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REGISTERED NUMBER: SC630164 (Scotland)















K & N Building Ltd

Financial Statements For The Year Ended 31 May 2024






K & N Building Ltd (Registered number: SC630164)






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


K & N Building Ltd

Company Information
For The Year Ended 31 May 2024







DIRECTORS: Mrs K A Bruce
Mr N J Bruce





REGISTERED OFFICE: 4 North Guildry Street
Elgin
Moray
IV30 1JR





REGISTERED NUMBER: SC630164 (Scotland)





ACCOUNTANTS: The Long Partnership
4 North Guildry Street
Elgin
Moray
IV30 1JR

K & N Building Ltd (Registered number: SC630164)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 250,602 290,301

CURRENT ASSETS
Debtors 5 176,476 188,846
Cash at bank - 69,522
176,476 258,368
CREDITORS
Amounts falling due within one year 6 200,371 198,034
NET CURRENT (LIABILITIES)/ASSETS (23,895 ) 60,334
TOTAL ASSETS LESS CURRENT
LIABILITIES

226,707

350,635

CREDITORS
Amounts falling due after more than one
year

7

(4,028

)

(65,589

)

PROVISIONS FOR LIABILITIES 8 (56,174 ) (52,918 )
NET ASSETS 166,505 232,128

CAPITAL AND RESERVES
Called up share capital 9 194 194
Retained earnings 10 166,311 231,934
SHAREHOLDERS' FUNDS 166,505 232,128

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.

K & N Building Ltd (Registered number: SC630164)

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 24 February 2025 and were signed on its behalf by:





Mr N J Bruce - Director


K & N Building Ltd (Registered number: SC630164)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

K & N Building 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Equipment - 25% on cost, 25% on reducing balance and 5% on cost

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.

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
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 5 (2023 - 5 ) .

K & N Building Ltd (Registered number: SC630164)

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

4. TANGIBLE FIXED ASSETS
Short Motor
leasehold Equipment vehicles Totals
£    £    £    £   
COST
At 1 June 2023 45,085 428,375 77,992 551,452
Additions - 113,842 - 113,842
Disposals - (144,000 ) - (144,000 )
At 31 May 2024 45,085 398,217 77,992 521,294
DEPRECIATION
At 1 June 2023 10,662 226,995 23,494 261,151
Charge for year 4,508 95,549 13,625 113,682
Eliminated on disposal - (104,141 ) - (104,141 )
At 31 May 2024 15,170 218,403 37,119 270,692
NET BOOK VALUE
At 31 May 2024 29,915 179,814 40,873 250,602
At 31 May 2023 34,423 201,380 54,498 290,301

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 176,308 188,678
Other debtors 168 168
176,476 188,846

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 66,604 64,169
Trade creditors 17,026 3,330
Taxation and social security 84,376 97,763
Other creditors 32,365 32,772
200,371 198,034

Hire purchase contracts include amounts totalling £66,604 (2023 - £64,169) under hire purchase agreements which are secured against the assets to which they relate.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 4,028 65,589

Hire purchase contracts include amounts totalling £4,028 (2023 - £65,589) under hire purchase agreements which are secured against the assets to which they relate.

K & N Building Ltd (Registered number: SC630164)

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

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 56,174 52,918

Deferred
tax
£   
Balance at 1 June 2023 52,918
Provided during year 3,256
Balance at 31 May 2024 56,174

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
97 Ordinary £1 97 97
97 A Ordinary £1 97 97
194 194

10. RESERVES
Retained
earnings
£   

At 1 June 2023 231,934
Profit for the year 81,877
Dividends (147,500 )
At 31 May 2024 166,311

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £147,500 (2023 - £117,000) were paid to the directors .

At 31 May 2023 the company owed the directors £298. During the year the company met expenses on behalf of the director totalling £64. At 31 May 2024 the company owed the directors £234. This loan is interest free and repayable on demand.