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Registration number: SC397657

Karen Campbell Limited

trading as Campbell & Galloway

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Karen Campbell Limited

trading as Campbell & Galloway

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Karen Campbell Limited

trading as Campbell & Galloway

(Registration number: SC397657)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

73,024

83,456

Tangible assets

5

657,251

673,977

 

730,275

757,433

Current assets

 

Stocks

20,807

15,986

Debtors

40,279

49,418

Cash at bank and in hand

 

116,473

87,982

 

177,559

153,386

Creditors: Amounts falling due within one year

6

(175,111)

(157,581)

Net current assets/(liabilities)

 

2,448

(4,195)

Total assets less current liabilities

 

732,723

753,238

Creditors: Amounts falling due after more than one year

7

(426,008)

(452,048)

Provisions for liabilities

(25,845)

(22,501)

Net assets

 

280,870

278,689

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

280,770

278,589

Total equity

 

280,870

278,689

 

Karen Campbell Limited

trading as Campbell & Galloway

(Registration number: SC397657)
Abridged Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 13 February 2025
 

Dr K Campbell

Director

 

Karen Campbell Limited

trading as Campbell & Galloway

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Moorpark House
Ground Floor Right Unit 2
11 Orton Place
Glasgow
G51 2HF

These financial statements were authorised for issue by the director on 13 February 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the amounts, excluding VAT, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures and equipment

15% reducing balance

Freehold property

2% reducing balance

 

Karen Campbell Limited

trading as Campbell & Galloway

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

Plant & machinery

25% straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which the director considers to be twenty years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 11).

 

Karen Campbell Limited

trading as Campbell & Galloway

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

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

208,650

At 31 May 2024

208,650

Amortisation

At 1 June 2023

125,193

Amortisation charge

10,433

At 31 May 2024

135,626

Carrying amount

At 31 May 2024

73,024

At 31 May 2023

83,456

5

Tangible assets

Total
£

Cost or valuation

At 1 June 2023

753,370

Additions

5,511

At 31 May 2024

758,881

Depreciation

At 1 June 2023

79,394

Charge for the year

22,236

At 31 May 2024

101,630

Carrying amount

At 31 May 2024

657,251

At 31 May 2023

673,977

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £27,800 (2023 - £29,732).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £426,008 (2023 - £452,048).