Company registration number SC612871 (Scotland)
Reid (Fraserburgh) Ltd
Unaudited financial statements
for the year ended 30 November 2024
Pages for filing with registrar
Reid (Fraserburgh) Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Reid (Fraserburgh) Ltd
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reid (Fraserburgh) Ltd for the year ended 30 November 2024 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Director of Reid (Fraserburgh) Ltd in accordance with the terms of our engagement letter dated 23 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Reid (Fraserburgh) Ltd and state those matters that we have agreed to state to the Director of Reid (Fraserburgh) Ltd in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reid (Fraserburgh) Ltd and its Director for our work or for this report.

It is your duty to ensure that Reid (Fraserburgh) Ltd 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 loss of Reid (Fraserburgh) Ltd. You consider that Reid (Fraserburgh) Ltd 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 Reid (Fraserburgh) Ltd. 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.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
24 June 2025
Reid (Fraserburgh) Ltd
Statement of financial position
as at 30 November 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
1
Current assets
Debtors
92
199,451
Cash at bank and in hand
11
91
103
199,542
Creditors: amounts falling due within one year
(184,338)
(181,541)
Net current (liabilities)/assets
(184,235)
18,001
Net (liabilities)/assets
(184,235)
18,002
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(184,335)
17,902
Total equity
(184,235)
18,002

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 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 member has 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.

Reid (Fraserburgh) Ltd
Statement of financial position (continued)
as at 30 November 2024
3
The financial statements were approved and signed by the director and authorised for issue on 23 June 2025
Kenneth Reid
Director
Company registration number SC612871 (Scotland)
Reid (Fraserburgh) Ltd
Notes to the financial statements
for the year ended 30 November 2024
4
1
Accounting policies
Company information

Reid (Fraserburgh) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 2 Craigellie Circle, Fraserburgh, Aberdeenshire, AB43 9WH.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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.

Reid (Fraserburgh) Ltd
Notes to the financial statements (continued)
for the year ended 30 November 2024
1
Accounting policies (continued)
5
1.4
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 income statement, 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
1
Reid (Fraserburgh) Ltd
Notes to the financial statements (continued)
for the year ended 30 November 2024
3
Fixed asset investments (continued)
6
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
1
Disposals
(1)
At 30 November 2024
-
Carrying amount
At 30 November 2024
-
At 30 November 2023
1
4
Related party transactions

During the year, £1,050 (2023 - £Nil) was received from, and £3,500 (2023 - £Nil) was paid to, Kathleen Ann Ltd. The balance at the end of the year of £201,901 was written-off. At the year end, £Nil (2023 - £199,451) was due from Kathleen Ann Limited. Kenneth Reid is a director of Kathleen Ann Limited.

5
Going concern

The Statement of Financial Position shows that liabilities exceed assets by £184,235, including a liability of £183,543 due to the director. The director has confirmed that he will maintain his financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.

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