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REGISTERED NUMBER: SC250244 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

SCOTT & BAIN LIMITED

SCOTT & BAIN LIMITED (REGISTERED NUMBER: SC250244)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SCOTT & BAIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: J Scott
M Bain
R Scott



REGISTERED OFFICE: 31 Pentland Way
Hamilton
ML3 8JE



REGISTERED NUMBER: SC250244 (Scotland)



ACCOUNTANT: John Murphy & Company (Scotland) Limited
Chartered Accountants
Castle Chambers
67 Main Street
Bothwell
Lanarkshire
G71 8ER



BANKERS: Clydesdale Bank plc
Almada Street
Hamilton
Lanarkshire
ML3 0EX

SCOTT & BAIN LIMITED (REGISTERED NUMBER: SC250244)

BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,963 10,218

CURRENT ASSETS
Debtors 5 226,947 208,283
Cash at bank 28,856 60,911
255,803 269,194
CREDITORS
Amounts falling due within one year 6 202,441 180,069
NET CURRENT ASSETS 53,362 89,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

96,325

99,343

CREDITORS
Amounts falling due after more than one
year

7

(63,151

)

(44,076

)

PROVISIONS FOR LIABILITIES 8 (7,824 ) (1,527 )
NET ASSETS 25,350 53,740

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 25,260 53,650
SHAREHOLDERS' FUNDS 25,350 53,740

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

SCOTT & BAIN LIMITED (REGISTERED NUMBER: SC250244)

BALANCE SHEET - continued
31 MARCH 2022


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 23 August 2022 and were signed on its behalf by:





J Scott - Director


SCOTT & BAIN LIMITED (REGISTERED NUMBER: SC250244)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Scott & Bain 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 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. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost
Motor vehicles - 25% on cost

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

SCOTT & BAIN LIMITED (REGISTERED NUMBER: SC250244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2021 11,187 129,469 140,656
Additions - 49,991 49,991
Disposals - (12,151 ) (12,151 )
At 31 March 2022 11,187 167,309 178,496
DEPRECIATION
At 1 April 2021 9,205 121,233 130,438
Charge for year 875 16,371 17,246
Eliminated on disposal - (12,151 ) (12,151 )
At 31 March 2022 10,080 125,453 135,533
NET BOOK VALUE
At 31 March 2022 1,107 41,856 42,963
At 31 March 2021 1,982 8,236 10,218

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2021 26,550
Additions 49,991
At 31 March 2022 76,541
DEPRECIATION
At 1 April 2021 18,808
Charge for year 15,886
At 31 March 2022 34,694
NET BOOK VALUE
At 31 March 2022 41,847
At 31 March 2021 7,742

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 214,710 197,452
VAT 12,237 10,831
226,947 208,283

SCOTT & BAIN LIMITED (REGISTERED NUMBER: SC250244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 5,555 7,907
Hire purchase contracts 15,405 7,032
Trade creditors 91,752 91,023
Corporation tax 67,988 52,423
Payroll taxation 11,710 12,314
Pension fund control 6,284 5,982
Directors' current accounts 2,057 1,778
Accrued charges 1,690 1,610
202,441 180,069

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Bank loans - 1-2 years 5,555 9,707
Bank loans - 2-5 years 34,260 32,386
Hire purchase contracts 23,336 1,983
63,151 44,076

8. PROVISIONS FOR LIABILITIES
31.3.22 31.3.21
£    £   
Deferred tax 7,824 1,527

Deferred
tax
£   
Balance at 1 April 2021 1,527
Provided during year 6,297
Balance at 31 March 2022 7,824

9. OTHER FINANCIAL COMMITMENTS

At 31 March 2022, the company had annual commitments under cancellable operating leases as follows:

31.03.22 31.03.21
£ £

Land

Expiry date:

Within one year 6,300 6,300