SCS (WITNEY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Company Registration Number: 09494108
SCS (WITNEY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
SCS (WITNEY) LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
DIRECTORS
J R E K Clemence
C J D Schmidt
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Unit 2, Forest Works
Forest Road
Charlbury
Chipping Norton
Oxon
OX7 3HH
COMPANY REGISTRATION NUMBER
09494108 England and Wales
SCS (WITNEY) LTD
BALANCE SHEET
AS AT 31 MARCH 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 2,697,298 2,445,087
CURRENT ASSETS
Stock 5,757 8,593
Debtors 6 207,102 141,853
Cash at bank and in hand 51,200 221,909
264,059 372,355
CREDITORS: Amounts falling due within one year 7 345,198 251,375
NET CURRENT (LIABILITIES) / ASSETS (81,139) 120,980
TOTAL ASSETS LESS CURRENT LIABILITIES 2,616,159 2,566,067
CREDITORS: Amounts falling due after more than one year 8 1,566,165 1,703,027
Provisions for liabilities and charges 282,913 167,433
NET ASSETS 767,081 695,607
CAPITAL AND RESERVES
Called up share capital 95,000 95,000
Distributable profit and loss account 672,081 600,607
SHAREHOLDERS' FUNDS 767,081 695,607
SCS (WITNEY) LTD
BALANCE SHEET
AS AT 31 MARCH 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
C J D Schmidt J R E K Clemence
Director Director
Date approved by the board: 17 October 2023
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 GENERAL INFORMATION
SCS (Witney) Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 2, Forest Works
Forest Road
Charlbury
Chipping Norton
Oxon
OX7 3HH
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £1,308,906, the terms of whch are set out in note 9. The company also owes the directors £298,939, which is due for repayment on 30 August 2027. The company is therefore dependent upon the continued support of the bank and the directors. The directors do not consider their own support nor the support of the bank likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the provision of storage facilities as soon as there is a right to consideration and is determined by reference to the value of the work performed. This also includes the provision of longer term storage under a commercial lease. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings Not depreciated
Plant and machinery Straight line basis at 5% per annum
Furniture and fittings Straight line basis at 5% or reducing balance basis at 2% per annum
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet. The directors also carry out an annual impairment review.
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
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, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made judgements in determination of the fair value of the land and buildings when undertaking their impairment review.
4 EMPLOYEES
The average number of persons employed by the company (including the directors) during the year was:
2023 2022
Average number of employees 2 2
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
5 TANGIBLE ASSETS
Land and buildings Plant and machinery Furniture and fittings Total
£ £ £ £
Cost
At 1 April 2022 1,541,763 191,429 853,616 2,586,808
Additions 18,802 22,774 244,255 285,831
At 31 March 2023 1,560,565 214,203 1,097,871 2,872,639
Accumulated depreciation and impairments
At 1 April 2022 - 45,940 95,781 141,721
Charge for year - 9,613 24,007 33,620
At 31 March 2023 - 55,553 119,788 175,341
Net book value
At 1 April 2022 1,541,763 145,489 757,835 2,445,087
At 31 March 2023 1,560,565 158,650 978,083 2,697,298
6 DEBTORS
2023 2022
£ £
Trade debtors 70,774 48,794
Prepayments and accrued income 34,248 32,966
Other debtors 102,080 60,093
207,102 141,853
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 70,668 65,304
Trade creditors 88,028 67,202
Taxation and social security 5,466 -
Accruals and deferred income 136,294 86,251
Other creditors 44,742 32,618
345,198 251,375
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,238,238 1,318,100
Other creditors 327,927 384,927
1,566,165 1,703,027
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2023 2022
£ £
Bank loans and overdrafts 916,494 1,014,473
Analysis of creditors falling due after more than five years:
2023 2022
Aggregate of instalments which fall due for repayment after five years: £ £
Bank loans and overdrafts 916,494 1,014,473
9 SECURED DEBTS
The company has a bank loan with HSBC Bank PLC for a term ending 7 September 2036 and interest on the loan is charged at 2.8% above the Bank of England Base Rate. HSBC Bank PLC hold a fixed and floating charge over all the assets of the company and a legal mortgage over the land and buildings.
The company has a bank loan with HSBC Bank PLC for a term ending 5 December 2031 and interest on the loan is charged at 3.27% above the Bank of England Base Rate. HSBC Bank PLC hold a fixed and floating charge over all the assets of the company and a legal mortgage over the land and buildings.
SCS (WITNEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
J R E K Clemence
Director 2023 2022
£ £
Advances from director The director has made advances to the company that are repayable on 30 August 2027. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 204,882 240,492
C J D Schmidt
Director 2023 2022
£ £
Advances from director The director has made advances to the company that are repayable on 30 August 2027. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 94,057 110,407
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