Registered number
03347060
SCS Concepts Limited
Filleted Accounts
31 March 2023
SCS Concepts Limited
Registered number: 03347060
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 56,200 78,265
Current assets
Debtors 4 178,231 379,666
Cash at bank and in hand 784,529 615,031
962,760 994,697
Creditors: amounts falling due within one year 5 (343,049) (545,449)
Net current assets 619,711 449,248
Total assets less current liabilities 675,911 527,513
Creditors: amounts falling due after more than one year 6 (22,500) (32,500)
Provisions for liabilities (8,142) (13,145)
Net assets 645,269 481,868
Capital and reserves
Called up share capital 10 10
Profit and loss account 645,259 481,858
Shareholders' funds 645,269 481,868
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.
Mr R C Saunders
Director
Approved by the board on 22 December 2023
SCS Concepts 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 rendering of services and 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:
Computer equipment over 3 years
Motor vehicles over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computer equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 - 132,889 132,889
Additions 1,963 - 1,963
At 31 March 2023 1,963 132,889 134,852
Depreciation
At 1 April 2022 - 54,624 54,624
Charge for the year 549 23,479 24,028
At 31 March 2023 549 78,103 78,652
Net book value
At 31 March 2023 1,414 54,786 56,200
At 31 March 2022 - 78,265 78,265
4 Debtors 2023 2022
£ £
Trade debtors 148,583 286,334
Other debtors 29,648 93,332
178,231 379,666
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 118,766 143,008
Taxation and social security costs 28,389 38,592
Other creditors 195,894 363,849
343,049 545,449
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 22,500 32,500
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 2,083
8 Other information
SCS Concepts Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Studley Court
Guildford Road
Chobham
Woking
GU24 8EB
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