REGISTERED NUMBER: |
Scott Oil Technology Tools Ltd |
Financial Statements For The Year Ended 31 July 2023 |
REGISTERED NUMBER: |
Scott Oil Technology Tools Ltd |
Financial Statements For The Year Ended 31 July 2023 |
Scott Oil Technology Tools Ltd (Registered number: SC427492) |
Contents of the Financial Statements |
For The Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Scott Oil Technology Tools Ltd |
Company Information |
For The Year Ended 31 July 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 North Guildry Street |
Elgin |
Moray |
IV30 1JR |
BANKERS: |
PO Box 1000 |
Forres |
BX2 1LB |
Scott Oil Technology Tools Ltd (Registered number: SC427492) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges her 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Scott Oil Technology Tools Ltd (Registered number: SC427492) |
Notes to the Financial Statements |
For The Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Scott Oil Technology Tools Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Equipment | - |
Going concern |
The statement of financial position shows a deficit on shareholders funds of £21, 384. The shareholder has confirmed that he will maintain this level of support to enable the company to continue to operate for the foreseeable future. Throughout the year, the company has been negotiating a significant investment into the company. The directors are confident in securing this investment in the following financial year. The accounts are therefore drawn up on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Other debtors |
Scott Oil Technology Tools Ltd (Registered number: SC427492) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Ordinary | .01 | 1,000 | 1,000 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 | ( |
) |
Profit for the year |
At 31 July 2023 | ( |
) |
10. | CONTINGENT LIABILITIES |
Provision has been made in these accounts for a VAT penalty of £10,000, which is the director's best estimate of the likely eventual liability. |
However, this dispute arises from an assessment raised by HMRC on 17 February 2018 in respect of the 31 March 2017 VAT return. The penalty notice amounting to £247,666.55 relates to the transfer of assets from a related party to Scott Oil Technology Limited. |
The company has obtained opinion from legal Council as part of the appeal process against the penalty notice which is ongoing and the director is therefore confident that the current provision is adequate. |
11. | RELATED PARTY DISCLOSURES |
At 31 July 2022 the company was owed £6,845 by Spaceport Scotland Ltd, a company under common control. During the year Scott Oil Technology Tools Ltd paid expenses on behalf of Spaceport Scotland Ltd totalling £4,443 and Spaceport Scotland Ltd repaid £933. At 31 July 2023 Spaceport Scotland owed the company £10,365. |
At 31 July 2022 and 31 July 2023 the company owed £5,986 to Scotland Electronics Ltd, a company under common control. |
Scott Oil Technology Tools Ltd (Registered number: SC427492) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |