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Company No: SC618665 (Scotland)

# KENSEL SMITH LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH THE REGISTRAR

KENSEL SMITH LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2025

Contents

KENSEL SMITH LIMITED

## BALANCE SHEET

AS AT 30 NOVEMBER 2025
KENSEL SMITH LIMITED

## BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 161,175 |  | 195,106
Investments | 4 | 0 |  | 9,892
|  | 161,175 |  | 204,998
Current assets |  |  |  |
Cash at bank and in hand | 5 | 4,055 |  | 4,145
|  | 4,055 |  | 4,145
Creditors: amounts falling due within one year | 6 | ( 26,212) |  | ( 20,842)
Net current liabilities |  | (22,157) |  | (16,697)
Total assets less current liabilities |  | 139,018 |  | 188,301
Net assets |  | 139,018 |  | 188,301
Capital and reserves |  |  |  |
Called-up share capital | 7 | 752 |  | 752
Share premium account |  | 369,160 |  | 369,160
Capital redemption reserve |  | 50 |  | 50
Profit and loss account |  | ( 230,944 ) |  | ( 181,661 )
Total shareholders' funds |  | 139,018 |  | 188,301

For the financial year ending 30 November 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 financial year in accordance with section 476;
- 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; 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 Kensel Smith Limited (registered number: SC618665) were approved and authorised for issue by the Board of Directors on 23 July 2026. They were signed on its behalf by:

Ian Buchanan Williamson Director |

KENSEL SMITH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2025
KENSEL SMITH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2025

##### 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

Kensel Smith Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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 £.

##### Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In coming to this conclusion, the directors have confirmed that the company is still actively pursuing opportunities, that they will continue to support the company and that they will not seek repayment of their loans until all other creditors have been met. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

##### Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

##### 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets | 10 years straight line

###### Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

##### Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

##### Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Intangible assets

| Other intangible assets |  | Total
| £ |  | £
Cost |  |  |
At 01 December 2024 | 339,317 |  | 339,317
At 30 November 2025 | 339,317 |  | 339,317
Accumulated amortisation |  |  |
At 01 December 2024 | 144,211 |  | 144,211
Charge for the financial year | 33,931 |  | 33,931
At 30 November 2025 | 178,142 |  | 178,142
Net book value |  |  |
At 30 November 2025 | 161,175 |  | 161,175
At 30 November 2024 | 195,106 |  | 195,106

#### 4. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 0 |  | 9,892

#### 5. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 4,055 |  | 4,145

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 519 |  | 0
Other creditors | 25,693 |  | 20,842
| 26,212 |  | 20,842

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
440 A ordinary shares of £ 1.00 each | 440 |  | 440
312 B ordinary shares of £ 1.00 each | 312 |  | 312
| 752 |  | 752

#### 8. Related party transactions

Transactions with owners holding a participating interest in the entity

| 2025 |  | 2024
| £ |  | £
Amounts owed to directors | 21,416 |  | 18,224

The above loan is unsecured, interest free and has no fixed terms of repayment.