Company registration number SC035795 (Scotland)
D. M. KEAY & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
D. M. KEAY & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
D. M. KEAY & SONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,700,342
359,339
Investments
5
605
605
1,700,947
359,944
Current assets
Stocks
156,700
152,150
Debtors
6
38,118
33,347
Cash at bank and in hand
1
1
194,819
185,498
Creditors: amounts falling due within one year
7
(488,440)
(439,994)
Net current liabilities
(293,621)
(254,496)
Total assets less current liabilities
1,407,326
105,448
Creditors: amounts falling due after more than one year
8
(22,334)
(26,521)
Provisions for liabilities
9
(332,642)
-
0
Net assets
1,052,350
78,927
Capital and reserves
Called up share capital
10
12,000
12,000
Revaluation reserve
11
997,926
-
0
Capital redemption reserve
31,289
31,289
Profit and loss reserves
12
11,135
35,638
Total equity
1,052,350
78,927

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

D. M. KEAY & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
David M. Keay Jnr
Director
Company Registration No. SC035795
D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

D. M. Keay & Sons Limited is a private company limited by shares incorporated in Scotland. The registered office is Easter Balloch, Kingoldrum, Kirriemuir, DD8 5EY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The estimated residual value of the property is such that any depreciation provided would be immaterial. Accordingly no depreciation is provided on land and buildings.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Nil
Computer equipment
33% Straight line
Tractors, implements & motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

 

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The company made a loss during the year ended 31st December 2018 and so no corporation tax is due.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 3).

2024
2023
Number
Number
Total
2
3
D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
319,432
389,158
708,590
Additions
-
0
28,040
28,040
Disposals
-
0
(19,500)
(19,500)
Revaluation
1,330,568
-
0
1,330,568
At 31 December 2024
1,650,000
397,698
2,047,698
Depreciation and impairment
At 1 January 2024
-
0
349,251
349,251
Depreciation charged in the year
-
0
16,781
16,781
Eliminated in respect of disposals
-
0
(18,676)
(18,676)
At 31 December 2024
-
0
347,356
347,356
Carrying amount
At 31 December 2024
1,650,000
50,342
1,700,342
At 31 December 2023
319,432
39,907
359,339

Land and buildings with a carrying amount of £319,432 were revalued in November 2024 by Galbraiths independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 10.

Land and Buildings are carried at valuation. If they were measured using the cost model, the carrying amounts would have been approximately ££319,432 (2023 - ££319,432).

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
605
605
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,307
13,747
Other debtors
1,805
3,751
14,112
17,498
D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
24,006
15,849
Total debtors
38,118
33,347
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,359
19,910
Trade creditors
6,171
22,587
Taxation and social security
423
182
Other creditors
460,487
397,315
488,440
439,994
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
22,334
26,521
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
-
24,006
15,849
Revaluations
332,642
-
-
-
332,642
-
24,006
15,849
D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Asset at 1 January 2024
(15,849)
Credit to profit or loss
(8,157)
Charge to other comprehensive income
332,642
Liability at 31 December 2024
308,636

The deferred tax liability set out above is expected to reverse when sufficient profits are made to claim capital allowances - it relates to accelerated capital allowances that are expected to mature within the same period.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
12,000
12,000
12,000
12,000
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
-
0
-
0
Revaluation surplus arising in the year
1,330,568
-
0
Deferred tax on revaluation of tangible assets
(332,642)
-
At the end of the year
997,926
-

Deferred tax has been recognised and is provided at 25% on the revaluation gain. This has been allocated to the revaluation reserve.

12
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
35,638
72,873
Adjusted balance
35,638
72,873
Loss for the year
(24,503)
(37,235)
At the end of the year
11,135
35,638
D. M. KEAY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
444,596
389,872
2024-12-312024-01-01falsefalsefalse05 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityDavid M. KeayMargaret B. KeayDavid M. Keay JnrSC0357952024-01-012024-12-31SC0357952024-12-31SC0357952023-12-31SC035795core:LandBuildings2024-12-31SC035795core:OtherPropertyPlantEquipment2024-12-31SC035795core:LandBuildings2023-12-31SC035795core:OtherPropertyPlantEquipment2023-12-31SC035795core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-31SC035795core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC035795core:CurrentFinancialInstruments2024-12-31SC035795core:CurrentFinancialInstruments2023-12-31SC035795core:Non-currentFinancialInstruments2024-12-31SC035795core:Non-currentFinancialInstruments2023-12-31SC035795core:ShareCapital2024-12-31SC035795core:ShareCapital2023-12-31SC035795core:RevaluationReserve2024-12-31SC035795core:RevaluationReserve2023-12-31SC035795core:CapitalRedemptionReserve2024-12-31SC035795core:CapitalRedemptionReserve2023-12-31SC035795core:RetainedEarningsAccumulatedLosses2024-12-31SC035795core:RetainedEarningsAccumulatedLosses2023-12-31SC035795core:RevaluationReserve2023-12-31SC035795core:RevaluationReserve2022-12-31SC035795core:RetainedEarningsAccumulatedLosses2023-12-31SC035795core:RetainedEarningsAccumulatedLosses2022-12-31SC035795bus:Director32024-01-012024-12-31SC035795core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-31SC035795core:ComputerEquipment2024-01-012024-12-31SC035795core:MotorVehicles2024-01-012024-12-31SC0357952023-01-012023-12-31SC035795core:LandBuildings2023-12-31SC035795core:OtherPropertyPlantEquipment2023-12-31SC0357952023-12-31SC035795core:LandBuildings2024-01-012024-12-31SC035795core:OtherPropertyPlantEquipment2024-01-012024-12-31SC035795core:WithinOneYear2024-12-31SC035795core:WithinOneYear2023-12-31SC035795core:AfterOneYear2024-12-31SC035795core:AfterOneYear2023-12-31SC035795bus:OrdinaryShareClass12024-01-012024-12-31SC035795bus:OrdinaryShareClass12024-12-31SC035795bus:OrdinaryShareClass12023-12-31SC035795core:RevaluationReserve2024-01-012024-12-31SC035795core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-12-31SC035795core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-31SC035795bus:PrivateLimitedCompanyLtd2024-01-012024-12-31SC035795bus:FRS1022024-01-012024-12-31SC035795bus:AuditExemptWithAccountantsReport2024-01-012024-12-31SC035795bus:Director12024-01-012024-12-31SC035795bus:Director22024-01-012024-12-31SC035795bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-31SC035795bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP