Vk Timber & Building Materials Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC277672 (Scotland)

Unaudited Financial Statements for the Year Ended 28 February 2025

for

Vk Timber & Building Materials Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R T Kirk

J Kirk

SECRETARY:

T Kirk

REGISTERED OFFICE:

2430 London Road

Glasgow

G32 8XZ

REGISTERED NUMBER:

SC277672 (Scotland)

ACCOUNTANTS:

Accountants Plus

Chartered Certified Accountants

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

FIXED ASSETS

Tangible assets

4

455,814

339,532

CURRENT ASSETS

Stocks

164,895

168,932

Debtors

5

115,565

186,421

Cash in hand

7,893

3,727

288,353

359,080

CREDITORS

Amounts falling due within one year

6

495,843

476,145

NET CURRENT LIABILITIES

(207,490

)

(117,065

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

248,324

222,467

CREDITORS

Amounts falling due after more than
one year

7

(58,985

)

(47,377

)

PROVISIONS FOR LIABILITIES

(85,561

)

(69,507

)

NET ASSETS

103,778

105,583

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

102,778

104,583

103,778

105,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

R T Kirk - Director

1.	STATUTORY INFORMATION

Vk Timber & Building Materials Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

COST

At 1 March 2024

115,990

72,143

216,580

Additions

6,965

-

At 28 February 2025

122,955

72,143

216,580

DEPRECIATION

At 1 March 2024

54,487

39,424

107,238

Charge for year

12,298

4,908

16,402

At 28 February 2025

66,785

44,332

123,640

NET BOOK VALUE

At 28 February 2025

56,170

27,811

92,940

At 29 February 2024

61,503

32,719

109,342

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 March 2024

295,258

23,316

723,287

Additions

176,510

450

183,925

At 28 February 2025

471,768

23,766

907,212

DEPRECIATION

At 1 March 2024

163,567

19,039

383,755

Charge for year

32,922

1,113

67,643

At 28 February 2025

196,489

20,152

451,398

NET BOOK VALUE

At 28 February 2025

275,279

3,614

455,814

At 29 February 2024

131,691

4,277

339,532

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

Trade debtors

92,619

106,524

Other debtors

3,907

13,619

Directors' current accounts

14,039

66,278

Prepayments

5,000

-

115,565

186,421

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

Bank loans and overdrafts

63,783

77,487

Hire purchase contracts

26,212

46,650

Trade creditors

238,232

201,286

Tax

44,288

64,592

Social security and other taxes

4,352

2,176

VAT

22,757

43,296

Other creditors

(6,142

)

8,239

Accrued expenses

102,361

32,419

495,843

476,145

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

28.2.25

29.2.24

£

Bank loans - 1-2 years

2,500

10,000

Bank loans - 2-5 years

-

2,500

Hire purchase contracts

56,485

34,877

58,985

47,377

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2025 and 29 February 2024:

28.2.25

29.2.24

£

R T Kirk

Balance outstanding at start of year

66,279

57,666

Amounts advanced

-

8,613

Amounts repaid

(52,240

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

14,039

66,279

9.	ULTIMATE CONTROLLING PARTY

The controlling party is R T Kirk.

The ultimate controlling party is R T Kirk.