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REGISTERED NUMBER: 07333551 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023

FOR

SCOTTS OF NORTON LIMITED

SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SCOTTS OF NORTON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTORS: Mr K Scott
Mrs S A Scott
Miss S Brain





SECRETARY: Mrs S A Scott





REGISTERED OFFICE: Norton Farm
Farlow
Kidderminster
Worcestershire
DY14 8TF





REGISTERED NUMBER: 07333551 (England and Wales)





ACCOUNTANTS: Stanton Ralph & Co Limited
Chartered Accountants
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)

ABRIDGED BALANCE SHEET
31ST AUGUST 2023

31.8.22 31.8.23
£    £    Notes £    £   
FIXED ASSETS
821,087 Tangible assets 4 845,194
3,640 Investments 5 3,640
824,727 848,834

CURRENT ASSETS
476,328 Stocks 608,411
38,570 Debtors 100,070
310,772 Cash at bank 82,342
825,670 790,823
CREDITORS
709,320 Amounts falling due within one year 654,083
116,350 NET CURRENT ASSETS 136,740
941,077 TOTAL ASSETS LESS CURRENT LIABILITIES 985,574

CREDITORS

(319,382

)
Amounts falling due after more than one
year

6

(298,767

)

(64,085 ) PROVISIONS FOR LIABILITIES (90,649 )
557,610 NET ASSETS 596,158

CAPITAL AND RESERVES
100 Called up share capital 8 100
557,510 Retained earnings 596,058
557,610 SHAREHOLDERS' FUNDS 596,158

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

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

The directors acknowledge their 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.

SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)

ABRIDGED BALANCE SHEET - continued
31ST AUGUST 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 19th January 2024 and were signed on its behalf by:





Mr K Scott - Director


SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023

1. STATUTORY INFORMATION

Scotts of Norton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold Improvements - 4% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Any impairments are adjusted through the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st September 2022 1,386,859
Additions 124,262
Disposals (12,848 )
At 31st August 2023 1,498,273
DEPRECIATION
At 1st September 2022 565,772
Charge for year 91,845
Eliminated on disposal (4,538 )
At 31st August 2023 653,079
NET BOOK VALUE
At 31st August 2023 845,194
At 31st August 2022 821,087

SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st September 2022 252,000
Additions 46,000
Transfer to ownership (72,000 )
At 31st August 2023 226,000
DEPRECIATION
At 1st September 2022 88,467
Charge for year 32,691
Transfer to ownership (25,920 )
At 31st August 2023 95,238
NET BOOK VALUE
At 31st August 2023 130,762
At 31st August 2022 163,533

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1st September 2022
and 31st August 2023 3,640
NET BOOK VALUE
At 31st August 2023 3,640
At 31st August 2022 3,640

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
31.8.23 31.8.22
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 220,107 212,722

7. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 244,107 250,642

The borrowings are secured by debentures in favour of Lloyds Bank Plc.

SCOTTS OF NORTON LIMITED (REGISTERED NUMBER: 07333551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
100 Ordinary £1 100 100