K.G. CONTRACTS LIMITED


Directors	GALLAGHER, A
	KEENAN, J
	KEENAN, N
	KEENAN, W J (Jnr)
	KEENAN, W J


Company Secretary	KEENAN, W J


Registered Address	Miller Lane
	Clydebank
	G81 1UJ


Registered Number	SC066285 (Scotland)

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis, modified to include the revaluation of certain fixed assets, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention on a going concern basis, modified to include the revaluation of certain fixed assets, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover represents the value of business services rendered and rents receivable. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer and to recognise rental income on a straight line basis in accordance with the terms of the lease agreements.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	15

	Investments
	Equity investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs). Subsequently the investment is measured at fair value through the profit and loss account, if this is materially different from the original cost.

	Investment property
	All of the company's properties are held for long term investment. Investment properties are accounted for as follows: (i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure. (ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably. (iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet. (iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	5		5

3.	Tangible fixed assets

	Fixtures & fittings	Total
	£	£
Cost or valuation
At 01 November 24	6,055	6,055
At 31 October 25	6,055	6,055
Depreciation and impairment
At 01 November 24	5,940	5,940
Charge for year	17	17
At 31 October 25	5,957	5,957
Net book value
At 31 October 25	98	98
At 31 October 24	115	115

4.	Investment property
	The fair value of the investment property at 31 October 2025 has been arrived at on the basis of a valuation carried out by Lapsley McManus, who are professionally qualified valuers. The valuation was carried out on 28 February 2024 on the basis of market value at the date of the report. It is the opinion of the directors that the valuation of the investment property at the date of the report is representative of the value at the balance sheet date

Investment property

The fair value of the investment property at 31 October 2025 has been arrived at on the basis of a valuation carried out by Lapsley McManus, who are  professionally qualified valuers. The valuation was carried out on 28 February 2024 on the basis of market value at the date of the report. It is the opinion of the directors that the valuation of the investment property at the date of the report is representative of the value at the balance sheet date


		£
	Fair value at 01 November 24	1,850,000
	Disposals	(200,000)
	At 31 October 25	1,650,000

5.	Fixed asset investments
	Market value of listed investments at 31 October 2025 was £500 (2024 - £301), which is not materially different from cost.

	Other investments¹	Total
	£	£
Cost or valuation
At 01 November 24	286	286
At 31 October 25	286	286
Net book value
At 31 October 25	286	286
At 31 October 24	286	286

	Notes
	¹Other investments other than loans

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	3,862	507
Other debtors	403,171	135,909
Prepayments and accrued income	8,901	9,226
Total	415,934	145,642

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Taxation and social security	135,822	32,528
Other creditors	23,708	6,487
Accrued liabilities and deferred income	12,713	14,627
Total	172,243	53,642

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	41,824	42,557
Total	41,824	42,557

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
GALLAGHER, A	0	150,000	0	150,000
	0	150,000	0	150,000


	The amount due is interest free and there are no fixed terms of repayment.

10.	Related party transactions
	At the balance sheet date, the company was owed £150,000 (2024 - £nil) by a director's family member. The amount due is interest free and there are no fixed terms of repayment.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		98		115
Investments	5		286		286
Investment property	4		1,650,000		1,850,000
			1,650,384		1,850,401
Current assets
Debtors	6	415,934		145,642
Cash at bank and on hand		856,273		779,399
		1,272,207		925,041
Creditors amounts falling due within one year	7	(172,243)		(53,642)
Net current assets (liabilities)			1,099,964		871,399
Total assets less current liabilities			2,750,348		2,721,800
Provisions for liabilities	8		(41,824)		(42,557)
Net assets			2,708,524		2,679,243
Capital and reserves
Called up share capital			50,000		50,000
Revaluation reserve			872,333		915,428
Profit and loss account			1,786,191		1,713,815
Shareholders' funds			2,708,524		2,679,243