IRIS Accounts Production v24.3.2.46 SC244560 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2445602023-05-31SC2445602024-05-31SC2445602023-06-012024-05-31SC2445602022-05-31SC2445602022-06-012023-05-31SC2445602023-05-31SC244560ns15:Scotland2023-06-012024-05-31SC244560ns14:PoundSterling2023-06-012024-05-31SC244560ns10:Director12023-06-012024-05-31SC244560ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31SC244560ns10:SmallEntities2023-06-012024-05-31SC244560ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31SC244560ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-31SC244560ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC244560ns10:FullAccounts2023-06-012024-05-31SC24456012023-06-012024-05-31SC244560ns10:Director22023-06-012024-05-31SC244560ns10:CompanySecretary12023-06-012024-05-31SC244560ns10:RegisteredOffice2023-06-012024-05-31SC244560ns5:CurrentFinancialInstruments2024-05-31SC244560ns5:CurrentFinancialInstruments2023-05-31SC244560ns5:ShareCapital2024-05-31SC244560ns5:ShareCapital2023-05-31SC244560ns5:RetainedEarningsAccumulatedLosses2024-05-31SC244560ns5:RetainedEarningsAccumulatedLosses2023-05-31SC244560ns5:NetGoodwill2023-06-012024-05-31SC244560ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-31SC244560ns5:PlantMachinery2023-06-012024-05-31SC244560ns5:NetGoodwill2023-05-31SC244560ns5:NetGoodwill2024-05-31SC244560ns5:NetGoodwill2023-05-31SC244560ns5:LandBuildings2023-05-31SC244560ns5:PlantMachinery2023-05-31SC244560ns5:LandBuildings2023-06-012024-05-31SC244560ns5:LandBuildings2024-05-31SC244560ns5:PlantMachinery2024-05-31SC244560ns5:LandBuildings2023-05-31SC244560ns5:PlantMachinery2023-05-31SC244560ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-31SC244560ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31
REGISTERED NUMBER: SC244560 (Scotland)















Karl D Flett Ltd

Financial Statements For The Year Ended 31 May 2024






Karl D Flett Ltd (Registered number: SC244560)






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


Karl D Flett Ltd

Company Information
For The Year Ended 31 May 2024







DIRECTORS: K D Flett
T Flett



SECRETARY: Mrs B Flett



REGISTERED OFFICE: Karbridge
Harray
Orkney
KW17 2JU



REGISTERED NUMBER: SC244560 (Scotland)



ACCOUNTANTS: The Long Partnership
Chartered Accountants
Chartered Tax Advisers
1 Castle Street
Kirkwall
Orkney
KW15 1HD



BANKERS: Virgin Money
3 Broad Street
Kirkwall
Orkney
KW15 1DH

Karl D Flett Ltd (Registered number: SC244560)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 90,681 99,852
90,681 99,852

CURRENT ASSETS
Stocks 6 21,680 14,392
Debtors 7 157,270 185,482
Cash at bank 41,056 18,714
220,006 218,588
CREDITORS
Amounts falling due within one year 8 151,623 170,252
NET CURRENT ASSETS 68,383 48,336
TOTAL ASSETS LESS CURRENT
LIABILITIES

159,064

148,188

PROVISIONS FOR LIABILITIES 7,433 8,338
NET ASSETS 151,631 139,850

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 151,531 139,750
SHAREHOLDERS' FUNDS 151,631 139,850

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.

Karl D Flett Ltd (Registered number: SC244560)

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:





K D Flett - Director


Karl D Flett Ltd (Registered number: SC244560)

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

1. STATUTORY INFORMATION

Karl D Flett 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Karl D Flett Ltd (Registered number: SC244560)

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

2. ACCOUNTING POLICIES - continued

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.

Long term contracts
The amount recoverable on each long term contract is based on stage of completion, by calculating costs incurred to date as a percentage of total costs, less any provision for known or anticipated losses and progress payments recieved and receivable.

Where the outcome of incomplete contracts can be assessed with reasonable certainty, the attributable profit is recognised in the profit and loss account as an appropriate proportion of the estimated profit for that contract. The amounts by which turnover is in excess of progress payments received and receivable is classified as amounts recoverable on contracts and separately disclosed in debtors. In assessing amount recoverable, the directors provide for the cost of potential claims based on experience.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 30,000
AMORTISATION
At 1 June 2023
and 31 May 2024 30,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Karl D Flett Ltd (Registered number: SC244560)

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

5. TANGIBLE FIXED ASSETS
Freehold
property Equipment Totals
£    £    £   
COST
At 1 June 2023 56,173 387,953 444,126
Additions - 2,007 2,007
At 31 May 2024 56,173 389,960 446,133
DEPRECIATION
At 1 June 2023 - 344,274 344,274
Charge for year - 11,178 11,178
At 31 May 2024 - 355,452 355,452
NET BOOK VALUE
At 31 May 2024 56,173 34,508 90,681
At 31 May 2023 56,173 43,679 99,852

6. STOCKS
31.5.24 31.5.23
£    £   
Stocks 12,164 4,876
Work-in-progress 9,516 9,516
21,680 14,392

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 74,827 25,234
Amounts recoverable on contract 57,401 86,703
Other debtors 25,042 73,545
157,270 185,482

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 16,636 19,610
Tax 13,375 10,257
Social security and other taxes 595 447
VAT 11,536 26,874
Sundry creditors 4,003 3,927
Directors' current accounts 105,478 109,137
151,623 170,252

9. SECURED DEBTS

The bank hold a floating charge over all assets of the company to cover all sums due or to become due.

Karl D Flett Ltd (Registered number: SC244560)

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

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K D Flett.