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REGISTERED NUMBER: SC427492 (Scotland)















Scott Oil Technology Tools Ltd

Financial Statements For The Year Ended 31 July 2023






Scott Oil Technology Tools Ltd (Registered number: SC427492)






Contents of the Financial Statements
For The Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Scott Oil Technology Tools Ltd

Company Information
For The Year Ended 31 July 2023







DIRECTOR: Ms S S C Ramsay



SECRETARY: Ms S A Ramsay



REGISTERED OFFICE: Seaview
Findhorn
Moray
IV36 3YE



REGISTERED NUMBER: SC427492 (Scotland)



ACCOUNTANTS: Cathedral Accountancy
4 North Guildry Street
Elgin
Moray
IV30 1JR



BANKERS: Bank of Scotland
PO Box 1000
Forres
BX2 1LB

Scott Oil Technology Tools Ltd (Registered number: SC427492)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £   
CURRENT ASSETS
Debtors 5 12,137 10,394
Cash at bank - 25
12,137 10,419
CREDITORS
Amounts falling due within one year 6 27,159 34,835
NET CURRENT LIABILITIES (15,022 ) (24,416 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(15,022

)

(24,416

)

CREDITORS
Amounts falling due after more than one
year

7

6,116

6,116
NET LIABILITIES (21,138 ) (30,532 )

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 9 (22,138 ) (31,532 )
SHAREHOLDERS' FUNDS (21,138 ) (30,532 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 August 2023 and were signed by:




Ms S S C Ramsay - Director


Scott Oil Technology Tools Ltd (Registered number: SC427492)

Notes to the Financial Statements
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Scott Oil Technology Tools Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 33% on cost

Going concern
The statement of financial position shows a deficit on shareholders funds of £21, 384. The shareholder has confirmed that he will maintain this level of support to enable the company to continue to operate for the foreseeable future. Throughout the year, the company has been negotiating a significant investment into the company. The directors are confident in securing this investment in the following financial year. The accounts are therefore drawn up on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 August 2022
and 31 July 2023 1,125
DEPRECIATION
At 1 August 2022
and 31 July 2023 1,125
NET BOOK VALUE
At 31 July 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 12,137 10,394

Scott Oil Technology Tools Ltd (Registered number: SC427492)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 1,722 1,680
Taxation and social security 9,101 1,669
Other creditors 16,336 31,486
27,159 34,835

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 6,116 6,116

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100,000 Ordinary .01 1,000 1,000

9. RESERVES
Retained
earnings
£   

At 1 August 2022 (31,532 )
Profit for the year 9,394
At 31 July 2023 (22,138 )

10. CONTINGENT LIABILITIES

Provision has been made in these accounts for a VAT penalty of £10,000, which is the director's best estimate of the likely eventual liability.
However, this dispute arises from an assessment raised by HMRC on 17 February 2018 in respect of the 31 March 2017 VAT return. The penalty notice amounting to £247,666.55 relates to the transfer of assets from a related party to Scott Oil Technology Limited.
The company has obtained opinion from legal Council as part of the appeal process against the penalty notice which is ongoing and the director is therefore confident that the current provision is adequate.

11. RELATED PARTY DISCLOSURES

At 31 July 2022 the company was owed £6,845 by Spaceport Scotland Ltd, a company under common control. During the year Scott Oil Technology Tools Ltd paid expenses on behalf of Spaceport Scotland Ltd totalling £4,443 and Spaceport Scotland Ltd repaid £933. At 31 July 2023 Spaceport Scotland owed the company £10,365.

At 31 July 2022 and 31 July 2023 the company owed £5,986 to Scotland Electronics Ltd, a company under common control.

Scott Oil Technology Tools Ltd (Registered number: SC427492)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M J S Ramsay.