REGISTERED NUMBER: SC347228 (Scotland)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

KEITH & FIONA MCELREA LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K R McElrea

Mrs F McElrea

SECRETARY:

K R McElrea

REGISTERED OFFICE:

67-69 St John Street

WHITHORN

Dumfries & Galloway

DG8 8PD

REGISTERED NUMBER:

SC347228 (Scotland)

ACCOUNTANTS:

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

FIXED ASSETS

Intangible assets

4

171,820

210,870

Tangible assets

5

201,297

212,963

373,117

423,833

CURRENT ASSETS

Stocks

31,594

34,660

Debtors

147,054

157,904

Cash at bank and in hand

39,940

11,320

218,588

203,884

CREDITORS

Amounts falling due within one year

256,318

244,375

NET CURRENT LIABILITIES

(37,730

)

(40,491

)

TOTAL ASSETS LESS CURRENT LIABILITIES

335,387

383,342

CREDITORS

Amounts falling due after more than one year

6

(284,589

)

(326,568

)

PROVISIONS FOR LIABILITIES

(2,224

)

(2,658

)

NET ASSETS

48,574

54,116

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

48,474

54,016

SHAREHOLDERS' FUNDS

48,574

54,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2026 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2026 and were signed on its behalf by:

K R McElrea - Director

1.	STATUTORY INFORMATION

Keith & Fiona McElrea Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest Pound.

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.

Whilst the company has current liabilities at the year end, the directors, having considered expected trading results, cash flows and funding available, believe that the company can continue as a going concern and that accounts have therefore been prepared on that basis.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Where goods have not been invoiced at the year end, turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised at 5% per annum. Given the nature of the business and its location, the directors believe that amortising goodwill on such a basis is justified, Impairment reviews are carried out annually.

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

-

2% on cost

Plant and machinery etc

-

33.33% on cost, 25% on cost and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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 12 (2025 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2025

and 31 March 2026

781,000

AMORTISATION

At 1 April 2025

570,130

Amortisation for year

39,050

At 31 March 2026

609,180

NET BOOK VALUE

At 31 March 2026

171,820

At 31 March 2025

210,870

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2025

383,950

Additions

1,493

At 31 March 2026

385,443

DEPRECIATION

At 1 April 2025

170,987

Charge for year

13,159

At 31 March 2026

184,146

NET BOOK VALUE

At 31 March 2026

201,297

At 31 March 2025

212,963

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2026

2025

£

£

Repayable by instalments

Bank loans

95,447

130,715

7.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

329,485

377,825

The company's bank has security over the company property and a bond & floating charge.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2026, the directors each owed the company £7,672. The loans, which were interest free and repayable on demand, were fully repaid in April 2026.