| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| The Keil Centre Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| The Keil Centre Limited |
| The Keil Centre Limited (Registered number: SC196855) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 8 |
| The Keil Centre Limited (Registered number: SC196855) |
| Balance Sheet |
| 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Capital redemption reserve | 10 |
| Retained earnings | 10 |
| 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. |
| The Keil Centre Limited (Registered number: SC196855) |
| Balance Sheet - continued |
| 31 May 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Keil Centre Limited (Registered number: SC196855) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| The Keil Centre Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| Preparation of the financial statements requires management to make significant judgements and estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| Changes to estimates and underlying assumptions are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The most significant items in the financial statements where these judgements and estimates have been made is amounts recoverable under contracts, deferred income and trade debtors. |
| Amounts recoverable under contracts and deferred income |
| This is subject to assessments which have been consistently applied each year based on an assessment of fair value of services provided as a proportion of the total engagement. |
| Trade debtors |
| The recoverability of debtors is estimated via an assessment of all client debtors, including age, history, nature of unpaid bills and client payment history with a provision for non recovery made where appropriate. |
| The directors are of the opinion that there are no matters of significant judgements, estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents billings, excluding VAT, together with amounts recoverable on contracts being fees earned but not billed at the year end, with the exception of billings for Software Products which are recognised rateably, exclusive of VAT, over the term of the agreement in a manner considered appropriate to the particular transaction. The unrecognised element of these billings is included in the Balance Sheet as deferred income within Other Creditors. |
| The Keil Centre Limited (Registered number: SC196855) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Office equipment | - |
| Financial instruments |
| Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors. |
| Cash and cash equivalents comprise cash in hand and deposits held with banks. |
| Trade and other debtors are initially recognised at the transaction price, including any transaction costs, less any provision for impairment. At the end of each reporting year, the Company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the financial assets. The amount of the provision is recognised immediately in the statement of income and retained earnings. |
| Trade and other creditors are initially measured at the transaction price, including any transaction costs. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pensions |
| The company operates a defined contribution pension scheme and pension contributions are paid into personal pension policies of the employees and directors who have opted out of the company's pension scheme.The annual contributions payable are charged to profit or loss in the period to which they relate. |
| The Keil Centre Limited (Registered number: SC196855) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Provisions |
| Provisions are recognised when it is probable that a present obligation as a result of a past event exists at the balance sheet date, it is probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation. |
| Leased assets |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the period of the lease. |
| Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. |
| Fixed asset investments |
| Fixed asset investments being listed investments are initially recognised at cost and subsequently measured at fair value. Gains and losses arising in the financial year on revaluation and on disposal are recognised in the Statement of Income. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Office |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| The Keil Centre Limited (Registered number: SC196855) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) |
| Revaluations |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Cost or valuation at 31 May 2024 is represented by: |
| Other |
| investments |
| £ |
| Valuation in 2024 | 2,200 |
| Cost | 146,031 |
| 148,231 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Provision for bad debts | (67,570 | ) | (35,000 | ) |
| Amounts recoverable on contract |
| Other debtors |
| Tax |
| Deferred tax asset | 8,143 | 8,753 |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Corporation Tax |
| Social security and other taxes |
| Other creditors |
| Deferred income |
| Accrued expenses |
| The Keil Centre Limited (Registered number: SC196855) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 18,875 | 18,875 |
| 10. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 June 2023 | 693,210 |
| Profit for the year |
| At 31 May 2024 | 695,487 |
| 11. | RELATED PARTY DISCLOSURES |
| Other debtors includes an interest free loan repayable on demand of £143,185 (2023 - £106,160) made to The Keil Centre EBT Limited as sole trustee of The Keil Centre Limited Employee Trust which holds shares in The Keil Centre Limited. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| The Keil Centre Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Keil Centre Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of The Keil Centre Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Keil Centre Limited and state those matters that we have agreed to state to the Board of Directors of The Keil Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Keil Centre Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that The Keil Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Keil Centre Limited. You consider that The Keil Centre Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of The Keil Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 1st Floor |
| 24 Blythswood Square |
| Glasgow |
| G2 4BG |