Registered number
SC107183
Scotlens Limited
Unaudited Filleted Accounts
31 March 2023
Scotlens Limited
Registered number: SC107183
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 93,079 116,110
Tangible assets 4 126,698 127,354
219,777 243,464
Current assets
Stocks 36,259 27,839
Debtors 5 260,794 277,270
Cash at bank and in hand 67,584 66,430
364,637 371,539
Creditors: amounts falling due within one year 6 (91,469) (92,457)
Net current assets 273,168 279,082
Total assets less current liabilities 492,945 522,546
Creditors: amounts falling due after more than one year 7 (5,730) (6,540)
Provisions for liabilities (7,679) (7,448)
Net assets 479,536 508,558
Capital and reserves
Called up share capital 1,296 1,196
Profit and loss account 478,240 507,362
Shareholders' funds 479,536 508,558
The directors are 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 directors acknowledge their 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.
S Brown
Director
Approved by the board on 31 October 2023
Scotlens Limited
Notes to the Accounts
for the year ended 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 100 years
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 5 years
Grant funding received towards the costs of tangible assets is deferred and released to the profit and loss account over the life of the asset concerned.
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).
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 10
3 Intangible fixed assets £
Goodwill and research and development:
Cost
At 1 April 2022 460,622
At 31 March 2023 460,622
Amortisation
At 1 April 2022 344,512
Provided during the year 23,031
At 31 March 2023 367,543
Net book value
At 31 March 2023 93,079
At 31 March 2022 116,110
Goodwill and capitalised research and development costs are being written off in equal annual instalments over their estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 96,688 368,498 36,126 501,312
Additions - 12,147 - 12,147
At 31 March 2023 96,688 380,645 36,126 513,459
Depreciation
At 1 April 2022 13,926 323,906 36,126 373,958
Charge for the year 899 11,904 - 12,803
At 31 March 2023 14,825 335,810 36,126 386,761
Net book value
At 31 March 2023 81,863 44,835 - 126,698
At 31 March 2022 82,762 44,592 - 127,354
5 Debtors 2023 2022
£ £
Trade debtors 117,726 87,188
Amounts owed by group undertakings and undertakings in which the company has a participating interest 138,075 173,149
Other debtors 4,993 16,933
260,794 277,270
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 26,042
Trade creditors 9,824 17,915
Taxation and social security costs 71,865 39,736
Other creditors 9,780 8,764
91,469 92,457
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 5,730 6,540
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans - 26,042
The bank loan paid off during the year was secured by a Bond and Floating Charge over the whole assets of the company. This security has now been released.
9 Pension commitments
The company operates a defined contribution pension schemes for all eligible staff. The assets of the scheme is held seperately from those of the company in an independently administered fund.
10 Controlling party
Scotlens Holdings Ltd is the company's immediate and ultimate parent company.
The ultimate controlling party at the date of approval of these financial statements is Mr S Brown.
11 Other information
Scotlens Limited is a private company limited by shares and incorporated in Scotland. Its registered office is Mill Road Industrial Estate, Linlithgow Bridge, Linlithgow, West Lothian, EH49 7SG.
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