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REGISTERED NUMBER: SC535023 (Scotland)















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: J Prior
P R Jezewski



REGISTERED OFFICE: 24A Ainslie Place
Edinburgh
Lothian
EH3 6AJ



BUSINESS ADDRESS: East Hermiston
Calder Road
Edinburgh
EH14 4AJ



REGISTERED NUMBER: SC535023 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: Bank of Scotland
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 46,898 70,249

CURRENT ASSETS
Stocks 55,778 34,591
Debtors 5 177,243 197,633
Cash at bank 206,409 177,165
439,430 409,389
CREDITORS
Amounts falling due within one year 6 208,397 141,937
NET CURRENT ASSETS 231,033 267,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

277,931

337,701

CREDITORS
Amounts falling due after more than one year 7 (106,312 ) (148,001 )

PROVISIONS FOR LIABILITIES (11,724 ) (17,562 )
NET ASSETS 159,895 172,138

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 159,795 172,038
159,895 172,138

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.

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 28 November 2024 and were signed on its behalf by:





J Prior - Director


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 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.

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
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 represents net invoiced sales of goods and services, excluding value added tax.

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 and 25% on reducing balance

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 2 (2023 - 2 ) .

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 119,361
DEPRECIATION
At 1 June 2023 49,112
Charge for year 23,351
At 31 May 2024 72,463
NET BOOK VALUE
At 31 May 2024 46,898
At 31 May 2023 70,249

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 168,260 184,903
Other debtors 8,983 12,730
177,243 197,633

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 12,524 12,524
Trade creditors 7,677 1,560
Taxation and social security 93,855 49,249
Other creditors 84,341 68,604
208,397 141,937

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,000 20,000
Hire purchase contracts 62,522 75,046
Other creditors 33,790 52,955
106,312 148,001

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 52,381 71,546

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