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REGISTERED NUMBER: SC265171 (Scotland)











Unaudited Financial Statements for the Year Ended 30th June 2024

for

James B Kerr Limited

James B Kerr Limited (Registered number: SC265171)






Contents of the Financial Statements
for the Year Ended 30th June 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


James B Kerr Limited

Company Information
for the Year Ended 30th June 2024







DIRECTORS: J R Kerr
M Kerr





REGISTERED OFFICE: 21 Glencaple Avenue
Castledykes
Dumfries
DUMFRIESSHIRE
DG1 4SH





REGISTERED NUMBER: SC265171 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

James B Kerr Limited (Registered number: SC265171)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,600 4,800
Tangible assets 5 156,400 152,075
160,000 156,875

CURRENT ASSETS
Stocks 600 600
Debtors 6 134,573 115,210
Cash at bank 37,972 45,390
173,145 161,200
CREDITORS
Amounts falling due within one year 7 185,878 168,768
NET CURRENT LIABILITIES (12,733 ) (7,568 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

147,267

149,307

CREDITORS
Amounts falling due after more than one year 8 65,063 79,752
NET ASSETS 82,204 69,555

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings (17,796 ) (30,445 )
SHAREHOLDERS' FUNDS 82,204 69,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

James B Kerr Limited (Registered number: SC265171)

Balance Sheet - continued
30th June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th March 2025 and were signed on its behalf by:





J R Kerr - Director


James B Kerr Limited (Registered number: SC265171)

Notes to the Financial Statements
for the Year Ended 30th June 2024

1. STATUTORY INFORMATION

James B Kerr 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.

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, of £12,000, being amortised evenly over its estimated useful life of 10 years.

The assets are reviewed for impairment if there are any factors that indicate the carrying amount may be impaired.

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.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

James B Kerr Limited (Registered number: SC265171)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2023
and 30th June 2024 12,000
AMORTISATION
At 1st July 2023 7,200
Charge for year 1,200
At 30th June 2024 8,400
NET BOOK VALUE
At 30th June 2024 3,600
At 30th June 2023 4,800

James B Kerr Limited (Registered number: SC265171)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st July 2023 448,615
Additions 105,362
Disposals (157,500 )
At 30th June 2024 396,477
DEPRECIATION
At 1st July 2023 296,540
Charge for year 64,392
Eliminated on disposal (120,855 )
At 30th June 2024 240,077
NET BOOK VALUE
At 30th June 2024 156,400
At 30th June 2023 152,075

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 132,719 112,410
Other debtors 1,854 2,800
134,573 115,210

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,532 5,000
Hire purchase contracts 10,198 10,198
Trade creditors 26,982 33,079
Taxation and social security 34,311 21,728
Other creditors 104,855 98,763
185,878 168,768

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 31,104 25,168
Hire purchase contracts 33,959 54,584
65,063 79,752

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 5,168

James B Kerr Limited (Registered number: SC265171)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

9. RELATED PARTY DISCLOSURES

At 30th June 2024 the company owed the sum of £90,105 (2023 - £95,551) to Mr J Kerr by way of an interest free directors loan.