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KP Safety Contractors Ltd SC519983 false 2016-01-06 2016-12-31 2016-12-31 The principal activity of the company is providing technical safety contracting services Digita Accounts Production Advanced 6.17.8163.0 Software true SC519983 2016-01-06 2016-12-31 SC519983 2016-12-31 SC519983 core:RetainedEarningsAccumulatedLosses 2016-12-31 SC519983 core:ShareCapital 2016-12-31 SC519983 core:CurrentFinancialInstruments 2016-12-31 SC519983 core:CurrentFinancialInstruments core:WithinOneYear 2016-12-31 SC519983 core:FurnitureFittingsToolsEquipment 2016-12-31 SC519983 bus:SmallEntities 2016-01-06 2016-12-31 SC519983 bus:AuditExemptWithAccountantsReport 2016-01-06 2016-12-31 SC519983 bus:FullAccounts 2016-01-06 2016-12-31 SC519983 bus:RegisteredOffice 2016-01-06 2016-12-31 SC519983 bus:Director1 2016-01-06 2016-12-31 SC519983 bus:PrivateLimitedCompanyLtd 2016-01-06 2016-12-31 SC519983 bus:Agent1 2016-01-06 2016-12-31 SC519983 core:RetainedEarningsAccumulatedLosses 2016-01-06 2016-12-31 SC519983 core:ShareCapital 2016-01-06 2016-12-31 SC519983 core:FurnitureFittingsToolsEquipment 2016-01-06 2016-12-31 SC519983 countries:Scotland 2016-01-06 2016-12-31 SC519983 2016-01-05 SC519983 core:RetainedEarningsAccumulatedLosses 2016-01-05 SC519983 core:ShareCapital 2016-01-05 iso4217:GBP

Registration number: SC519983

KP Safety Contractors Ltd

Annual Report and Unaudited Financial Statements

for the Period from 6 January 2016 to 31 December 2016

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

 

KP Safety Contractors Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 9

Detailed income statement by function

10 to 11

 

KP Safety Contractors Ltd

Company Information

Directors

Ian McRae Kirkwood

Registered office

73 Crawford Road
Houston
PA6 7DA

Bankers

Santander plc
287 - 301 St Vincent Street
Glasgow
G2 5NT

Accountants

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

 

KP Safety Contractors Ltd

Director's Report for the Period from 6 January 2016 to 31 December 2016

The director presents his report and the financial statements for the period from 6 January 2016 to 31 December 2016.

Director of the company

The director who held office during the period was as follows:

Ian McRae Kirkwood

Principal activity

The principal activity of the company is providing technical safety contracting services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 21 March 2017 and signed on its behalf by:

.........................................
Ian McRae Kirkwood
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
KP Safety Contractors Ltd
for the Period Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KP Safety Contractors Ltd for the period ended 31 December 2016 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
 

As a member of the Association of Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.
 

This report is made solely to the Board of Directors of KP Safety Contractors Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of KP Safety Contractors Ltd and state those matters that we have agreed to state to the Board of Directors of KP Safety Contractors Ltd, as a body, in this report.

This is in accordance with the requirements of the Association of Chartered Certified Accountants detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.doc.. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KP Safety Contractors Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that KP Safety Contractors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KP Safety Contractors Ltd. You consider that KP Safety Contractors Ltd is exempt from the statutory audit requirement for the period.
 

We have not been instructed to carry out an audit or a review of the accounts of KP Safety Contractors 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 accounts.

.................................................................

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

21 March 2017

 

KP Safety Contractors Ltd

Profit and Loss Account for the Period from 6 January 2016 to 31 December 2016

Note

Total
31 December
2016
£

Turnover

 

105,094

Cost of sales

 

(3,025)

Gross profit

 

102,069

Administrative expenses

 

(23,590)

Operating profit

 

78,479

Other interest receivable and similar income

 

90

 

90

Profit before tax

3

78,569

Taxation

 

(15,362)

Profit for the financial period

 

63,207

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

KP Safety Contractors Ltd

(Registration number: SC519983)
Balance Sheet as at 31 December 2016

Note

2016
£

Fixed assets

 

Tangible assets

4

1,800

Current assets

 

Cash at bank and in hand

 

41,997

Creditors: Amounts falling due within one year

5

(20,990)

Net current assets

 

21,007

Net assets

 

22,807

Capital and reserves

 

Called up share capital

100

Profit and loss account

22,707

Total equity

 

22,807

For the financial period ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 March 2017
 

.........................................

Ian McRae Kirkwood

Director

 

KP Safety Contractors Ltd

Statement of Changes in Equity for the Period from 6 January 2016 to 31 December 2016

Share capital
£

Profit and loss account
£

Total
£

At 6 January 2016

100

-

100

Profit for the period

-

63,207

63,207

Total comprehensive income

-

63,207

63,207

Dividends

-

(40,500)

(40,500)

At 31 December 2016

100

22,707

22,807

 

KP Safety Contractors Ltd

Notes to the Financial Statements for the Period from 6 January 2016 to 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
73 Crawford Road
Houston
PA6 7DA

These financial statements were authorised for issue by the director on 21 March 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

KP Safety Contractors Ltd

Notes to the Financial Statements for the Period from 6 January 2016 to 31 December 2016

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

KP Safety Contractors Ltd

Notes to the Financial Statements for the Period from 6 January 2016 to 31 December 2016

3

Profit before tax

Arrived at after charging/(crediting)

2016
£

Depreciation expense

849

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,649

2,649

At 31 December 2016

2,649

2,649

Depreciation

Charge for the

849

849

At 31 December 2016

849

849

Carrying amount

At 31 December 2016

1,800

1,800

5

Creditors

Note

2016
£

Due within one year

 

Bank loans and overdrafts

6

1,308

Taxation and social security

 

2,920

Other creditors

 

16,762

 

20,990

6

Loans and borrowings

2016
£

Current loans and borrowings

Director current account

1,308

 

KP Safety Contractors Ltd

Detailed Profit and Loss Account for the Period from 6 January 2016 to 31 December 2016

6 January 2016 to 31 December 2016
 £

Turnover (analysed below)

105,094

Cost of sales (analysed below)

(3,025)

Gross profit

102,069

Gross profit (%)

97.12%

Administrative expenses

Employment costs (analysed below)

(17,728)

General administrative expenses (analysed below)

(4,998)

Finance charges (analysed below)

(15)

Depreciation costs (analysed below)

(849)

(23,590)

Operating profit

78,479

Other interest receivable and similar income (analysed below)

90

Profit before tax

78,569

 

KP Safety Contractors Ltd

Detailed Profit and Loss Account for the Period from 6 January 2016 to 31 December 2016

6 January 2016 to 31 December 2016
 £

Turnover

Sales, UK

105,094

Cost of sales

Travel - subsistence

633

Use of private cars

2,392

(3,025)

Employment costs

Wages and salaries

5,628

Directors remuneration

8,100

Directors personal pension contributions

4,000

(17,728)

General administrative expenses

Insurance

883

Use of home as office

800

Mobile phone contract

583

Postage and stationery

30

Use of home broadband

45

Trade subscriptions

526

Advertising - admin

95

Customer entertaining (disallowable for tax)

42

Accountancy fees

1,994

(4,998)

Finance charges

Bank charges

15

(15)

Depreciation costs

Depreciation

(849)

Operating profit

78,479

Other interest receivable and similar income

Bank interest receivable

90

Profit before tax

78,569