Company No: 10434959 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	5,451		1,779
		5,451		1,779
Current assets
Debtors	4	13,455		13,110
Cash at bank and in hand		11,978		42,906
		25,433		56,016
Creditors: amounts falling due within one year	5	( 38,057)		( 39,694)
Net current (liabilities)/assets		(12,624)		16,322
Total assets less current liabilities		(7,173)		18,101
Net (liabilities)/assets		( 7,173)		18,101
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 7,174 )		18,100
Total shareholder's (deficit)/funds		( 7,173)		18,101

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

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kelso Associates Ltd (registered number: 10434959) were approved and authorised for issue by the Director on 12 December 2025. They were signed on its behalf by:

Mr D J E Mcgowan Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kelso Associates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when;
The amount of revenue can be reliably measured.
It is probable that future economic benefit will flow to the entity.
and specfic criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

The company is run and administered by the director for whom no formal contract of service is in place.

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 April 2024	4,532		4,532
Additions	4,056		4,056
At 31 March 2025	8,588		8,588
Accumulated depreciation
At 01 April 2024	2,753		2,753
Charge for the financial year	384		384
At 31 March 2025	3,137		3,137
Net book value
At 31 March 2025	5,451		5,451
At 31 March 2024	1,779		1,779

4. Debtors

	2025		2024
	£		£
Trade debtors	13,455		13,110

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Taxation and social security	35,618		37,608
Other creditors	2,439		2,086
	38,057		39,694

6. Related party transactions

Transactions with the entity's director

The director maintains an interest free loan with the company, which is repayable on demand. At the balance sheet date the amount owing to the director was £1,458 (2024 £1,146)