Kean Construction (Scotland) Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: SC146685 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 December 2022

for

Kean Construction (Scotland) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

53,895

65,628

CURRENT ASSETS

Stocks

10,244

11,208

Debtors

5

1,007,530

1,252,629

1,017,774

1,263,837

CREDITORS

Amounts falling due within one year

6

517,340

788,746

NET CURRENT ASSETS

500,434

475,091

TOTAL ASSETS LESS CURRENT LIABILITIES

554,329

540,719

PROVISIONS FOR LIABILITIES

10,240

17,311

NET ASSETS

544,089

523,408

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

543,089

522,408

SHAREHOLDERS' FUNDS

544,089

523,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 6 September 2023 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 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2022

309,999

134,176

37,666

481,841

Additions

-

39,594

-

39,594

Disposals

(43,890

)

-

(21,563

)

(65,453

)

At 31 December 2022

266,109

173,770

16,103

455,982

DEPRECIATION

At 1 January 2022

264,210

117,377

34,626

416,213

Charge for year

7,852

14,098

547

22,497

Eliminated on disposal

(15,362

)

-

(21,261

)

(36,623

)

At 31 December 2022

256,700

131,475

13,912

402,087

NET BOOK VALUE

At 31 December 2022

9,409

42,295

2,191

53,895

At 31 December 2021

45,789

16,799

3,040

65,628

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

Plant and

machinery

£

COST

At 1 January 2022

43,890

Disposals

(43,890

)

At 31 December 2022

-

DEPRECIATION

At 1 January 2022

15,362

Eliminated on disposal

(15,362

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

28,528

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

35,222

19,500

Amounts owed by group undertakings

656,100

141,371

Other debtors

316,208

1,091,758

1,007,530

1,252,629

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

143,591

111,669

Hire purchase contracts

-

5,812

Trade creditors

119,241

222,227

Amounts owed to group undertakings

-

135,816

Taxation and social security

17,138

19,790

Other creditors

237,370

293,432

517,340

788,746

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank overdrafts

143,591

111,669

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

8.	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:-

31.12.22

31.12.21

C.V.O. Limited

£514,729

£-135,816

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 £1,932,233 (2021 - £1,285,528.This transaction was carried out on an arm's length basis.

In addition, the company charged a management charge of £220,000 (2021 - £270,000) to C.V.O. Limited.

The director is a trustee of The East Kilbride Community Trust. At the balance sheet date a balance of £20,492 was due from this Charity.

At the end of the year the business was owed £47,112 (2021 - £204,000) from RAER Scotch Whisky Ltd, the companies shares a common director.

At the end of the year the business was owed £15,783 from Jackton Estates Ltd, the companies shares a common director.