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Registered Number: SC404282
Scotland

 

 

 

THE INFINITE KIND LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
Director Mr S D Reilly
Registered Number SC404282
Registered Office 11/1 Great Stuart Street
Edinburgh
EH3 7TP
Accountants M&S Accountancy & Taxation Limited
Unit 26, Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
Secretary Mrs J C Reilly
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 16,081    22,503 
16,081    22,503 
Current assets      
Debtors 4 229,296    222,147 
Cash at bank and in hand 26,830    10,054 
256,126    232,201 
Creditors: amount falling due within one year 5 (117,331)   (90,631)
Net current assets 138,795    141,570 
 
Total assets less current liabilities 154,876    164,073 
Creditors: amount falling due after more than one year 6 (7,527)   (14,461)
Provisions for liabilities 7 (3,054)   (4,300)
Net assets 144,295    145,312 
 

Capital and reserves
     
Called up share capital 8 106    2 
Profit and loss account 144,189    145,310 
Shareholders' funds 144,295    145,312 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 21 July 2025 and were signed by:


-------------------------------
Mr S D Reilly
Director
2
General Information
The Infinite Kind Limited is a private company, limited by shares, registered in Scotland, registration number SC404282, registration address 11/1 Great Stuart Street, Edinburgh, EH3 7TP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Finance lease and hire purchase charges
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.                                                                                                                                                                
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
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.

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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Straight Line
Computer Equipment 33.33% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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 a 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.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 January 2024 23,600    225    10,522    34,347 
Additions     2,819    2,819 
Disposals     (281)   (281)
At 31 December 2024 23,600    225    13,060    36,885 
Depreciation
At 01 January 2024 5,900    225    5,719    11,844 
Charge for year 5,900      3,341    9,241 
On disposals     (281)   (281)
At 31 December 2024 11,800    225    8,779    20,804 
Net book values
Closing balance as at 31 December 2024 11,800      4,281    16,081 
Opening balance as at 01 January 2024 17,700      4,803    22,503 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 506    51 
Other Debtors 228,259    222,096 
VAT 531   
229,296    222,147 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 84,271    64,268 
Other taxation and social security 1,363    1,821 
Accrued Expenses 3,499    2,700 
Other Creditors 21,264    14,584 
Obligations under HP/Financial Leases 6,934    7,258 
117,331    90,631 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 7,527    14,461 
7,527    14,461 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 3,054    4,300 
3,054    4,300 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
50 Class A shares of £1.00 each 50   
50 Class B shares of £1.00 each 50   
2 Class C shares of £1.00 each  
2 Class D shares of £1.00 each  
2 Class E shares of £1.00 each  
106   

9.

Director’s loan

Directors' transactions

Particulars   Opening balance
£
  Amounts advanced
£
  Interest charged
£
  Amounts repaid
£
  Closing balance
£
Mr S D Reilly 111,345  114,874  2,497  114,869  113,847 

10.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
11.

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.

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.
12.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3