REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
KEYSTONE (SCOTLAND) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
KEYSTONE (SCOTLAND) LIMITED |
KEYSTONE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC535023) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KEYSTONE (SCOTLAND) LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
24A Ainslie Place |
Edinburgh |
EH3 6AJ |
BANKERS: |
8 Lochside Avenue |
Edinburgh |
EH12 9DJ |
KEYSTONE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC535023) |
BALANCE SHEET |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEYSTONE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC535023) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Keystone (Scotland) Limited is a |
The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method. |
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 material 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 |
KEYSTONE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC535023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
At 31 May 2024 the net book value of assets held under hire purchase contracts was £46,112 (2023: £69,168). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
KEYSTONE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC535023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
The above loan, which is repayable by installments, is secured by personal guarantees provided by a director. Interest is charged on this loan at 5.88% per annum with total interest and charges amounting to £5,178. |
9. | RELATED PARTY DISCLOSURES |
Included within other debtors and trade debtors is a loan and trade debtors due from a company which is under common control amounting to £6,072 (2023: £9,952) and £116,648 (2023: £133,800) respectively. The loan is unsecured, interest free and has no agreed terms of repayment. |
10. | BOUNCE BACK LOAN SCHEME |
The company borrowed £50,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5% and the loan is repayable by installments as detailed below. |
2024 | 2023 |
£ | £ |
< 1 year | 10,000 | 10,000 |
2-5 years | 10,000 | 20,000 |
> 5 years | - | - |
20,000 | 30,000 |