650 (685,352 ) 86,298

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Kiltane Limited is a private company incorporated in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. There were no material departures from this standard.

Going concern
After reviewing the company's adjusted forecasts, projections and post year end performance, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements
The company considers on an annual basis the judgements that are made by directors when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. In preparing these financial statements, the directors have the following judgements:

- Whether a stock provision is required in the financial statements at the year end.

- Determination of whether leases entered into by the company as a lessee are operating leases or hire purchase agreements. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors consider the key sources of estimation uncertainty to be as follows: -

- Tangible fixed assets (note 11) are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and, therefore, determined that the stated depreciation policies applied in prior years remain appropriate.

- Determination of the valuation placed on stock - stock levels are considered across all retail outlets and the warehouse in relation to consideration of damaged and obsolete stock to ensure appropriate write offs are made.

- Intangible fixed assets (note 10) are amortised over their estimated useful lives. The actual lives of the assets are assessed annually and various factors are considered in this. These factors include the ongoing income from the brand and its market standing. The directors assessed that no changes were required to the estimated useful lives of the intangible fixed assets and, therefore, determined that the stated amortisation policies applied in prior years remain appropriate.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise revenue when substantively all risks and rewards in connection with the goods have been passed to the buyer.

Store revenue is recognised at the point of sale of a product to the customer.

E-commerce revenue is recognised when goods are delivered to the customer.

Wholesale revenue is recognised at the point that control of the goods has passed to the customer, which is typically upon delivery.

Rental income
Rentals receivable under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently, as and when necessary, if circumstances emerge that indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful life. Intellectual property, comprising trademarks and domain names are being amortised evenly over their estimated useful life of 5 years. This was based on the company objective of absorbing the brand name acquired into its own unique brand.

Amortisation is included in administrative expenses in the profit and loss account.

Where factors indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Heritable property - 2% straight line
Leasehold improvements - 10% on cost
Property improvements - 10% on cost
Fixtures & equipment - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Tangible fixed assets (excluding heritable property) are included in the financial statements at cost less accumulated depreciation and impairment losses.

At each balance sheet date, the directors review the carrying amounts of tangible fixed assets (excluding heritable property) to determine whether there is any indication that any items have suffered impairment loss and that if any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any an impairment loss is recognised in the profit and loss account. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

Heritable property is carried at its revalued amounts, being fair value at the date of valuation less any subsequent depreciation and impairment losses. Revaluations are performed by professionally qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Where estimated residual value at the balance sheet date is considered to be equivalent to fair value, no depreciation will be charged.

Any revaluation increase in the carrying amount of heritable property is recognised in other comprehensive income and included in a non-distributable reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit or loss, in which case the increase is credited to the profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the non-distributable reserve in equity: decreases exceeding the balance in non-distributable reserve relating to an asset are recognised in the profit and loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from non-distributable reserve to retained earnings.

Tangible fixed assets are only capitalised if their acquisition cost is above £1,000.

Investment property
The company holds an investment property for rental purposes. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

Due to the nature of the products supplied, the directors deem it necessary to consider the recoverability of the cost of the stock and the associated provisioning required due to changing consumer seasonal demands and the condition of the stock.

Tax
Current tax is recognised at the amount of tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period. Contributions payable for the year are charged in the profit and loss account.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

The cost of any unpaid bonuses is recognised in the period in which the employee's services are received.

Operating lease commitments
Rentals paid applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged against or credited to profits on a straight line basis over the period of the lease.

Lease premiums
Lease premiums paid in relation to operating leases are released on a straight line basis over the period of the lease.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Hire purchase commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like bank loans, loans to related parties and trade and other accounts receivable and payable.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 19,214,471 12,960,961
19,214,471 12,960,961

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 18,875,101 12,684,246
Europe 57,665 61,595
Rest of the World 281,705 215,120
19,214,471 12,960,961

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. OTHER OPERATING INCOME
2024 2023
£    £   
Commission received 61,527 8,630
Corporation tax supplement - 2,699
Rent received 116,386 140,018
177,913 151,347

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,252,881 1,887,694
Social security costs 174,831 140,763
Other pension costs 33,515 26,664
2,461,227 2,055,121

The average number of employees during the year was as follows:
2024 2023

Sales and trading 93 21
Warehouse and administration 23 86
116 107

The key management personnel of the company comprise a director and chief operating officer. During the year, the total employee benefits for the key management personnel were £94,206 (2023: £90,855).

2024 2023
£    £   
Directors' remuneration 54,005 54,005
Directors' pension contributions to money purchase schemes 1,084 1,084

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank overdraft interest 282 118
Bank term loan interest 255,045 276,820
255,327 276,938

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 166,207 192,460
Loss on disposal of fixed assets 12,671 -
Auditors' remuneration 27,500 25,000
Auditors' remuneration for non audit work 11,780 14,225

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,441,769 61,872
Overprovision in prior year - (20,491 )
Total current tax 1,441,769 41,381

Deferred tax (3,957 ) 411,394
Tax on profit 1,437,812 452,775

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 5,695,324 2,659,472
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

1,423,831

545,085

Effects of:
Expenses not deductible for tax purposes 5,837 6,227
Depreciation in excess of capital allowances 12,101 10,432
Adjustments to tax charge in respect of previous periods - (20,491 )
property
Deferred tax movement (3,957 ) 411,394
deferred tax
Revaluation of properties - (305,929 )
Tax losses from previous years utilised - (193,943 )
Total tax charge 1,437,812 452,775

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revalued heritable property 131,500 (32,875 ) 98,625

2023
Gross Tax Net
£    £    £   
Revalued heritable property 400,000 (257,058 ) 142,942

9. DIVIDENDS
2024 2023
£    £   
Final 53,053 53,053

10. INTANGIBLE FIXED ASSETS
Intellectual
Goodwill property Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 372,770 780,000 1,152,770
AMORTISATION
At 1 July 2023
and 30 June 2024 372,770 780,000 1,152,770
NET BOOK VALUE
At 30 June 2024 - - -
At 30 June 2023 - - -

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. TANGIBLE FIXED ASSETS
Heritable Leasehold Property
property improvements improvements
£    £    £   
COST OR VALUATION
At 1 July 2023 5,050,000 407,453 4,852
Additions 1,668,500 81,210 19,027
Disposals - (42,602 ) -
Revaluations 131,500 - -
At 30 June 2024 6,850,000 446,061 23,879
DEPRECIATION
At 1 July 2023 - 103,370 971
Charge for year - 45,510 1,502
Eliminated on disposal - (29,930 ) -
At 30 June 2024 - 118,950 2,473
NET BOOK VALUE
At 30 June 2024 6,850,000 327,111 21,406
At 30 June 2023 5,050,000 304,083 3,881

Fixtures Motor Computer
& equipment vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 1,894,097 35,020 268,088 7,659,510
Additions 143,854 - 15,720 1,928,311
Disposals (457,928 ) - (14,531 ) (515,061 )
Revaluations - - - 131,500
At 30 June 2024 1,580,023 35,020 269,277 9,204,260
DEPRECIATION
At 1 July 2023 1,774,541 34,413 127,938 2,041,233
Charge for year 72,063 607 46,525 166,207
Eliminated on disposal (457,928 ) - (14,531 ) (502,389 )
At 30 June 2024 1,388,676 35,020 159,932 1,705,051
NET BOOK VALUE
At 30 June 2024 191,347 - 109,345 7,499,209
At 30 June 2023 119,556 607 140,150 5,618,277

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2024 is represented by:

Heritable Leasehold Property
property improvements improvements
£    £    £   
Valuation in 2007 400,496 - -
Valuation in 2008 150,000 - -
Valuation in 2012 144,986 - -
Valuation in 2013 585,000 - -
Valuation in 2016 250,000 - -
Valuation in 2017 850,000 - -
Valuation in 2018 600,000 - -
Valuation in 2021 (228,060 ) - -
Valuation in 2023 400,000 - -
Valuation in 2024 131,500 - -
Cost 3,566,078 446,061 23,879
6,850,000 446,061 23,879

Fixtures Motor Computer
& equipment vehicles equipment Totals
£    £    £    £   
Valuation in 2007 - - - 400,496
Valuation in 2008 - - - 150,000
Valuation in 2012 - - - 144,986
Valuation in 2013 - - - 585,000
Valuation in 2016 - - - 250,000
Valuation in 2017 - - - 850,000
Valuation in 2018 - - - 600,000
Valuation in 2021 - - - (228,060 )
Valuation in 2023 - - - 400,000
Valuation in 2024 - - - 131,500
Cost 1,580,023 35,020 269,277 5,920,338
1,580,023 35,020 269,277 9,204,260

If the heritable properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,566,078 1,897,578
Aggregate depreciation 293,497 293,497

A valuation was carried out on assets included within heritable properties on 30 June 2024 by Shepherd Chartered Surveyors, who are professionally qualified valuers. The valuers deemed a market valuation of £6,850,000 in respect of properties held, to be an appropriate fair value at the balance sheet date.


KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 4,800,000
NET BOOK VALUE
At 30 June 2024 4,800,000
At 30 June 2023 4,800,000

A valuation was carried out on this property on 30 June 2024 by Shepherd Chartered Surveyors, who are professionally qualified valuers. The valuers deemed this market valuation of £4,800,000 to be an appropriate fair value at the balance sheet date.

13. STOCKS
2024 2023
£    £   
Stocks 9,059,109 4,499,158

Stock recognised in cost of sales during the year as an expense was £7,208,385 (2023: £6,349,634).

14. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 434,716 175,102
Other debtors 1,065,481 852,890
Lease premium 44,909 44,909
VAT 160,606 -
Prepayments and accrued income 1,945,797 1,819,534
3,651,509 2,892,435

Amounts falling due after more than one year:
Other debtors - 3,125
Lease premium 306,974 306,883
306,974 310,008

Aggregate amounts 3,958,483 3,202,443

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 594,472 1,256,927
Trade creditors 5,509,244 4,195,657
Corporation tax 1,441,769 61,872
Social security and other taxes 44,287 35,568
VAT - 385,643
Other creditors 94,482 188,108
Accruals and deferred income 259,097 302,462
7,943,351 6,426,237

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 17) 849,299 3,829,859

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 594,472 1,256,927

Amounts falling due between one and two years:
Bank loans 1-2 years 200,719 1,382,619

Amounts falling due between two and five years:
Bank loans - 2-5 years 648,580 1,880,780

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years - 566,460

The amount due in instalments over five years will be repaid in equal gross monthly instalments at an interest rate currently in the region of 3%.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 821,285 799,437
Between one and five years 2,079,278 2,403,044
In more than five years 3,458,804 3,452,916
6,359,367 6,655,397

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loans 1,031,770 2,386,785

Bank of Scotland PLC holds a bond and floating charge over the company and all of its assets in respect of the bank loan and overdraft facilities. Bank of Scotland PLC also holds standard securities over the company's heritable and investment properties.

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,534,734 1,505,816

Deferred
tax
£   
Balance at 1 July 2023 1,505,816
Accelerated capital allowances 28,918
Balance at 30 June 2024 1,534,734

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets and the tax effect of revalued fixed assets. There are no unused tax losses or unused tax credits.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400,000 Ordinary £1 400,000 400,000

The rights attached to the Ordinary shares shall be determined from time to time in meeting by the directors. At the balance sheet date, they had full voting rights and dividend entitlement.

KILTANE LIMITED (REGISTERED NUMBER: SC175001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

22. RESERVES
Capital
Retained Non-distributable redemption Revaluation
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 July 2023 6,877,508 4,898,894 40,000 - 11,816,402
Profit for the year 4,257,512 4,257,512
Dividends (53,053 ) (53,053 )
Revaluation in year 98,625 - - - 98,625
Transfer of revaluation (131,500 ) 131,500 - - -
Transfer of deferred tax on
revaluation 32,875 (32,875 ) - - -
Transfer of heritable property
to revaluation reserve - (2,915,145 ) - 2,915,145 -
At 30 June 2024 11,081,967 2,082,374 40,000 2,915,145 16,119,486

At the 30th of June 2024 it was deemed appropriate to transfer the revaluation of heritable property to a revaluation reserve and continue presenting investment property within non-distributable reserves.

23. PENSION COMMITMENTS

The company operates various defined contribution pension schemes for the directors and staff. Contributions payable for the period were £33,515 (2023: £26,664). The assets of the schemes are held separately from those of the company in independently administered funds.

At the balance sheet date, £8,003 (2023: £6,353) was due to be paid to the schemes.

24. RELATED PARTY DISCLOSURES

The company is controlled by the director, J M Keane.

Included in other debtors is £284,215 (2023: £175,590) owing from Kiltane (Royal Mile) Limited, a company in which director, J M Keane, has a beneficial interest. This amount is interest free and repayable within one year.

Also included in other debtors is £409,941 (2023: £365,234) owing from Kiltane Developments Limited, a company controlled by director, J M Keane. This amount is interest free and repayable within one year.

Included in other debtors is £368,198 (2023: £286,449) owing from Kiltane Properties Limited, a company controlled by director, J M Keane.

Included in other creditors is £57,120 (2023: £60,291) owing to Kiltane Investments LLP which is controlled by director, J M Keane. This amount is interest free and repayable within one year.

Dividends of £50,400 (2023: £50,400) and £2,653 (2023: £2,653) respectively were paid to directors J M Keane and Mrs K Keane during the period.

25. POST BALANCE SHEET EVENTS

Post year end, the company entered into a new leasing agreement during the normal course of business with a total commitment of £3,000,000.