2 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 105,601 13,357 118,958 80,329 15,015 95,344 23,614 25,272 xbrli:pure xbrli:shares iso4217:GBP 10544211 2023-01-01 2023-12-31 10544211 2023-12-31 10544211 2022-12-31 10544211 2022-01-01 2022-12-31 10544211 2022-12-31 10544211 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10544211 bus:Director1 2023-01-01 2023-12-31 10544211 core:WithinOneYear 2023-12-31 10544211 core:WithinOneYear 2022-12-31 10544211 core:PlantMachinery 2022-12-31 10544211 core:PlantMachinery 2023-12-31 10544211 core:PlantMachinery 2023-01-01 2023-12-31 10544211 core:AfterOneYear 2023-12-31 10544211 core:AfterOneYear 2022-12-31 10544211 core:ShareCapital 2023-12-31 10544211 core:ShareCapital 2022-12-31 10544211 core:RetainedEarningsAccumulatedLosses 2023-12-31 10544211 core:RetainedEarningsAccumulatedLosses 2022-12-31 10544211 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10544211 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10544211 core:PlantMachinery 2022-12-31 10544211 bus:SmallEntities 2023-01-01 2023-12-31 10544211 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10544211 bus:FullAccounts 2023-01-01 2023-12-31 10544211 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10544211 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10544211 bus:OrdinaryShareClass1 2023-12-31 10544211 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 10544211
SCENTWORKS SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
SCENTWORKS SOLUTIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
SCENTWORKS SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
23,614
25,272
CURRENT ASSETS
Stocks
6
46,037
40,560
Debtors
7
40,011
28,923
Cash at bank and in hand
39,882
67,636
----------
----------
125,930
137,119
CREDITORS: amounts falling due within one year
8
51,394
98,919
----------
----------
NET CURRENT ASSETS
74,536
38,200
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
98,150
63,472
CREDITORS: amounts falling due after more than one year
9
7,526
12,521
PROVISIONS
Taxation including deferred tax
5,896
4,802
---------
---------
NET ASSETS
84,728
46,149
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
1
1
Profit and loss account
84,727
46,148
---------
---------
SHAREHOLDERS FUNDS
84,728
46,149
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SCENTWORKS SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 March 2024 , and are signed on behalf of the board by:
D. P. Thompson
Director
Company registration number: 10544211
SCENTWORKS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 139 Beaconside, South Shields, NE34 7PT, Tyne & Wear.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10 to 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Plant & machinery
£
Cost
At 1st January 2023
105,601
Additions
13,357
----------
At 31st December 2023
118,958
----------
Depreciation
At 1st January 2023
80,329
Charge for the year
15,015
----------
At 31st December 2023
95,344
----------
Carrying amount
At 31st December 2023
23,614
----------
At 31st December 2022
25,272
----------
6. STOCKS
2023
2022
£
£
Stock
46,037
40,560
---------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
39,829
27,591
Prepayments
182
1,230
Other debtors
102
---------
---------
40,011
28,923
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
4,950
4,900
Trade creditors
72
Accruals and deferred income
4,751
7,326
Corporation tax
10,418
7,112
Social security and other taxes
12,924
8,283
Director loan accounts
18,351
71,226
---------
---------
51,394
98,919
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
7,526
12,521
-------
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
5,896
4,802
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
5,896
4,802
-------
-------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. RELATED PARTY TRANSACTIONS
A director's loan account processes the transactions between D. P. Thompson and Scentworks Solutions Limited. At the year end the balance on this loan account was £18,351 (2022: £71,226). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.