REGISTERED NUMBER: SC096647 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2025

for

Kelvin kbb Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J T M Martin

A K Rhodes

M J Mcluckie

SECRETARY:

A K Rhodes

REGISTERED OFFICE:

2 Hunt Hill

Cumbernauld

Glasgow

G68 9LF

REGISTERED NUMBER:

SC096647 (Scotland)

ACCOUNTANTS:

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

BANKERS:

Virgin Money

St Vincent Street Branch

14 Bothwell Street

Glasgow

G1 6QY

FIXED ASSETS

Property, plant and equipment

4

131,859

234,512

CURRENT ASSETS

Inventories

435,000

470,000

Debtors

5

677,315

614,140

Cash at bank

1,051

9,141

1,113,366

1,093,281

CREDITORS

Amounts falling due within one year

6

2,127,072

2,281,386

NET CURRENT LIABILITIES

(1,013,706

)

(1,188,105

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(881,847

)

(953,593

)

CREDITORS

Amounts falling due after more than one year

7

-

129,755

NET LIABILITIES

(881,847

)

(1,083,348

)

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Capital redemption reserve

3,604

3,604

Retained earnings

(985,451

)

(1,186,952

)

SHAREHOLDERS' FUNDS

(881,847

)

(1,083,348

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 3 September 2025 and were signed on its behalf by:

A K Rhodes - Director

1.	STATUTORY INFORMATION

Kelvin kbb Limited 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.

Going concern

In assessing the basis of preparation of the financial statements, the directors have considered financial forecasts under a range of scenarios and their potential impact on the Company's liquidity. In forming their view, the directors have given consideration to the following factors:

-

The ongoing interest rate and inflationary pressures within the UK economy, which continue to result in lower-than-expected house sales and mortgage approvals.

-

The Company's customers are focused on developing strategically acquired land into new homes, where demand continues to outstrip supply.

-

The business benefits from long-term supply agreements with both regional and national housebuilder customers. These contracts typically extend over 12 months into the future and underpin the Company's financial forecasts.

-

All of Kelvin's products contribute positively towards gross margin, and each of Kelvin's customers contributes to the recovery of overheads.

-

The Company continues to identify and implement cost savings, both internal and external, to ensure it remains lean, competitive, and resilient in the market.

-

The retail offering has delivered consistent growth over the past 12 months, with additional opportunities now being developed through trade supplier channels. We expect this momentum to drive further growth in the retail channel over the coming year. This diversification strengthens overall sales, reduces reliance on the contract channel, and provides access to new markets.

At the time of preparation, the forecasts indicated that the business may require additional funding, depending on future trading performance. The Company has already identified the sources from which such funding would be obtained, should it be required.

The Directors are confident that sufficient cash reserves and funding facilities will be available to support the Company's operations for the foreseeable future.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing parts of the tangible assets directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

- 3 to 10 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:

Raw materials, consumables and goods for resale

-

purchase cost on a first-in, first-out basis

Work in progress and finished goods

-

cost of direct materials and labour plus attributable overheads based on a normal level of activity

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2024 - 78 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 July 2024

and 30 June 2025

1,772,517

DEPRECIATION

At 1 July 2024

1,538,005

Charge for year

102,653

At 30 June 2025

1,640,658

NET BOOK VALUE

At 30 June 2025

131,859

At 30 June 2024

234,512

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2024

and 30 June 2025

225,000

DEPRECIATION

At 1 July 2024

60,012

Charge for year

82,500

At 30 June 2025

142,512

NET BOOK VALUE

At 30 June 2025

82,488

At 30 June 2024

164,988

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/25

30/6/24

£

£

Trade debtors

560,341

471,655

Other debtors

116,974

142,485

677,315

614,140

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/25

30/6/24

£

£

Hire purchase contracts (see note 8)

59,876

79,233

Trade creditors

644,762

370,914

Taxation and social security

642,623

662,926

Other creditors

779,811

1,168,313

2,127,072

2,281,386

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/25

30/6/24

£

£

Hire purchase contracts (see note 8)

-

59,876

Other creditors

-

69,879

-

129,755

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30/6/25

30/6/24

£

£

Net obligations repayable:

Within one year

59,876

79,233

Between one and five years

-

59,876

59,876

139,109

Non-cancellable

operating leases

30/6/25

30/6/24

£

£

Within one year

189,949

2,713

Between one and five years

91,972

509,706

281,921

512,419

9.	SECURED DEBTS

Bibby Factors Limited have floating charges covering all the property or undertaking of the company.