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Unaudited Financial Statements
Keltbray Developments Limited
For the year ended 31 October 2025
Registered number: SC712666
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Keltbray Developments Limited
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Company Information
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Martin Conlon (resigned 22 December 2025)
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Vincent Corrigan (resigned 22 December 2025)
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Scott Bennett (appointed 22 December 2025)
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Peter Burnside (resigned 22 December 2025)
Rhona Sittlington (appointed 22 December 2025)
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Keltbray Developments Limited
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Contents
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Notes to the Financial Statements
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Keltbray Developments Limited
Registered number:SC712666
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Balance Sheet
As at 31 October 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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Keltbray Developments Limited
Registered number:SC712666
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Balance Sheet (continued)
As at 31 October 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2026.
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Keltbray Developments Limited
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Notes to the Financial Statements
For the year ended 31 October 2025
The Company is a private Company limited by shares, registered in Scotland. The address of the registered office is 193 Bath Street, Glasgow, Scotland, G2 4HU.
The principal activity of the Company is that of development of building projects.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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Keltbray Developments Limited
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Notes to the Financial Statements
For the year ended 31 October 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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Keltbray Developments Limited
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Notes to the Financial Statements
For the year ended 31 October 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results.
In the directors' opinions, there are no significant judgements, estimates and assumptions made about the recognition of assets, liabilities, incomes and expenses.
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The Company has no employees other than the directors, who did not receive any remuneration.
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Cash and cash equivalents
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Page 5
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Keltbray Developments Limited
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Notes to the Financial Statements
For the year ended 31 October 2025
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The bank loan is secured by a guarantee from the shareholder and the bank holds a fixed and floating charge over the assets of the Company. The loan is subject to interest at a rate of 3.95% per annum. The loan is due for repayment in monthly installments with final repayment in 2026.
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Page 6
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Keltbray Developments Limited
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Notes to the Financial Statements
For the year ended 31 October 2025
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Allotted, called up and fully paid
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1 (2024 - 1) Ordinary share of £1.00
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Profit and loss account
Includes all current and prior period retained profits and losses.
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Related party transactions
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The company had the following related party transactions:
During the year the company received net funds of £1,533,976 (2024: £1,446,396) from an entity related by virtue of common control. At the balance sheet date the Company owed £4,352,826 to the related party (2024: £2,818,850). The loan is unsecured, interest free and repayable upon demand.
During the year the company received net funds of £606,967 (2024: £55,033) from an entity related by virtue of common control. At the balance sheet date the Company owed £1,021,001 to the related party (2024: £414,034). The loan is unsecured, interest free and repayable upon demand.
During the year the Company repaid net funds of £Nil to a director (2024: £55,024). At the balance sheet date the amount owed to the director was £6,073,106 (2024: £6,073,106). The loan is unsecured, interest free and repayable upon demand.
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Mr B. Kerr is deemed to be the ultimate controlling party by virtue of shareholding.
Page 7
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