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REGISTERED NUMBER: 01919318 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

J. Scott Engineering Limited

J. Scott Engineering Limited (Registered number: 01919318)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J. Scott Engineering Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: J Scott
Mrs S E Scott



SECRETARY: J Scott



REGISTERED OFFICE: Little Wold
North Dalton
Driffield
EAST YORKSHIRE
YO25 9UZ



REGISTERED NUMBER: 01919318 (England and Wales)



ACCOUNTANTS: Fisher & Company Limited
Kingfisher House
65 Market Place
Market Weighton
York
East Riding of Yorks
YO43 3AN



SOLICITORS: Pinkney Grunwells Lawyers L.L.P.
8 & 10 Quay Road
Bridlington
East Yorkshire
YO15 2AP

J. Scott Engineering Limited (Registered number: 01919318)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 238,846 268,604
Investments 5 275,198 278,773
514,044 547,377

CURRENT ASSETS
Inventories 62,950 149,947
Debtors 6 164,342 304,217
Cash at bank and in hand 496,618 232,483
723,910 686,647
CREDITORS
Amounts falling due within one year 7 177,346 283,442
NET CURRENT ASSETS 546,564 403,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,060,608

950,582

PROVISIONS FOR LIABILITIES 26,190 30,420
NET ASSETS 1,034,418 920,162

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 8 100,960 104,773
Retained earnings 932,458 814,389
SHAREHOLDERS' FUNDS 1,034,418 920,162

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

J. Scott Engineering Limited (Registered number: 01919318)

Statement of Financial Position - continued
31 May 2023


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 Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:





J Scott - Director


J. Scott Engineering Limited (Registered number: 01919318)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

J. Scott Engineering 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 as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the directors historical experience and knowledge as well as other factors which may be considered relevant, as a result the actual results may differ from these estimates.

The estimates and underlying assumptions applied are reviewed by the directors on an ongoing basis.

Revisions to these accounting estimates are recognised in the period to which the the revisions have been , revised where these revisions affect only that period, or in the period of revision and future periods where this revision would affect both current and future periods.

Revenue recognition
(i) Contract income: Revenue for contracted work is recognised when the contract has been completed and delivered and legal title of the goods supplied has passed to the customer, sales are made on a credit basis, the amounts reported are net of VAT, where applicable and trade discounts.

(ii) Interest income: Interest income is recognised using the effective interest rate method.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost less estimated residual value, of each item on a systematic basis over their expected useful lives as follows:

Land and buildings- not provided and straight line over 25 years
Plant and machinery etc- between 10% to 33% on a reducing balance basis and
25% on cost.

The land element of land and buildings is not depreciated.

Assets held under hire purchase agreements of finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount fo the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

J. Scott Engineering Limited (Registered number: 01919318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Inventories and work in progress
Inventories relate to material stocks and parts and consumable stocks held, these are stated at the lower of cost and estimated selling price less costs to sale. Inventories are recognised as an expenses in the period in which the related revenue is recognised.

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Work in progress is recognised by way of material stocks and labour costs allocated to each contract not completed at the balance sheet date.

Financial instruments
The company has elected to apply the provisions of section 11 and section 12 of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions relating to the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there in an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets:

Basic financial assets, which include trade receivable, cash and bank balances are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Basic financial liabilities, including creditors, loans from related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounts at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors represent obligations to pay for goods and services provided to the company in the ordinary course of business from suppliers. Amounts payable are classifies as current liabilities if payment is due within one year, if not they are presented as amounts due for payment in excess of one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Cash and cash equivalents:

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held with the bank.


J. Scott Engineering Limited (Registered number: 01919318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Current and deferred taxation
Taxation expenses for the year comprises current and deferred tax recognised in the reporting period. 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 represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of the income and expense in the assessments in periods different from those in which they are recognised in the financial statements.

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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Listed investments
Listed investments are reported as fixed asset investments and are disclosed at their fair values at each financial year end. The change in valuation is disclosed as a direct movement to the fair value reserve and is not distributable to the members, any affect in taxation resulting from gains or losses are record as movements to the deferred taxation balance.

Income and transactions costs are reported to the profit and loss as incurred.

J. Scott Engineering Limited (Registered number: 01919318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in the making of financial and operating policy decisions, or has overall or joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company a joint venture in which the company is a party to;

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to within (i) or is an entity under the control, joint control or has significant influence of such individuals;

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company;

(vii) the party, or any member of a group of which it is part of, provides key management personnel services to the company or the group.

Close family members of an individual are those family members who may be expected to influence or be influenced by, the relevant individuals in their dealings with the entity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 279,130 592,239 871,369
Additions - 1,224 1,224
At 31 May 2023 279,130 593,463 872,593
DEPRECIATION
At 1 June 2022 192,564 410,201 602,765
Charge for year 7,603 23,379 30,982
At 31 May 2023 200,167 433,580 633,747
NET BOOK VALUE
At 31 May 2023 78,963 159,883 238,846
At 31 May 2022 86,566 182,038 268,604

Included in cost of land and buildings is freehold land of £ 15,716 (2022 - £ 15,716 ) which is not depreciated.

J. Scott Engineering Limited (Registered number: 01919318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

5. FIXED ASSET INVESTMENTS

Listed
investments
£
Valuation at 1 June 2022 278,773
Additions and disposals at cost during the period 237
Fair value revaluation for the period (3,812 )
Valuation as at 31 May 2023 275,198

Fixed asset investments revalued

All listed investments are carried at their fair value. Investments in equities, fixed interest and other securities are all traded in quoted public markets for which market prices are readily available.

At each year end the investments are valued by the various investment fund managers and the change in valuation is reported directly through the fair value reserve.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135,202 279,125
Other debtors 29,140 25,092
164,342 304,217

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 70,343 165,174
Taxation and social security 73,912 61,686
Other creditors 33,091 56,582
177,346 283,442

8. RESERVES
Fair
value
reserve
£   
At 1 June 2022 104,773
Movement in revaluation (3,813 )

At 31 May 2023 100,960

J. Scott Engineering Limited (Registered number: 01919318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
J Scott and Mrs S E Scott
Balance outstanding at start of year (47,052 ) (24,219 )
Amounts advanced 53,688 38,368
Amounts repaid (30,000 ) (61,201 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (23,364 ) (47,052 )

The current account facility has been provided on an unsecured and interest free basis and at all times remains repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The controlling party is J Scott.

The ultimate controlling party is J Scott.