REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Kinkell Byre Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Kinkell Byre Limited |
Kinkell Byre Limited (Registered number: SC625146) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Kinkell Byre Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Rodger Street |
Anstruther |
Fife |
KY10 3DU |
Kinkell Byre Limited (Registered number: SC625146) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Kinkell Byre Limited (Registered number: SC625146) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kinkell Byre Limited (Registered number: SC625146) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Kinkell Byre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the directors have made the following judgements: |
Accruals |
Directors estimate the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for the goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
Revenue from the sale goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred in respect of the transaction can be measured reliably. Revenue from services is recognised when the services have been performed, in accordance with the company's revenue recognition policy. |
Amounts received in advance of the provisions of goods or services are recorded as deferred income within liabilities. These amounts are subsequently recognised as turnover when the related goods are delivered or the services performed, in accordance with the company's revenue recognition policy. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Kinkell Byre Limited (Registered number: SC625146) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Basic financial liabilities |
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities where payment is due within one year or less, recognised at transaction price. |
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. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Kinkell Byre Limited (Registered number: SC625146) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Reclassification/transfer | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
Additions |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Other debtors | 3,743 | 4,187 |
Rental deposit |
Prepayments |
Kinkell Byre Limited (Registered number: SC625146) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 33,498 | 51,464 |
Deferred income |
Directors' current accounts | 25,229 | 12,705 |
Accruals |
Deferred government grants |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Energy Savings Trust loan |
Bounce back loan | 34,532 | 39,979 |
Business Scotland loan | 169,754 | 178,754 |
Handelsbanken loan | 124,440 | 166,500 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
31.12.24 | 31.12.23 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During 2023 the directors, WAP Fyfe and RJ Fyfe, had loans accounts with the company which were repaid. |