Registered number
04591816
COUNTY SCALES LIMITED
Filleted Accounts
31 December 2021
COUNTY SCALES LIMITED
Registered number: 04591816
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 4 234,216 246,180
Current assets
Stocks 389,899 349,608
Debtors 5 86,395 102,099
Cash at bank and in hand 123,733 146,635
600,027 598,342
Creditors: amounts falling due within one year 6 (175,853) (161,434)
Net current assets 424,174 436,908
Total assets less current liabilities 658,390 683,088
Creditors: amounts falling due after more than one year 7 (245,630) (313,436)
Net assets 412,760 369,652
Capital and reserves
Called up share capital 49,000 49,000
Profit and loss account 363,760 320,652
Shareholders' funds 412,760 369,652
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Paul W Hodgkinson
Director
Approved by the board on 6 September 2022
COUNTY SCALES LIMITED
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2021 300,000
At 31 December 2021 300,000
Amortisation
At 1 January 2021 300,000
At 31 December 2021 300,000
Net book value
At 31 December 2021 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 256,922 6,706 83,981 347,609
At 31 December 2021 256,922 6,706 83,981 347,609
Depreciation
At 1 January 2021 55,039 6,355 40,035 101,429
Charge for the year 922 56 10,986 11,964
At 31 December 2021 55,961 6,411 51,021 113,393
Net book value
At 31 December 2021 200,961 295 32,960 234,216
At 31 December 2020 201,883 351 43,946 246,180
5 Debtors 2021 2020
£ £
Trade debtors 86,395 79,885
Other debtors 22,214
86,395 102,099
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 45,483 24,695
Obligations under finance lease and hire purchase contracts - 2,098
Trade creditors 58,447 58,948
Taxation and social security costs 71,923 75,693
175,853 161,434
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 232,225 307,150
Directors current accounts 13,405 6,286
245,630 313,436
8 Other information
COUNTY SCALES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
4 Langley Business Park
Station Road
Langley Mill
Nottingham
NG16 4DG
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