SCS (WITNEY) LTD |
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BALANCE SHEET |
AS AT 31 MARCH 2023 |
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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. |
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For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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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. |
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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. |
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Signed on behalf of the board of directors |
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C J D Schmidt |
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J R E K Clemence |
Director |
Director |
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Date approved by the board: 17 October 2023 |
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SCS (WITNEY) LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
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1 |
GENERAL INFORMATION |
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SCS (Witney) Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Unit 2, Forest Works |
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Forest Road |
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Charlbury |
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Chipping Norton |
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Oxon |
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OX7 3HH |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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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. |
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Going concern |
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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. |
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Land and buildings |
Not depreciated |
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Plant and machinery |
Straight line basis at 5% per annum |
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Furniture and fittings |
Straight line basis at 5% or reducing balance basis at 2% per annum |
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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. |
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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. |
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Financial Instruments |
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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. |
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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. |
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SCS (WITNEY) LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
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7 |
CREDITORS: Amounts falling due within one year |
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2023 |
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2022 |
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£ |
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£ |
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Bank loans and overdrafts |
70,668 |
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65,304 |
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Trade creditors |
88,028 |
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67,202 |
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Taxation and social security |
5,466 |
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- |
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Accruals and deferred income |
136,294 |
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86,251 |
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Other creditors |
44,742 |
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32,618 |
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345,198 |
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251,375 |
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8 |
CREDITORS: Amounts falling due after more than one year |
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2023 |
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2022 |
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£ |
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£ |
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Bank loans and overdrafts |
1,238,238 |
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1,318,100 |
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Other creditors |
327,927 |
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384,927 |
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1,566,165 |
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1,703,027 |
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Included in the amounts falling due after more than one year are the following amounts which are due in more |
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than five years: |
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2023 |
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2022 |
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£ |
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£ |
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Bank loans and overdrafts |
916,494 |
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1,014,473 |
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Analysis of creditors falling due after more than five years: |
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2023 |
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2022 |
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Aggregate of instalments which fall due for repayment after five years: |
£ |
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£ |
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Bank loans and overdrafts |
916,494 |
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1,014,473 |
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9 |
SECURED DEBTS |
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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. |
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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. |
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SCS (WITNEY) LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
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10 |
RELATED PARTY TRANSACTIONS |
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During the year, the following transactions with related parties took place: |
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J R E K Clemence |
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Director |
2023 |
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2022 |
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£ |
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£ |
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Advances from director |
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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: |
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204,882 |
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240,492 |
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C J D Schmidt |
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Director |
2023 |
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2022 |
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£ |
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£ |
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Advances from director |
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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: |
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94,057 |
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110,407 |
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