Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity44truetrue SC424902 2023-01-01 2023-12-31 SC424902 2022-01-01 2022-12-31 SC424902 2023-12-31 SC424902 2022-12-31 SC424902 c:Director1 2023-01-01 2023-12-31 SC424902 c:Director2 2023-01-01 2023-12-31 SC424902 c:Director3 2023-01-01 2023-12-31 SC424902 c:Director4 2023-01-01 2023-12-31 SC424902 c:RegisteredOffice 2023-01-01 2023-12-31 SC424902 d:FreeholdInvestmentProperty 2023-12-31 SC424902 d:FreeholdInvestmentProperty 2022-12-31 SC424902 d:CurrentFinancialInstruments 2023-12-31 SC424902 d:CurrentFinancialInstruments 2022-12-31 SC424902 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC424902 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC424902 d:ShareCapital 2023-12-31 SC424902 d:ShareCapital 2022-12-31 SC424902 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC424902 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC424902 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC424902 c:OrdinaryShareClass1 2023-12-31 SC424902 c:OrdinaryShareClass1 2022-12-31 SC424902 c:OrdinaryShareClass2 2023-01-01 2023-12-31 SC424902 c:OrdinaryShareClass2 2023-12-31 SC424902 c:OrdinaryShareClass2 2022-12-31 SC424902 c:FRS102 2023-01-01 2023-12-31 SC424902 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC424902 c:FullAccounts 2023-01-01 2023-12-31 SC424902 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC424902 6 2023-01-01 2023-12-31 SC424902 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC424902










SCALLAFIELD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
SCALLAFIELD LIMITED
 

COMPANY INFORMATION


DIRECTORS
A M Anderson 
G B Anderson 
B G Anderson 
N A Anderson 




REGISTERED NUMBER
SC424902



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
SCALLAFIELD LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SCALLAFIELD LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scallafield Limited for the year ended 31 December 2023 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Scallafield Limited, as a body, in accordance with the terms of our engagement letter dated 26 February 2024Our work has been undertaken solely to prepare for your approval the financial statements of Scallafield Limited and state those matters that we have agreed to state to the Board of directors of Scallafield Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scallafield Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Scallafield Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Scallafield Limited. You consider that Scallafield Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Scallafield Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



EQ Accountants Limited
Chartered Accountants
14 City Quay
Dundee
DD1 3JA
18 April 2024
Page 1

 
SCALLAFIELD LIMITED
REGISTERED NUMBER: SC424902

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Investments
 3 
201,452
202,533

Investment property
 4 
54,365
54,365

  
255,817
256,898

Current assets
  

Debtors: amounts falling due within one year
 5 
360,478
81,847

Cash at bank and in hand
  
60,515
352,281

  
420,993
434,128

Creditors: amounts falling due within one year
 6 
(132,611)
(127,867)

Net current assets
  
 
 
288,382
 
 
306,261

Total assets less current liabilities
  
544,199
563,159

Provisions for liabilities
  

Deferred tax
  
(9,975)
(9,975)

  
 
 
(9,975)
 
 
(9,975)

Net assets
  
534,224
553,184


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
534,124
553,084

  
534,224
553,184


Page 2

 
SCALLAFIELD LIMITED
REGISTERED NUMBER: SC424902

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.




B G Anderson
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
SCALLAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Scallafield Limited is a limited company incorporated in Scotland. The registered office is Westby, 64 West High Street, Forfar, Angus, DD8 1BJ. The principle place of business is Seafield House, Ness of Sound, Shetland, ZE1 0RN.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

TURNOVER

Turnover arises from the leasing of land and royalties on stone extracted from borrow pits.

 
2.3

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
SCALLAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.6

VALUATION OF INVESTMENTS

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

 
2.8

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


FIXED ASSET INVESTMENTS





Listed investments

£



Cost or valuation


At 1 January 2023
202,533


Revaluations
(1,081)



At 31 December 2023
201,452




Page 5

 
SCALLAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


At 1 January 2023
54,365



At 31 December 2023
54,365

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 31 December 2023





5.


DEBTORS

2023
2022
£
£


Trade debtors
360,478
81,847

360,478
81,847



6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
128,391
127,147

Accruals and deferred income
4,220
720

132,611
127,867



7.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



60 (2022 - 60) Ordinary A shares of £1.00 each
60
60
40 (2022 - 40) Ordinary B shares of £1.00 each
40
40

100

100


Page 6

 
SCALLAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £80,000                      (2022 - £160,000).


Page 7