| Kilrevin Holdings Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going concern |
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The company has sufficient financial resources together with a solid base of existing customers. The directors believe that the company is well placed to manage its business risks successfully despite the uncertain economic outlook.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold property |
2% on cost or valuation |
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Plant and machinery |
4% to 25% on cost |
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Motor vehicles |
25% on cost |
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Fixtures, fittings and equipment |
50% on cost |
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Investment property |
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Investment property (included as freehold property within tangible fixed assets) is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Government grants |
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Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
11 |
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11 |
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| 3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 January 2024 |
668 |
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At 31 December 2024 |
668 |
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Amortisation |
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At 1 January 2024 |
668 |
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At 31 December 2024 |
668 |
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Net book value |
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At 31 December 2024 |
- |
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| 4 |
Tangible fixed assets |
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Freehold property |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 January 2024 |
228,311 |
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176,957 |
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173,152 |
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578,420 |
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Additions |
- |
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- |
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16,819 |
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16,819 |
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Disposals |
- |
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- |
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(30,217) |
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(30,217) |
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At 31 December 2024 |
228,311 |
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176,957 |
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159,754 |
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565,022 |
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Depreciation |
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At 1 January 2024 |
41,040 |
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107,047 |
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162,085 |
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310,172 |
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Charge for the year |
- |
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5,988 |
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8,412 |
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14,400 |
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On disposals |
- |
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- |
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(14,719) |
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(14,719) |
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At 31 December 2024 |
41,040 |
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113,035 |
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155,778 |
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309,853 |
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Net book value |
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At 31 December 2024 |
187,271 |
|
63,922 |
|
3,976 |
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255,169 |
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At 31 December 2023 |
187,271 |
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69,910 |
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11,067 |
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268,248 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
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Cost |
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At 1 January 2024 |
- |
|
85 |
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85 |
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At 31 December 2024 |
- |
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85 |
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85 |
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Historical cost |
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At 1 January 2024 |
150,280 |
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- |
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At 31 December 2024 |
150,280 |
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- |
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| 6 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
165,064 |
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135,118 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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26,461 |
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20,704 |
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Other debtors |
213,616 |
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218,971 |
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405,141 |
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374,793 |
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| 7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
108,835 |
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104,908 |
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Taxation and social security costs |
19,512 |
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16,387 |
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Other creditors |
8,656 |
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14,484 |
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137,003 |
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135,779 |
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| 8 |
Contingent liabilities |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost and charge represents contributions payable by the company to the fund and amounted to £5,663 (2023 £9,364). Contributions totalling £583 (2023 £905) were payable to the fund at the balance sheet date and are included in creditors. |
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| 9 |
Transactions with directors |
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Mr Stuart Carmichael purchased a company vehicle from the company on 31st August 2023 for the sum of £11,667. |
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| 10 |
Related party transactions |
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Errol & Co Ltd, Kilrevin Holdings Limited and Scot-Tech Furniture Services Ltd are related parties by virtue of common control. As permitted under FRS 102 Section 33, transactions with companies wholly owned by Errol 7 Co Ltd have not been disclosed as related party transactions.
During the year purchases of £171 (2023 £nil) were made from Bluetech Energy Limited and recharges of £ (2023 £nil) made to Bluetech energy Limited. As at the year end Bluetech Energy Limited owed the company £171 (2023 £nil).
Ardlodge Limited is a related party by virtue of common control. During the year loan repayments of £nil (2023 £1,219) were received. Recharges of £15,921 (2023 £14,950) were invoiced during the year to Ardlodge Limited. At the year end Ardlodge Limited owed the company £827 (2023 £873) held within debtors.
Craggantoul Limited is a related party by virtue of common control. Recharges of £30,655 (2023 £30,027) were invoiced during the year to Craggantoul Limited. As at the year end Craggantoul Ltd owed the company £43,649 (2023 £91,922).
Luxury Cottages Loch Tay Limited is a related party by virtue of common control. During the year recharges of £60,608 (2023 £30,027) were made on behalf of the company. As at the year end Luxury Cottages Loch Tay Limited owed the company £118,798 (2023 £116,000) held within debtors.
Ardeonaig Ltd is a related party by virtue of common control. Recharges of £75,176 (2023 £60,116) were invoiced during the year to Ardeonaig Limited. As at the year end Ardeonaig Limited owed the company £13,336 (2023 £1,608) held within debtors. |
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| 11 |
Controlling party |
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There is no ultimate controlling party. |
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| 12 |
Other information |
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Kilrevin Holdings Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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127 Elliot Street |
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Glasgow |
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G3 8EX |