Kincardine Manufacturing Services Limited

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Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the directors on the preparation of the unaudited statutory accounts of Kincardine Manufacturing Services Limited for the year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kincardine Manufacturing Services Limited which comprise the Profit and Loss Account, the Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Kincardine Manufacturing Services Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kincardine Manufacturing Services Limited and state those matters that we have agreed to state to the directors of Kincardine Manufacturing Services Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kincardine Manufacturing Services Limited and its directors as a body for our work or for this report.

It is your duty to ensure that Kincardine Manufacturing Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Kincardine Manufacturing Services Limited . You consider that Kincardine Manufacturing Services Limited 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 accounts of Kincardine Manufacturing Services Limited . 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 financial statements.

8 September 2025

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Kincardine Manufacturing Services Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: SC226460

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		1,281,774		640,627

			1,281,774		640,627
CURRENT ASSETS
Stocks	6	650,000		750,000
Debtors	7	1,294,226		1,201,646
Cash at bank and in hand		117,180		359,815

		2,061,406		2,311,461
Creditors: Amounts Falling Due Within One Year	8	(893,881 )		(823,372 )

NET CURRENT ASSETS (LIABILITIES)			1,167,525		1,488,089

TOTAL ASSETS LESS CURRENT LIABILITIES			2,449,299		2,128,716

Creditors: Amounts Falling Due After More Than One Year	9		(635,764 )		(469,646 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(127,042 )		-

NET ASSETS			1,686,493		1,659,070

CAPITAL AND RESERVES
Called up share capital			8		8
Share premium account			735,000		735,000
Profit and Loss Account			951,485		924,062

SHAREHOLDERS' FUNDS			1,686,493		1,659,070

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Kincardine Manufacturing Services Limited

Balance Sheet (continued)

As At 31 December 2024

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr C Truscott

Director

8 September 2025

The notes on pages 4 to 8 form part of these financial statements.

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Kincardine Manufacturing Services Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Kincardine Manufacturing Services Limited is a private company, limited by shares, incorporated in Scotland, registered number SC226460 . The registered office is Sky House Broomhill Road, Spurryhillock Industrial Estate, Stonehaven, Aberdeenshire, AB39 2NH.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and other sales taxes.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.

2.4. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4% on cost
Plant & Machinery	10% on cost
Motor Vehicles	10% on cost
Computer Equipment	20% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Kincardine Manufacturing Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 45 (2023: 45)

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Kincardine Manufacturing Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	9,000

As at 31 December 2024	9,000

Amortisation
As at 1 January 2024	9,000

As at 31 December 2024	9,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	294,031	2,517,443	118,473	1,850	2,931,797
Additions	677,390	263,490	12,805	-	953,685
Disposals	(200,000 )	(1,997,180 )	(85,973 )	(250 )	(2,283,403 )

As at 31 December 2024	771,421	783,753	45,305	1,600	1,602,079

Depreciation
As at 1 January 2024	45,132	2,213,466	32,408	164	2,291,170
Provided during the period	15,051	46,600	10,799	366	72,816
Disposals	(32,000 )	(1,982,475 )	(29,140 )	(66 )	(2,043,681 )

As at 31 December 2024	28,183	277,591	14,067	464	320,305

Net Book Value
As at 31 December 2024	743,238	506,162	31,238	1,136	1,281,774

As at 1 January 2024	248,899	303,977	86,065	1,686	640,627

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2024	2023
	£	£
Plant & Machinery	239,583	-
Motor Vehicles	19,500	22,750

	259,083	22,750

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Kincardine Manufacturing Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Stocks

	2024	2023
	£	£
Stocks	650,000	750,000

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	895,620	1,061,848
Prepayments and accrued income	277,235	-
Other debtors	109,210	121,872
Directors' loan accounts	12,161	17,926

	1,294,226	1,201,646

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	119,915	157,487
Trade creditors	394,688	317,860
Bank loans and overdrafts	126,075	5,030
Corporation tax	112,745	98,359
Other taxes and social security	37,591	76,751
VAT	61,022	138,260
Other creditors	19,344	11,363
Accruals and deferred income	22,501	18,262

	893,881	823,372

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	203,598	173,813
Bank loans	432,166	295,833

	635,764	469,646

10. Secured Creditors

The company has granted a floating charge in favour of The Royal Bank of Scotland Plc over all present and future property,

assets and undertakings of the business.

The company has also granted fixed security in favour of The Royal Bank of Scotland Plc over all present and future

property, assets and undertakings of the business.

Of the creditors the following amounts are secured.

	2024		2023
	£		£
Bank loans and overdrafts	385,710		-

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Kincardine Manufacturing Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	119,915	157,487
Later than one year and not later than five years	203,598	173,813

	323,513	331,300

	323,513	331,300

12. Provisions for Liabilities


	Deferred Tax	Total
	£	£
Deferred taxation	127,042	127,042

Balance at 31 December 2024	127,042	127,042

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	71,356	73,971
Later than one year and not later than five years	46,861	117,849

	118,217	191,820

14. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Craig Truscott	-	-	(312 )	-	(312 )
Mr Graham Truscott	17,926	11,130	(16,583 )	-	12,473

The above loan is interest free and has no fixed repayment terms.

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