KIC Inventories Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC466905 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

KIC Inventories Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J W S P Morrison

REGISTERED OFFICE:

Kincardine House

Aberargie

Perthshire

PH2 9LX

BUSINESS ADDRESS:

Lochton House

Abernyte

Inchture

Perthshire

PH14 9TA

REGISTERED NUMBER:

SC466905 (Scotland)

ACCOUNTANTS:

Campbell Dallas LLP

Chartered Accountants

5 Whitefriars Crescent

Perth

Perthshire

PH2 0PA

CURRENT ASSETS

Stocks

3,072,631

-

Debtors

4

17,945

-

Cash at bank and in hand

29,248

1

3,119,824

1

CREDITORS

Amounts falling due within one year

5

3,104,616

-

NET CURRENT ASSETS

15,208

1

TOTAL ASSETS LESS CURRENT LIABILITIES

15,208

1

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

15,207

-

SHAREHOLDERS' FUNDS

15,208

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 September 2017 and were signed by:

J W S P Morrison - Director

1.	STATUTORY INFORMATION

KIC Inventories 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

13,080

-

Other debtors

4,865

-

17,945

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

19,536

-

Taxation and social security

3,802

-

Other creditors

3,081,278

-

3,104,616

-

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary

1

1

1

7.	RELATED PARTY DISCLOSURES

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs K B M C Morrison.

9.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS102 as the company

was previously dormant.