| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JUNE 2023 TO 31 OCTOBER 2024 |
| FOR |
| K M STEWART & CO FINANCIAL SERVICES LTD. |
| K M STEWART & COMPANY |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JUNE 2023 TO 31 OCTOBER 2024 |
| FOR |
| K M STEWART & CO FINANCIAL SERVICES LTD. |
| K M STEWART & COMPANY |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Period 1 June 2023 to 31 October 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| K M STEWART & CO FINANCIAL SERVICES LTD. |
| K M STEWART & COMPANY |
| COMPANY INFORMATION |
| for the Period 1 June 2023 to 31 October 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 6 Miller Road |
| Ayr |
| KA7 2AY |
| BANKERS: |
| 10 Gordon Street |
| Glasgow |
| G1 3PL |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| STATEMENT OF FINANCIAL POSITION |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 October 2024 |
| The financial statements were approved by the director and authorised for issue on |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Period 1 June 2023 to 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| K M Stewart & Co Financial Services Ltd. is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Functional currency |
| The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
| Estimation Uncertainty |
| Useful life of properties, plant and equipment |
| The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this. |
| Recoverability of Debtors |
| The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts. |
| Stock Valuation |
| The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements. |
| Key Judgements made in the application of Accounting Policies |
| a) Exemptions taken in the application FRS 102 |
| The Company has considered and taken advantage of the following exemptions in its first application of FRS 102: |
| i) The Company has not revisited previous accounting estimates. |
| 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 |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 June 2023 to 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Financial instruments |
| Classification |
| The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard. |
| Recognition and measurement |
| The company's debt instruments are measured at amortised cost using the effective interest rate method. |
| Impairment |
| Financial instruments are reviewed annually for impairment. |
| Debtors |
| Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account. |
| Creditors |
| Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 June 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 June 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 May 2023 |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 June 2023 to 31 October 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for period |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 May 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 June 2023 |
| Disposals | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 May 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| K M STEWART & CO FINANCIAL SERVICES LTD. (REGISTERED NUMBER: SC400614) |
| K M STEWART & COMPANY |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 June 2023 to 31 October 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2023 |
| Profit for the period |
| Purchase of own shares | (440,620 | ) |
| At 31 October 2024 |