REGISTERED NUMBER: 01135945 (England and Wales)

Financial Statements for the Year Ended 31 October 2024

for

K.G. Mccoll And Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

David Mccoll

REGISTERED OFFICE:

130A High Street

Crediton

EX17 3LQ

REGISTERED NUMBER:

01135945 (England and Wales)

AUDITORS:

A9 Accountancy Limited

Elm House

Cradlehall Business Park

Inverness

Highland

IV2 5GH

FIXED ASSETS

Tangible assets

4

220,252

241,565

CURRENT ASSETS

Stocks

42,200

34,000

Debtors

5

13,966

13,679

Cash in hand

590

590

56,756

48,269

CREDITORS

Amounts falling due within one year

6

137,596

145,533

NET CURRENT LIABILITIES

(80,840

)

(97,264

)

TOTAL ASSETS LESS CURRENT LIABILITIES

139,412

144,301

CREDITORS

Amounts falling due after more than one year

7

(27,267

)

(32,722

)

PROVISIONS FOR LIABILITIES

(7,850

)

(8,404

)

NET ASSETS

104,295

103,175

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Retained earnings

44,295

43,175

SHAREHOLDERS' FUNDS

104,295

103,175

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 director and authorised for issue on 30 October 2025 and were signed by:

David Mccoll - Director

1.	STATUTORY INFORMATION

K.G. Mccoll And Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Land and buildings

-

5% on cost and Straight line over 50 years

Plant and machinery etc

-

33% on reducing balance, 15% on reducing balance, 10% on cost and Straight line over 50 years

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2023

and 31 October 2024

240,383

600,564

840,947

DEPRECIATION

At 1 November 2023

158,679

440,703

599,382

Charge for year

3,474

17,839

21,313

At 31 October 2024

162,153

458,542

620,695

NET BOOK VALUE

At 31 October 2024

78,230

142,022

220,252

At 31 October 2023

81,704

159,861

241,565

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Trade debtors

(136

)

13,679

Other debtors

14,102

-

13,966

13,679

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans and overdrafts

13,968

25,888

Trade creditors

4,188

-

Taxation and social security

10,169

9,430

Other creditors

109,271

110,215

137,596

145,533

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans

27,267

32,722

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

4,036

10,063

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion

During the course of our audit, we encountered multiple matters that have prevented us from obtaining sufficient appropriate audit evidence regarding the amounts and disclosures in the financial statements. These include:

Limitations of scope - We were unable to obtain adequate supporting documentation and explanations for several material account balances, including (e.g. inventories, trade and other receivables, trade and other payables, expenses, income and general lack of formal supporting evidence). Alternative audit procedures were not practicable due to the nature of the records maintained by the company.

Material misstatements identified - In addition, we identified a number of material misstatements affecting the financial statements, including (e.g. Incorrect valuation of stock at year end, incomplete tangible fixed assets, various material misclassifications, expenditure cut off issues, understatement of provisions, etc). Where practical, management has adjusted the financial statements to correct some of these matters.

Because of the combined effect of these matters, we were unable to determine whether any further adjustments might have been necessary, and accordingly we have not been able to obtain sufficient appropriate audit evidence to form an opinion on the financial statements as a whole.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is insufficient to provide a basis for an audit

opinion.

Matters required to report by exception

Notwithstanding our disclaimer of opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of our audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Director’s Report.

Arising from the limitation of our work referred to above:

- We have not obtained all the information and explanations that we considered necessary for the purpose of ouraudit.

- We were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors’ remuneration specified by law are not made.

Hollie Mackay-Bungaroo BSc CA (Senior Statutory Auditor)

for and on behalf of A9 Accountancy Limited

9.	RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £8,571 relating to a monies owed by Mr S McColl. In 2023 this amount was included within debtors.

At the year end the company owes Mr D Mc Coll in relation to his Director's loan account, £92,906, (2023 £99,517). The loan is interest free.