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S C (Holdings) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2023

Registration number: 08290354

 

S C (Holdings) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

S C (Holdings) Limited

Balance Sheet

31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

117,450

117,450

Current assets

 

Debtors

5

433,488

353,866

Cash at bank and in hand

 

1,575

41,255

 

435,063

395,121

Creditors: Amounts falling due within one year

6

(340,864)

(239,165)

Net current assets

 

94,199

155,956

Net assets

 

211,649

273,406

Capital and reserves

 

Called up share capital

7

125

125

Profit and loss account

211,524

273,281

Shareholders' funds

 

211,649

273,406

 

S C (Holdings) Limited

Balance Sheet

31 May 2023

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 January 2024
 

.........................................
Mr S T Collingwood
Director

Company Registration Number: 08290354

 

S C (Holdings) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 Marston Park
Frome
Somerset
BA11 5BS

These financial statements were authorised for issue by the director on 29 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is comprised of management charges to the subsidiary company. The revenue is recognised as management services are provided.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

S C (Holdings) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term and other debtors and creditors;
• Short term inter-company balances; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investments

2023
£

2022
£

Investments in subsidiaries

117,450

117,450

Subsidiaries

£

Cost or valuation

At 1 June 2022

117,450

Carrying amount

At 31 May 2023

117,450

At 31 May 2022

117,450

 

S C (Holdings) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2023

5

Debtors

2023
£

2022
£

Other debtors

433,488

353,866

433,488

353,866

6

Creditors

2023
£

2022
£

Due within one year

Amounts due to group undertakings

337,970

237,651

Accruals

1,600

1,514

Corporation tax

1,294

-

340,864

239,165

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

B Shares of £1 each

25

25

25

25

 

125

125

125

125

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

There is a composite company unlimited multilateral guarantee given by Marston Foods Limited and S C (Holdings) Limited in respect of bank borrowings.The total amount of guarantees not included in the balance sheet is £188,279 (2022 - £282,521).

 

S C (Holdings) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2023

9

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

A Director

Loan - interest free, due on demand

326,555

347,110

(347,110)

326,555

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

A Director

Loan - interest free, due on demand

60,645

379,910

(114,000)

326,555