Kintore Roughcasting Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC245001 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KINTORE ROUGHCASTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

DIRECTORS:

Mr M A Scott

Mrs J Scott

REGISTERED OFFICE:

Allanvale

The Hill

Kintore

Inverurie

Aberdeenshire

AB51 0YX

REGISTERED NUMBER:

SC245001 (Scotland)

ACCOUNTANTS:

Acumen Accountants and Advisors Limited

Unit 1, Office 1 & 8

Blackhall Industrial Estate

Burghmuir Circle

Inverurie

Aberdeenshire

AB51 4FS

FIXED ASSETS

Tangible assets

5

27,496

14,055

CURRENT ASSETS

Stocks

15,100

15,100

Debtors

6

20,825

14,991

Cash at bank

56,508

50,608

92,433

80,699

CREDITORS

Amounts falling due within one year

7

54,311

64,133

NET CURRENT ASSETS

38,122

16,566

TOTAL ASSETS LESS CURRENT LIABILITIES

65,618

30,621

CREDITORS

Amounts falling due after more than one year

8

(15,130

)

(8,850

)

PROVISIONS FOR LIABILITIES

(5,252

)

(2,671

)

NET ASSETS

45,236

19,100

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

45,136

19,000

SHAREHOLDERS' FUNDS

45,236

19,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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 22 December 2023 and were signed on its behalf by:

Mr M A Scott - Director

1.	STATUTORY INFORMATION

Kintore Roughcasting 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 (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Machinery

25% Straight Line

Motor Vehicles

25% Straight Line

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of the asset and is included in the profit and loss account.

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

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities

Basic financial liabilities which include trade and other creditors are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2022

108,103

86,878

194,981

Additions

-

34,095

34,095

Disposals

-

(18,750

)

(18,750

)

At 31 March 2023

108,103

102,223

210,326

DEPRECIATION

At 1 April 2022

107,272

73,654

180,926

Charge for year

831

10,448

11,279

Eliminated on disposal

-

(9,375

)

(9,375

)

At 31 March 2023

108,103

74,727

182,830

NET BOOK VALUE

At 31 March 2023

-

27,496

27,496

At 31 March 2022

831

13,224

14,055

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

Motor

vehicles

£

COST

At 1 April 2022

26,449

Additions

27,995

Disposals

(18,750

)

At 31 March 2023

35,694

DEPRECIATION

At 1 April 2022

13,225

Charge for year

8,923

Eliminated on disposal

(9,375

)

At 31 March 2023

12,773

NET BOOK VALUE

At 31 March 2023

22,921

At 31 March 2022

13,224

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

16,796

12,015

VAT

4,029

2,976

20,825

14,991

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

9,276

6,249

Trade creditors

16,275

13,895

Tax

24,559

20,521

Social security and other taxes

1,876

3,359

Other creditors

93

109

Directors' current accounts

2,232

20,000

54,311

64,133

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

15,130

8,850

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mr M A Scott

Balance outstanding at start of year

(10,000

)

(9,000

)

Amounts advanced

10,000

(10,000

)

Amounts repaid

-

9,000

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(10,000

)

Mrs J Scott

Balance outstanding at start of year

(10,000

)

(9,000

)

Amounts advanced

7,768

(10,000

)

Amounts repaid

-

9,000

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,232

)

(10,000

)

These amounts bear no interest and have no fixed repayment terms.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are both the directors Mr M A Scott and Mrs J Scott, the shareholders of Kintore Roughcasting Limited.

The following reproduces the text of the report prepared for the directors 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 Directors 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 Kintore Roughcasting Limited for the year ended 31 March 2023 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Kintore Roughcasting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kintore Roughcasting Limited and state those matters that we have agreed to state to the Board of Directors of Kintore Roughcasting Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kintore Roughcasting Limited 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 Kintore Roughcasting Limited. You consider that Kintore Roughcasting Limited 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 Kintore Roughcasting Limited. 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.

Acumen Accountants and Advisors Limited

Unit 1, Office 1 & 8

Blackhall Industrial Estate

Burghmuir Circle

Inverurie

Aberdeenshire

AB51 4FS

22 December 2023