Registered number
SC177136
Damian Scott Limited
Filleted Accounts
30 November 2023
Damian Scott Limited
Registered number: SC177136
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,970 2,462
Investments 4 80,798 80,798
82,768 83,260
Current assets
Stocks 375,390 266,593
Debtors 5 14,543 7,652
Cash at bank and in hand 14,171 14,850
404,104 289,095
Creditors: amounts falling due within one year 6 (188,879) (56,359)
Net current assets 215,225 232,736
Net assets 297,993 315,996
Capital and reserves
Called up share capital 368,000 368,000
Profit and loss account (70,007) (52,004)
Shareholders' funds 297,993 315,996
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.
Damian Scott
Director
Approved by the board on 4 April 2024
Damian Scott Limited
Notes to the Accounts
for the year ended 30 November 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Equipment 20% Reducing balance
Investments
Investments are stated at cost.
Stocks
Stocks are measured at the lower of cost and estimated selling price.
Debtors
Short term debtors are measured at transaction price which is usually the invoice prices.
Creditors
Short term creditors are measured at transaction price which is usually the invoice price.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment
£
Cost
At 1 December 2022 28,325
At 30 November 2023 28,325
Depreciation
At 1 December 2022 25,863
Charge for the year 492
At 30 November 2023 26,355
Net book value
At 30 November 2023 1,970
At 30 November 2022 2,462
4 Investments
Other
investments
£
Cost
At 1 December 2022 80,798
At 30 November 2023 80,798
5 Debtors 2023 2022
£ £
Trade debtors 12,690 7,652
Other debtors 1,853 -
14,543 7,652
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 72 32
Taxation and social security costs 105 1,478
Other creditors 188,702 54,849
188,879 56,359
7 Related party transactions
Damian Scott is the director of the company and the amount due to him was £144,127 (2022-£19,127).Damian Scott is a director of Bruford and Heming (London) Ltd .There was a balance due to them of NIL included in trade creditors (2022-NIL).
8 Controlling party
The company is controlled by Damian Scott by virtue of his shareholding.
9 Other information
Damian Scott Limited is a private company limited by shares and incorporated in England. Its registered office is:
Glengar
Penpoint
Thornhill
Dumfriesshire
DG3 4NB
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