Kelvin Lettings Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC711540

Kelvin Lettings Limited

Filleted Unaudited Financial Statements

31 January 2025

Kelvin Lettings Limited

Financial Statements

Year ended 31 January 2025

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Kelvin Lettings Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Kelvin Lettings Limited

Year ended 31 January 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kelvin Lettings Limited for the year ended 31 January 2025, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Kelvin Lettings Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Kelvin Lettings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kelvin Lettings Limited and its Board of Directors, as a body, for our work or for this report.

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

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

29 October 2025

Kelvin Lettings Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4		437,979	443,678

Current assets

Debtors	5	1,492	3,054
Cash at bank and in hand		1,291	636
		-------	-------
		2,783	3,690

Creditors: amounts falling due within one year	6	324,456		316,449
		---------		---------
Net current liabilities			321,673	312,759
			---------	---------
Total assets less current liabilities			116,306	130,919

Creditors: amounts falling due after more than one year	7		176,200	176,200

Provisions

Taxation including deferred tax	3,609	4,512
	---------	---------
Net liabilities	( 63,503)	( 49,793)
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 63,504)	( 49,794)
	--------	--------
Shareholders deficit	( 63,503)	( 49,793)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Kelvin Lettings Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 29 October 2025 , and are signed on behalf of the board by:

Mr D Blair	Mr R Sheridan
Director	Director

Company registration number: SC711540

Kelvin Lettings Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Going concern

The company is reliant on the support of the directors and other group entities in order to continue in operational existence and meet its liabilities as they fall due. The directors are satisfied that the group entities will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

4. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 February 2024 and 31 January 2025	415,185	39,227	454,412
	---------	--------	---------
Depreciation
At 1 February 2024	–	10,734	10,734
Charge for the year	–	5,699	5,699
	---------	--------	---------
At 31 January 2025	–	16,433	16,433
	---------	--------	---------
Carrying amount
At 31 January 2025	415,185	22,794	437,979
	---------	--------	---------
At 31 January 2024	415,185	28,493	443,678
	---------	--------	---------

5. Debtors

	2025	2024
	£	£
Prepayments and accrued income	1,492	3,054
	-------	-------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Amounts owed to group undertakings	317,266	309,265
Accruals and deferred income	3,167	3,521
Director loan accounts	4,023	3,663
	---------	---------
	324,456	316,449
	---------	---------

7. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	176,200	176,200
	---------	---------

The company has granted a standard charge, in favour of its banker, over the property owned, including a negative pledge.

8. Directors' advances, credits and guarantees

As at 31 January 2024 the company owed the directors £ 4,023 (2024:£3,663). The loans are interest free, unsecured and have no fixed date of repayment.

9. Related party transactions

At the period end the amount of loan funds provided by B & S Jewellery Limited, a group undertaking, was £9,278 (2024: £9,278). At the period end the amount of loan funds provided by Kelvin Holdings Limited, a group undertaking, was £307,988 (2024:£299,987).

10. Controlling party

Kelvin Holdings Limited is regarded by the directors as being the company's ultimate parent company. Kelvin Holdings Limited is controlled by the directors.