Company registration number SC176203 (Scotland)
S & A KILCOYNE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
S & A KILCOYNE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
S & A KILCOYNE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,349,390
1,446,451
Investments
5
100
100
1,349,490
1,446,551
Current assets
Stocks
13,347
13,347
Debtors
6
1,447,408
1,427,169
Cash at bank and in hand
44,638
295,081
1,505,393
1,735,597
Creditors: amounts falling due within one year
7
(507,300)
(742,172)
Net current assets
998,093
993,425
Total assets less current liabilities
2,347,583
2,439,976
Creditors: amounts falling due after more than one year
8
(873,590)
(961,311)
Provisions for liabilities
9
(194,574)
(194,574)
Net assets
1,279,419
1,284,091
Capital and reserves
Called up share capital
10
103,500
103,500
Share premium account
292,500
292,500
Profit and loss reserves
883,419
888,091
Total equity
1,279,419
1,284,091
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
S & A KILCOYNE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
D Kilcoyne
Director
Company Registration No. SC176203
S & A KILCOYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
S & A Kilcoyne Limited is a private company limited by shares incorporated in Scotland. The registered office is Woodhead Road, Chryston, Glasgow, G69 9HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the sales value of services provided during the year less value added tax. Revenue is provided over the life of contracts based upon the estimated percentage stage of completion of work. For contracts where the outcome can be assessed with reasonable certainty, an appropriate proportion of the estimated profits earned to date is recognised and the balance taken on completion. Full provision is made for anticipated losses. Amounts recoverable on contracts are included in debtors net of payments received from the customer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10 - 50% Straight Line
Motor Vehicles
14 - 25% Straight Line
Fixtures & Fittings
50% Straight Line
Scaffolding Equipment
6.66% Straight Line
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
S & A KILCOYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
S & A KILCOYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
12
S & A KILCOYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
6,575,846
Additions
28,855
Disposals
(73,237)
At 31 March 2023
6,531,464
Depreciation and impairment
At 1 April 2022
5,129,395
Depreciation charged in the year
125,913
Eliminated in respect of disposals
(73,234)
At 31 March 2023
5,182,074
Carrying amount
At 31 March 2023
1,349,390
At 31 March 2022
1,446,451
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
100
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,447,408
1,377,169
2023
2022
Amounts falling due after more than one year:
£
£
Trade debtors
50,000
Total debtors
1,447,408
1,427,169
S & A KILCOYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
172,728
172,727
Trade creditors
257,966
296,090
Taxation and social security
61,280
57,888
Other creditors
15,326
215,467
507,300
742,172
The bank overdraft is secured by a bond and floating charge over the company's assets dated 30th January 2006, personal guarantees of £100,000 received from each of D Kilcoyne, S Kilcoyne and AJ Kilcoyne. In addition, there is a cross guarantee of £230,000 from the Firm of S & A Kilcoyne which is supported by a personal bond and first ranking security over the freehold land and buildings owned by the Firm of S & A Kilcoyne.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
374,242
546,970
Other creditors
499,348
414,341
873,590
961,311
Amounts due to SNA Holdings Limited totalling £228,062 (2022:£414,341) are secured by a bond and floating charge dated 1st May 2009. This charge ranks below all securities given prior to this date.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
194,574
194,574
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
103,500
103,500
103,500
103,500
S & A KILCOYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
54,000
54,000
12
Parent company
The company's ultimate controlling party is SNA Holdings Limited by virtue of its ownership of 92.75% of the issued share capital in the company.