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REGISTERED NUMBER: SC627559 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Keith Simpson Builders Ltd

Keith Simpson Builders Ltd (Registered number: SC627559)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

Keith Simpson Builders Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: K A Simpson
Mrs D Simpson





REGISTERED OFFICE: 14 Montbletton Place
MACDUFF
AB44 1PU





REGISTERED NUMBER: SC627559 (Scotland)





ACCOUNTANTS: Atholl Scott
16 Castle Street
BANFF
AB45 1DL

Keith Simpson Builders Ltd (Registered number: SC627559)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 85,550 102,660
Tangible assets 5 272,624 181,691
358,174 284,351

CURRENT ASSETS
Stocks 25,700 9,485
Debtors 6 209,618 72,896
Cash at bank 127,887 318,026
363,205 400,407
CREDITORS
Amounts falling due within one
year

7

(299,882

)

(306,718

)
NET CURRENT ASSETS 63,323 93,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

421,497

378,040

PROVISIONS FOR LIABILITIES 8 (45,806 ) (45,422 )
NET ASSETS 375,691 332,618

CAPITAL AND RESERVES
Called up share capital 10 10
Fair value reserve 9 97,837 97,837
Retained earnings 277,844 234,771
SHAREHOLDERS' FUNDS 375,691 332,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Keith Simpson Builders Ltd (Registered number: SC627559)

Balance Sheet - continued
31 May 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 30 January 2025 and were signed on its behalf by:




K A Simpson - Director



Mrs D Simpson - Director


Keith Simpson Builders Ltd (Registered number: SC627559)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Keith Simpson Builders 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Motor vehicles and equipment are shown at most recent valuation. Any aggregate surplus or deficit arising from the changes in fair value is recognised in the profit and loss.

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

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.


Keith Simpson Builders Ltd (Registered number: SC627559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 15 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 171,100
AMORTISATION
At 1 June 2023 68,440
Charge for year 17,110
At 31 May 2024 85,550
NET BOOK VALUE
At 31 May 2024 85,550
At 31 May 2023 102,660

Keith Simpson Builders Ltd (Registered number: SC627559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property Equipment fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2023 - 143,572 745 223,508 367,825
Additions 89,400 15,538 - 33,530 138,468
At 31 May 2024 89,400 159,110 745 257,038 506,293
DEPRECIATION
At 1 June 2023 - 58,003 260 127,871 186,134
Charge for year - 15,169 73 32,293 47,535
At 31 May 2024 - 73,172 333 160,164 233,669
NET BOOK VALUE
At 31 May 2024 89,400 85,938 412 96,874 272,624
At 31 May 2023 - 85,569 485 95,637 181,691

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Freehold and Motor
property Equipment fittings vehicles Totals
£    £    £    £    £   
Valuation in 2020 - 56,375 - 41,462 97,837
Cost 89,400 102,735 745 215,576 408,456
89,400 159,110 745 257,038 506,293

If motor vehicles and equipment had not been revalued they would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 318,311 269,243
Aggregate depreciation 170,353 130,585

Motor vehicles and equipment were valued on an open market basis on 1 June 2019 by the directors .

Keith Simpson Builders Ltd (Registered number: SC627559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 June 2023 37,000
Transfer to ownership (37,000 )
At 31 May 2024 -
DEPRECIATION
At 1 June 2023 16,188
Transfer to ownership (16,188 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 20,812

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 196,687 45,619
Other debtors 1,401 -
Prepayments 11,530 27,277
209,618 72,896

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts - 9,167
Trade creditors 71,904 21,444
Tax 46,860 57,703
PAYE 3,876 -
VAT 14,583 41,150
Directors' loan accounts 145,768 145,352
Accrued expenses 16,891 31,902
299,882 306,718

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 45,806 45,422

Deferred
tax
£   
Balance at 1 June 2023 45,422
Accelerated capital allowances 384
Balance at 31 May 2024 45,806

Keith Simpson Builders Ltd (Registered number: SC627559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. RESERVES
Fair
value
reserve
£   
At 1 June 2023
and 31 May 2024 97,837

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £83,000 (2023 - £100,000) were paid to the directors .

During the year K A Simpson (director) increased the amount loaned to the company by £208 leaving a balance of £72,845 (2023 £72,637). This loan is unsecured, interest free and repayable on demand.
During the year Mrs D Simpson (director) increased the amount loaned to the company by £208 leaving a balance of £72,923 (2023 £72,715). This loan is unsecured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Keith Simpson Builders Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Keith Simpson Builders Ltd for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Keith Simpson Builders Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Keith Simpson Builders Ltd and state those matters that we have agreed to state to the Board of Directors of Keith Simpson Builders Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Keith Simpson Builders Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Keith Simpson Builders Ltd. You consider that Keith Simpson Builders Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Keith Simpson Builders Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.






Atholl Scott
16 Castle Street
BANFF
AB45 1DL


30 January 2025