Registered number
SC724314
Shoot and Scoot Ltd
Unaudited Filleted Accounts
31 March 2023
Shoot and Scoot Ltd
Registered number: SC724314
Balance Sheet
as at 31 March 2023
Notes 2023
£
Fixed assets
Tangible assets 3 199,841
Current assets
Stocks 7,782
Debtors 4 943
Cash at bank and in hand 30,786
39,511
Creditors: amounts falling due within one year 5 (211,557)
Net current liabilities (172,046)
Total assets less current liabilities 27,795
Creditors: amounts falling due after more than one year 6 (26,991)
Net assets 804
Capital and reserves
Called up share capital 10
Profit and loss account 794
Shareholders' funds 804
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Warren James Reynolds
Director
Approved by the board on 22 November 2023
Shoot and Scoot Ltd
Notes to the Accounts
for the period from 24 February 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Polytunnels - frames over 10 years
Polytunnels - covers over 2 years
Hire props & costumes - rubber weapons, clothing & shoes over 5 years
Hire props & costumes - clothing, accessories & stage weapons over 10 years
Hire props & costumes - helmets over 20 years
Plant & machinery - computers, phones & batteries over 2 years
Plant & machinery - moulds, sewing machines, tools, extractors, stoves & storage over 5 years
Plant & machinery - airsoft weapons, sewing machines, flooring, marquee & tools over 10 years
Plant & machinery - storage racking, stencil kits & stoves over 20 years
Plant & machinery - deactivated weapons over 50 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023
Number
Average number of persons employed by the company 3
3 Tangible fixed assets
Polytunnels Plant & Machinery Hire Props & Costumes Total
£ £ £ £
Cost
Additions 4,101 57,019 162,029 223,149
At 31 March 2023 4,101 57,019 162,029 223,149
Depreciation
Charge for the period 316 6,390 16,602 23,308
At 31 March 2023 316 6,390 16,602 23,308
Net book value
At 31 March 2023 3,785 50,629 145,427 199,841
4 Debtors 2023
£
Trade debtors 319
Prepayments 624
943
5 Creditors: amounts falling due within one year 2023
£
Director's loan account 190,129
Deferred tax 4,839
Trade creditors 4,551
Wages payable 281
Corporation tax 770
Taxation & social security costs 8,374
Accruals 2,613
211,557
6 Creditors: amounts falling due after one year 2023
£
Deferred tax 26,991
7 Related party transactions
At the year end the director, Warren James Reynolds, was owed £190,129 by the company. This balance includes interest of £14,937, at a rate of 8%, charged to the company on the outstanding balance owed to the director and expensed to the profit and loss in the year. There is no fixed term of repayment for this loan.
8 Other information
Shoot and Scoot Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Matron's House
Logierait
Pitlochry
PH9 0LH
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