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REGISTERED NUMBER: SC768131 (Scotland)













Unaudited Financial Statements

for the Period 3 May 2023 to 31 May 2024

for

KENNETH SIU LTD

KENNETH SIU LTD (REGISTERED NUMBER: SC768131)






Contents of the Financial Statements
for the Period 3 May 2023 to 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


KENNETH SIU LTD

Company Information
for the Period 3 May 2023 to 31 May 2024







DIRECTOR: K Siu





REGISTERED OFFICE: Suite 411
Baltic Chambers
50 Wellington Street
Glasgow
G2 6HJ





REGISTERED NUMBER: SC768131 (Scotland)





ACCOUNTANTS: SD Business Management
Suite 411 Baltic Chambers
50 Wellington Street
Glasgow
Strathclyde
G2 6HJ

KENNETH SIU LTD (REGISTERED NUMBER: SC768131)

Abridged Balance Sheet
31 May 2024

Notes £    £   
FIXED ASSETS
Intangible assets 4 52,434
Tangible assets 5 253
52,687

CURRENT ASSETS
Debtors 14,728
Cash at bank 70,725
85,453
CREDITORS
Amounts falling due within one year 50,717
NET CURRENT ASSETS 34,736
TOTAL ASSETS LESS CURRENT LIABILITIES 87,423

PROVISIONS FOR LIABILITIES 63
NET ASSETS 87,360

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 87,260
87,360

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

KENNETH SIU LTD (REGISTERED NUMBER: SC768131)

Abridged 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.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 February 2025 and were signed by:





K Siu - Director


KENNETH SIU LTD (REGISTERED NUMBER: SC768131)

Notes to the Financial Statements
for the Period 3 May 2023 to 31 May 2024

1. STATUTORY INFORMATION

Kenneth Siu 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.

In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

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

Intangible assets
Cryptocurrencies have been classed as intangible fixed assets in accordance with current guidance. These have been initially recognised at cost, and revalued in line with market value.

While intangible assets are normally measured at cost less amortisation and accumulated impairment losses, it was the view of the director that due to the volatility in value of these assets this would not have given a true and fair view and therefore we have departed from the normal accounting standard for intangibles.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

Taxation
Taxation for the period 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 period 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.

KENNETH SIU LTD (REGISTERED NUMBER: SC768131)

Notes to the Financial Statements - continued
for the Period 3 May 2023 to 31 May 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
Additions 105,262
Disposals (52,388 )
Revaluations (440 )
At 31 May 2024 52,434
NET BOOK VALUE

At 31 May 2024 52,434

Cost or valuation at 31 May 2024 is represented by:

Totals
£   
Valuation in 2024 (440 )
Cost 52,874
52,434

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

£   
Cost 52,874

Cryptocurrencies were valued on an open market basis on 31 May 2024 by the Coinbase and Metamask platforms .

KENNETH SIU LTD (REGISTERED NUMBER: SC768131)

Notes to the Financial Statements - continued
for the Period 3 May 2023 to 31 May 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 378
At 31 May 2024 378
DEPRECIATION
Charge for period 125
At 31 May 2024 125
NET BOOK VALUE
At 31 May 2024 253