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Registration number: 03706044

Scott & Sargeant Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Scott & Sargeant Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Scott & Sargeant Holdings Limited

Company Information

Directors

Mr P F Charnaud

Mr P J Charnaud

Company secretary

Mr P J Charnaud

Registered office

1 Blatchford Road
Horsham
West Sussex
RH13 5QR

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA
 

 

Scott & Sargeant Holdings Limited

(Registration number: 03706044)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

           

Fixed assets

   

 

Tangible assets

4

 

386,668

 

-

Investments

5

 

1,000

 

1,000

   

387,668

 

1,000

Current assets

   

 

Debtors

6

6,205,000

 

-

 

Cash at bank and in hand

 

11,096

 

-

 

 

6,216,096

 

-

 

Creditors: Amounts falling due within one year

7

(17,694)

 

(27)

 

Net current assets/(liabilities)

   

6,198,402

 

(27)

Net assets

   

6,586,070

 

973

Capital and reserves

   

 

Called up share capital

1,000

 

1,000

 

Profit and loss account

6,585,070

 

(27)

 

Total equity

   

6,586,070

 

973

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
Mr P F Charnaud
Director

 

Scott & Sargeant Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
1 Blatchford Road
Horsham
West Sussex
RH13 5QR

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Tax

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 balance sheet 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.

Depreciation

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

Asset class

Depreciation method and rate

Freehold land and buildings

No depreciation

 

Scott & Sargeant Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

386,668

386,668

At 31 December 2022

386,668

386,668

Depreciation

Carrying amount

At 31 December 2022

386,668

386,668

Included within the net book value of land and buildings above is £386,668 (2021 - £Nil) in respect of freehold land and buildings let out to its subsidiary undertaking.
 

 

Scott & Sargeant Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Investments

2022
£

2021
£

Investments in subsidiaries

1,000

1,000

Subsidiaries

£

Cost

At 1 January 2022

1,000

At 31 December 2022

1,000

Carrying amount

At 31 December 2022

1,000

At 31 December 2021

1,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Scott and Sargeant Wood Working Machinery Limited

1 Blatchford Road, Horsham, West
Sussex, RH13 5QR
England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Scott and Sargeant Wood Working Machinery Limited

The principal activity of Scott and Sargeant Wood Working Machinery Limited is retailing of woodworking machinery. Its financial period end is 31 December. The profit for the financial period of Scott and Sargeant Wood Working Machinery Limited was £1,390,868 and the aggregate amount of Capital and reserves at the end of the period was £243,938.

 

Scott & Sargeant Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Debtors

Note

2022
£

2021
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

6,200,000

-

Accrued income

 

5,000

-

 

6,205,000

-

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9,843

27

Taxation and social security

6,507

-

Other creditors

1,344

-

17,694

27

8

Related party transactions

Summary of transactions with all subsidiaries

Scott & Sargeant Wood Working Machinery Limited

Scott & Sargeant Wood Working Machinery Limited was a 100% subsidiary undertaking of the company at the balance sheet date. Mr P F Charnaud and Mr P J Charnaud were directors of Scott & Sargeant Wood Working Machinery Limited up to 13 January 2023.

During the year, dividends totalling £6,586,668 (2021: £Nil) were paid by Scott & Sargeant Wood Working Machinery Limited to the company. £386,668 of this was a dividend in specie by way of transfer of the property Scott & Sargeant Wood Working Machinery Limited trades from.

From the date the above property was transferred, the company charged rent at a rate of £200,000 per annum to Scott & Sargeant Wood Working Machinery Limited for the occupation of the property.

During the year, the company has lent £6,200,000 to Scott & Sargeant Wood Working Machinery Limited which was still outstanding as at the balance sheet date. The loan is interest free and repayable on demand.

In addition to the above the company owes £9,843 (£2021: £27) to Scott & Sargeant Wood Working Machinery Limited for certain expenses paid on its behalf.