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REGISTERED NUMBER: SC096647 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Kelvin kbb Limited

Kelvin kbb Limited (Registered number: SC096647)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kelvin kbb Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: J T M Martin
A K Rhodes
M J Mcluckie



SECRETARY: A K Rhodes



REGISTERED OFFICE: 2 Hunt Hill
Cumbernauld
Glasgow
G68 9LF



REGISTERED NUMBER: SC096647 (Scotland)



ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW



BANKERS: Virgin Money
St Vincent Street Branch
14 Bothwell Street
Glasgow
G1 6QY

Kelvin kbb Limited (Registered number: SC096647)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 234,512 304,305

CURRENT ASSETS
Inventories 470,000 490,000
Debtors 5 614,140 994,477
Cash at bank 9,141 62,545
1,093,281 1,547,022
CREDITORS
Amounts falling due within one year 6 2,281,386 1,503,848
NET CURRENT (LIABILITIES)/ASSETS (1,188,105 ) 43,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

(953,593

)

347,479

CREDITORS
Amounts falling due after more than one
year

7

129,755

255,567
NET (LIABILITIES)/ASSETS (1,083,348 ) 91,912

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Capital redemption reserve 3,604 3,604
Retained earnings (1,186,952 ) (11,692 )
SHAREHOLDERS' FUNDS (1,083,348 ) 91,912

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

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

Kelvin kbb Limited (Registered number: SC096647)

Balance Sheet - continued
30 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 March 2025 and were signed on its behalf by:





A K Rhodes - Director


Kelvin kbb Limited (Registered number: SC096647)

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

1. STATUTORY INFORMATION

Kelvin kbb 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
In assessing the basis of preparation of the financial statements, the directors have considered financial forecasts which consider different scenarios and their impact on the Company's liquidity. The directors have also given consideration to the following factors:-

- The ongoing interest and inflationary pressures within the UK economy have seen lower than
expected house sales and mortgage approvals. To ensure it remains competitive and resilient, the
Company has undertaken a review of production methods and its supply chain, this review has
identified a number of cost savings which will be realised over the next 12 months.
- Our customers are in the business of developing strategically acquired land into homes for the nation,
the demand for which outstrips supply.
- Kelvin's products contribute a gross contribution to overheads and all of Kelvin's customers
contribute a gross contribution to overheads.
- Our digital/retail offering has shown continued growth since the date of these accounts, this will
allow the business to service new markets and reduce exposure to the contract channel over the next
12 months.

At the time of preparation, the forecasts identified that a number of scenarios may require additional funding dependent on future trading performance. In order to meet liabilities when they fall due, the Company has signed an agreement with Bibby Financial Services to provide an invoice finance facility. This facility will provide the Company with additional funding and went live in January 2025.

The Directors are confident that sufficient cash reserves will be available should they be required.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, 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 or to be incurred in respect of the transaction can be measured reliably.

Kelvin kbb Limited (Registered number: SC096647)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing parts of the tangible assets directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 3 to 10 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:

Raw materials, consumables and goods for resale - purchase cost on a first-in, first-out basis
Work in progress and finished goods - cost of direct materials and labour plus
attributable overheads based on a normal
level of activity

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.


Kelvin kbb Limited (Registered number: SC096647)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions to defined contribution schemes are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2023 - 85 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 July 2023 1,771,603
Additions 914
At 30 June 2024 1,772,517
DEPRECIATION
At 1 July 2023 1,467,298
Charge for year 70,707
At 30 June 2024 1,538,005
NET BOOK VALUE
At 30 June 2024 234,512
At 30 June 2023 304,305

Kelvin kbb Limited (Registered number: SC096647)

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

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 257,500
Transfer to ownership (32,500 )
At 30 June 2024 225,000
DEPRECIATION
At 1 July 2023 42,654
Charge for year 45,000
Transfer to ownership (27,642 )
At 30 June 2024 60,012
NET BOOK VALUE
At 30 June 2024 164,988
At 30 June 2023 214,846

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 471,655 813,900
Other debtors 142,485 180,577
614,140 994,477

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts (see note 8) 79,233 73,874
Trade creditors 370,914 439,945
Taxation and social security 662,926 683,326
Other creditors 1,168,313 306,703
2,281,386 1,503,848

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts (see note 8) 59,876 139,102
Other creditors 69,879 116,465
129,755 255,567

Kelvin kbb Limited (Registered number: SC096647)

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

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30/6/24 30/6/23
£    £   
Net obligations repayable:
Within one year 79,233 73,874
Between one and five years 59,876 139,102
139,109 212,976

Non-cancellable operating leases
30/6/24 30/6/23
£    £   
Within one year 2,713 3,300
Between one and five years 509,706 651,037
512,419 654,337

9. SECURED DEBTS

Muirhouses Capital Limited and Bibby Factors Limited have floating charges covering all the property or undertaking of the company.