0 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC652702 2022-02-01 2023-01-31 SC652702 2023-01-31 SC652702 2022-01-31 SC652702 2022-01-31 SC652702 core:FurnitureFittings 2022-02-01 2023-01-31 SC652702 bus:Director1 2022-02-01 2023-01-31 SC652702 core:FurnitureFittings 2022-01-31 SC652702 core:LandBuildings 2023-01-31 SC652702 core:FurnitureFittings 2023-01-31 SC652702 core:WithinOneYear 2023-01-31 SC652702 core:WithinOneYear 2022-01-31 SC652702 core:ShareCapital 2023-01-31 SC652702 core:ShareCapital 2022-01-31 SC652702 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC652702 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC652702 core:LandBuildings 2022-01-31 SC652702 core:FurnitureFittings 2022-01-31 SC652702 bus:SmallEntities 2022-02-01 2023-01-31 SC652702 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC652702 bus:FullAccounts 2022-02-01 2023-01-31 SC652702 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC652702 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: SC652702
Scotjock Limited
Filleted Unaudited Financial Statements
31 January 2023
Scotjock Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
320,996
321,795
Current assets
Debtors
5
2,242
Cash at bank and in hand
70,499
9,232
--------
-------
72,741
9,232
Creditors: amounts falling due within one year
6
389,436
335,580
---------
---------
Net current liabilities
316,695
326,348
---------
---------
Total assets less current liabilities
4,301
( 4,553)
-------
-------
Net assets/(liabilities)
4,301
( 4,553)
-------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
4,299
( 4,555)
-------
-------
Shareholders funds/(deficit)
4,301
( 4,553)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Scotjock Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr P G Grime
Director
Company registration number: SC652702
Scotjock Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has confirmed that he will continue to financially support the company through a directors loan. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
319,083
3,996
323,079
---------
-------
---------
Depreciation
At 1 February 2022
1,284
1,284
Charge for the year
799
799
---------
-------
---------
At 31 January 2023
2,083
2,083
---------
-------
---------
Carrying amount
At 31 January 2023
319,083
1,913
320,996
---------
-------
---------
At 31 January 2022
319,083
2,712
321,795
---------
-------
---------
It is the view of the director that the carrying amount of the investment properties reflects the open market value at 31 January 2023.
5. Debtors
2023
2022
£
£
Other debtors
2,242
-------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
284
Corporation tax
1,695
Other creditors
387,457
335,580
---------
---------
389,436
335,580
---------
---------
7. Transactions with directors
The company was under the control of the company director during the period. At the year end Mr P G Grime was due to be repaid £385,873 (2022 - 332,602). The loan is interest free and will be repaid when the company has sufficient funds.