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COMPANY REGISTRATION NUMBER: SC407060
Kepran Limited
Filleted Unaudited Financial Statements
30 September 2024
Kepran Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kepran Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
35,653
25,190
Current assets
Stocks
149,926
142,785
Debtors
7
75,624
79,477
Cash at bank and in hand
64,544
29,995
---------
---------
290,094
252,257
Creditors: amounts falling due within one year
8
271,201
248,365
---------
---------
Net current assets
18,893
3,892
--------
--------
Total assets less current liabilities
54,546
29,082
Creditors: amounts falling due after more than one year
9
10,096
--------
--------
Net assets
44,450
29,082
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
44,449
29,081
--------
--------
Shareholder funds
44,450
29,082
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kepran Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 24 June 2025 , and are signed on behalf of the board by:
Mr Andrew Martin
Director
Company registration number: SC407060
Kepran Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 15, Matthew Kerr Place, Kirkton Industrial Estate, Arbroath, Angus, DD11 3AX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors consider that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
80,000
--------
Amortisation
At 1 October 2023 and 30 September 2024
80,000
--------
Carrying amount
At 30 September 2024
--------
At 30 September 2023
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
22,229
13,512
24,800
7,866
68,407
Additions
31,563
531
32,094
Disposals
( 24,800)
( 24,800)
--------
--------
--------
-------
--------
At 30 September 2024
22,229
13,512
31,563
8,397
75,701
--------
--------
--------
-------
--------
Depreciation
At 1 October 2023
12,503
11,379
13,756
5,579
43,217
Charge for the year
1,458
533
7,891
705
10,587
Disposals
( 13,756)
( 13,756)
--------
--------
--------
-------
--------
At 30 September 2024
13,961
11,912
7,891
6,284
40,048
--------
--------
--------
-------
--------
Carrying amount
At 30 September 2024
8,268
1,600
23,672
2,113
35,653
--------
--------
--------
-------
--------
At 30 September 2023
9,726
2,133
11,044
2,287
25,190
--------
--------
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
3,966
5,444
Other debtors
71,658
74,033
--------
--------
75,624
79,477
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,994
39,463
Corporation tax
1,150
4,704
Social security and other taxes
25,110
17,288
Other creditors
197,947
186,910
---------
---------
271,201
248,365
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,096
--------
----
10. Related party transactions
The company has provided a loan to Kingsmuir Limited, a company under common control. The amount due from Kingsmuir Limited at the year end was £69,362 (2023 - £71,072).