Kean Construction (Scotland) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC146685 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 December 2020

for

Kean Construction (Scotland) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

J.H. Kean

SECRETARY:

P Kean

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

REGISTERED NUMBER:

SC146685 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

116,872

80,361

CURRENT ASSETS

Stocks

236,470

-

Debtors

5

680,339

2,183,589

916,809

2,183,589

CREDITORS

Amounts falling due within one year

6

512,227

953,095

NET CURRENT ASSETS

404,582

1,230,494

TOTAL ASSETS LESS CURRENT LIABILITIES

521,454

1,310,855

CREDITORS

Amounts falling due after more than one year

7

(5,812

)

(815,000

)

PROVISIONS FOR LIABILITIES

(17,311

)

(13,082

)

NET ASSETS

498,331

482,773

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

497,331

481,773

SHAREHOLDERS' FUNDS

498,331

482,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 30 September 2021 and were signed by:

J.H. Kean - Director

1.	STATUTORY INFORMATION

Kean Construction (Scotland) Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In addition, in accordance with UITF Abstract 40, work which has reached a stage of completion, although not invoiced at the year end, is included within sales at net realisable value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

Financial instruments

Debtors

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.

Creditors

Short term trade 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.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2020

291,859

114,878

36,359

443,096

Additions

43,890

19,298

1,307

64,495

Disposals

(25,750

)

-

-

(25,750

)

At 31 December 2020

309,999

134,176

37,666

481,841

DEPRECIATION

At 1 January 2020

226,430

104,311

31,994

362,735

Charge for year

16,001

7,466

1,871

25,338

Eliminated on disposal

(23,104

)

-

-

(23,104

)

At 31 December 2020

219,327

111,777

33,865

364,969

NET BOOK VALUE

At 31 December 2020

90,672

22,399

3,801

116,872

At 31 December 2019

65,429

10,567

4,365

80,361

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2020

35,000

Additions

43,890

Transfer to ownership

(35,000

)

At 31 December 2020

43,890

DEPRECIATION

At 1 January 2020

13,180

Charge for year

6,584

Transfer to ownership

(13,180

)

At 31 December 2020

6,584

NET BOOK VALUE

At 31 December 2020

37,306

At 31 December 2019

21,820

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

19,500

142,596

Amounts owed by group undertakings

358,217

1,591,494

Other debtors

302,622

449,499

680,339

2,183,589

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

178,607

171,954

Hire purchase contracts

17,435

7,875

Trade creditors

200,845

269,993

Taxation and social security

14,233

20,583

Other creditors

101,107

482,690

512,227

953,095

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

5,812

-

Other creditors

-

815,000

5,812

815,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank overdrafts

178,607

171,954

There is standard security and floating charges held by the bank in respect of all assets and undertakings of Kean Construction (Scotland) Limited.

9.	RELATED PARTY DISCLOSURES

Mr James Kean has a controlling interest and is a director of Kean Properties Limited, BMJ Property Limited and C.V.O. Limited.

At the balance sheet date, the following amounts were due to/(from) this company:-

31.12.20

31.12.19

C.V.O. Limited

£216,846

£1,450,123

Kean Properties Limited

£nil

£nil

BMJ Property Limited

£141,371

£141,371

The bank has a cross-guarantee between the members of the group.

During the year the company sold goods and services to CVO Limited, totalling £1,198,781 (2019 £1,945,092). This transaction was carried out on an arm's length basis.

In addition, the company charged a management charge of £170,000 (2019 £100,000) to C.V.O. Limited.

Mr James Kean is a trustee of The East Kilbride Community Trust. At the balance sheet date a balance of £19,499 was due from this Charity.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kean Construction (Scotland) Ltd for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Kean Construction (Scotland) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kean Construction (Scotland) Ltd and state those matters that we have agreed to state to the director of Kean Construction (Scotland) Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Kean Construction (Scotland) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kean Construction (Scotland) Ltd. You consider that Kean Construction (Scotland) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kean Construction (Scotland) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

30 September 2021