Registration number:
Kilmarnock Flexpower Ltd
for the Year Ended 31 July 2024
Kilmarnock Flexpower Ltd
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Kilmarnock Flexpower Ltd
(Registration number: SC692127)
Statement of Financial Position as at 31 July 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Profit and loss account |
(14,858) |
(6,584) |
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Shareholders' deficit |
(14,848) |
(6,574) |
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
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Kilmarnock Flexpower Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Principal activity
The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. There is a deficit position on
net current assets, but this is due to amounts owed to parent or other group companies which will not
be paid within 12 months unless the company is able to do so. Given these amounts are repayable on
demand they are still treated as creditors due in less than a year.
Kilmarnock Flexpower Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
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2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than assets under construction, over their estimated useful lives.
Impairment
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Financial instruments
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Kilmarnock Flexpower Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
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Tangible assets |
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Assets under construction |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Disposals |
( |
( |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Debtors |
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2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Kilmarnock Flexpower Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
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Share capital |
Allotted, called up and not fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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10.00 |
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10.00 |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Related party transactions |
Transactions with group companies
The company has taken advantage of the exemption provided by FRS 102 s33.1A whereby disclosures need not be given of transactions entered into between two or more members of the group, provided that any subsidiary that is party to the transaction is a wholly owned subsidiary.