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Company registration number: 03114099
Scott Adey Limited
Unaudited filleted financial statements
31 March 2023
SCOTT ADEY LIMITED
DIRECTORS AND OTHER INFORMATION
Directors
Mrs K M H Jenkins
Secretary Mr J Jenkins
Company number 03114099
Registered office Withenwood House
Withen Lane
Farringdon
Exeter
EX5 2JH
Accountants Westcotts
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ
SCOTT ADEY LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 7 5,251 5,943
Tangible assets 8 1,422,005 1,054,489
Investments 9 17,252 15,823
_______ _______
1,444,508 1,076,255
Current assets
Stocks - 6,300
Debtors 10 26,433 24,492
Cash at bank and in hand 249,262 480,440
_______ _______
275,695 511,232
Creditors: amounts falling due
within one year 12 ( 615,775) ( 663,471)
_______ _______
Net current liabilities ( 340,080) ( 152,239)
_______ _______
Total assets less current liabilities 1,104,428 924,016
Provisions for liabilities ( 107,121) ( 114,173)
_______ _______
Net assets 997,307 809,843
_______ _______
Capital and reserves
Called up share capital 260,002 260,002
Profit and loss account 13 737,305 549,841
_______ _______
Shareholders funds 997,307 809,843
_______ _______
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 November 2023 , and are signed on behalf of the board by:
Mrs K M H Jenkins
Director
Company registration number: 03114099
SCOTT ADEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Withenwood House, Withen Lane, Farringdon, Exeter, EX5 2JH.
Principal activity
The principal activity of the company during the year was the operation of a cafe and vineyard incorporating the sale of crops and a touring caravan site, including corporate events and weddings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Other intangibles - straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold (excl. investment property) - straight line over 50 years
Plant and machinery - straight line over 7 years
Fittings fixtures and equipment - 15% reducing balance
Motor vehicles - straight line over 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2023 2022
£ £
Rental income 31,766 33,920
Other operating income - 24,539
_______ _______
31,766 58,459
_______ _______
6. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
7. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2022 and 31 March 2023 6,914 6,914
_______ _______
Amortisation
At 1 April 2022 971 971
Charge for the year 692 692
_______ _______
At 31 March 2023 1,663 1,663
_______ _______
Carrying amount
At 31 March 2023 5,251 5,251
_______ _______
At 31 March 2022 5,943 5,943
_______ _______
8. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost or valuation
At 1 April 2022 1,126,712 51,993 39,734 12,500 1,230,939
Additions 283,701 - 1,310 - 285,011
Disposals - ( 1,450) ( 30,041) - ( 31,491)
Revaluation 101,381 - - - 101,381
_______ _______ _______ _______ _______
At 31 March 2023 1,511,794 50,543 11,003 12,500 1,585,840
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 110,081 34,264 19,605 12,500 176,450
Charge for the year - 2,907 1,038 - 3,945
Disposals - ( 1,035) ( 15,525) - ( 16,560)
_______ _______ _______ _______ _______
At 31 March 2023 110,081 36,136 5,118 12,500 163,835
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 1,401,713 14,407 5,885 - 1,422,005
_______ _______ _______ _______ _______
At 31 March 2022 1,016,631 17,729 20,129 - 1,054,489
_______ _______ _______ _______ _______
Investment property
Investment properties are held at fair value and not subject to depreciation. The investment properties have been valued by the director and their historic cost is £941,207.
9. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 April 2022 15,823 15,823
Revaluations 1,429 1,429
_______ _______
At 31 March 2023 17,252 17,252
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 17,252 17,252
_______ _______
At 31 March 2022 15,823 15,823
_______ _______
Other fixed asset investments are held at fair value and not subject to depreciation. During the year, the investments have been revalued in line with market value and their historic cost is £10,080.
10. Debtors
2023 2022
£ £
Trade debtors 7,369 21,043
Other debtors 19,064 3,449
_______ _______
26,433 24,492
_______ _______
11. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 249,262 480,440
_______ _______
12. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 452,642 469,725
Trade creditors 17,122 12,563
Accruals and deferred income 1,270 2,633
Social security and other taxes 18,780 15,422
Other creditors 125,961 163,128
_______ _______
615,775 663,471
_______ _______
Other loans includes a loan subject to a floating charge registered at Companies House on 10 August 2012, securing a maximum of £103,895 on the assets of the company.
13. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses. Accumulated undistributable reserves at 31 March 2023 amounted to £368,094
14. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 49,237) 38,198 ( 3,815) ( 14,854)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 45,610) 13,728 ( 17,355) ( 49,237)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
15. Related party transactions
At 31 March 2023 amounts owed to participators by way of loan were £44,500 (2022: £49,163). The loan is not subject to interest and is repayable on demand.
16. Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.