Kealey and Byrne Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC563548 (Scotland)

Unaudited Financial Statements

for the Period

19 April 2017 to 31 March 2018

for

Kealey and Byrne Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S M Kealey

P M H Byrne

REGISTERED OFFICE:

6 Logie Mill

Edinburgh

EH7 4HG

REGISTERED NUMBER:

SC563548 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

161

CURRENT ASSETS

Debtors

5

2,506

Cash at bank

19,072

21,578

CREDITORS

Amounts falling due within one year

6

14,931

NET CURRENT ASSETS

6,647

TOTAL ASSETS LESS CURRENT LIABILITIES

6,808

PROVISIONS FOR LIABILITIES

7

27

NET ASSETS

6,781

CAPITAL AND RESERVES

Called up share capital

8

100

Retained earnings

9

6,681

SHAREHOLDERS' FUNDS

6,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 3 December 2018 and were signed on its behalf by:

P M H Byrne - Director

1.	STATUTORY INFORMATION

Kealey and Byrne 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the

buyer. Turnover from the supply of services represents the value of services provided under contracts to the

extent that there is a right to consideration and is recorded at the fair value of the consideration received or

receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the

fair value of the service provided to date based on the stage of completion of the contract activity at the balance

sheet date. Where payments are received from customers in advance of services provided, the amounts are

recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each

asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings

- 20% per annum

Computer equipment

- 20% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

Taxation

Taxation for the period 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 period 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.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

99

100

199

At 31 March 2018

99

100

199

DEPRECIATION

Charge for period

19

19

38

At 31 March 2018

19

19

38

NET BOOK VALUE

At 31 March 2018

80

81

161

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

2,506

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

223

Taxation and social security

3,391

Other creditors

11,317

14,931

7.	PROVISIONS FOR LIABILITIES

£

Deferred tax

27

Deferred

tax

£

Provided during period

27

Balance at 31 March 2018

27

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

9.

RESERVES

Retained

earnings

£

Profit for the period

12,556

Dividends

(5,875

)

At 31 March 2018

6,681

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2018:

£

P M H Byrne

Balance outstanding at start of period

-

Amounts advanced

100

Amounts repaid

(6,075

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(5,975

)

11.	RELATED PARTY DISCLOSURES

Related Party

Type of transaction

Amount 31.3.18

Balance receivable /(payable) to related party as at 31.3.18

£

£

Edinburgh Specialist Imaging LLP

Profit share

14,869

-

Drawings

14,700

169

Kealey and Byrne Limited is a partner of Edinburgh Specialist Imaging LLP.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is P M H Byrne.