IRIS Accounts Production v23.4.0.336 SC266297 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2662972022-12-31SC2662972023-12-31SC2662972023-01-012023-12-31SC2662972021-12-31SC2662972022-01-012022-12-31SC2662972022-12-31SC266297ns15:Scotland2023-01-012023-12-31SC266297ns14:PoundSterling2023-01-012023-12-31SC266297ns10:Director12023-01-012023-12-31SC266297ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC266297ns10:SmallEntities2023-01-012023-12-31SC266297ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC266297ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC266297ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC266297ns10:FullAccounts2023-01-012023-12-31SC266297ns10:Director22023-01-012023-12-31SC266297ns10:Director32023-01-012023-12-31SC266297ns10:CompanySecretary12023-01-012023-12-31SC266297ns10:RegisteredOffice2023-01-012023-12-31SC266297ns5:CurrentFinancialInstruments2023-12-31SC266297ns5:CurrentFinancialInstruments2022-12-31SC266297ns5:Non-currentFinancialInstruments2023-12-31SC266297ns5:Non-currentFinancialInstruments2022-12-31SC266297ns5:ShareCapital2023-12-31SC266297ns5:ShareCapital2022-12-31SC266297ns5:RetainedEarningsAccumulatedLosses2023-12-31SC266297ns5:RetainedEarningsAccumulatedLosses2022-12-31SC266297ns5:LeaseholdImprovements2022-12-31SC266297ns5:PlantMachinery2022-12-31SC266297ns5:FurnitureFittings2022-12-31SC266297ns5:LeaseholdImprovements2023-01-012023-12-31SC266297ns5:PlantMachinery2023-01-012023-12-31SC266297ns5:FurnitureFittings2023-01-012023-12-31SC266297ns5:LeaseholdImprovements2023-12-31SC266297ns5:PlantMachinery2023-12-31SC266297ns5:FurnitureFittings2023-12-31SC266297ns5:LeaseholdImprovements2022-12-31SC266297ns5:PlantMachinery2022-12-31SC266297ns5:FurnitureFittings2022-12-31SC266297ns5:MotorVehicles2022-12-31SC266297ns5:ComputerEquipment2022-12-31SC266297ns5:MotorVehicles2023-01-012023-12-31SC266297ns5:ComputerEquipment2023-01-012023-12-31SC266297ns5:MotorVehicles2023-12-31SC266297ns5:ComputerEquipment2023-12-31SC266297ns5:MotorVehicles2022-12-31SC266297ns5:ComputerEquipment2022-12-31SC266297ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC266297ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: SC266297 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Scott Paints IND Limited

Scott Paints IND Limited (Registered number: SC266297)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Scott Paints IND Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs M H Love
Mr D Love
S S Love





SECRETARY: D Love





REGISTERED OFFICE: Cowan & Partners
60 Constitution Street
Leith
Edinburgh
MIDLOTHIAN
EH6 6RR





REGISTERED NUMBER: SC266297 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Scott Paints IND Limited (Registered number: SC266297)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,403 24,775

CURRENT ASSETS
Stocks 68,844 60,026
Debtors 5 292,325 283,670
Cash at bank and in hand 122,697 108,623
483,866 452,319
CREDITORS
Amounts falling due within one year 6 133,218 136,114
NET CURRENT ASSETS 350,648 316,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

392,051

340,980

CREDITORS
Amounts falling due after more than one year 7 (4,125 ) -

PROVISIONS FOR LIABILITIES (7,698 ) (2,691 )
NET ASSETS 380,228 338,289

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 380,128 338,189
SHAREHOLDERS' FUNDS 380,228 338,289

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

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

Scott Paints IND Limited (Registered number: SC266297)

Balance Sheet - continued
31 December 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 5 March 2024 and were signed on its behalf by:





Mr D Love - Director


Scott Paints IND Limited (Registered number: SC266297)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Scott Paints IND Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Improvements to property - Not depreciated as they have held their value
Plant and Machinery- 25% RB
Fixtures and Fittings - 25% RB
Motor Vehicles - 25% RB
Computer equipment - 33.3%

Impairment


Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate

Taxation
Taxation for the year comprises current and deferred tax. 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Scott Paints IND Limited (Registered number: SC266297)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 10,613 42,192 2,634
Additions - 1,500 1,393
Disposals - - -
At 31 December 2023 10,613 43,692 4,027
DEPRECIATION
At 1 January 2023 - 35,756 2,446
Charge for year - 1,984 395
Eliminated on disposal - - -
At 31 December 2023 - 37,740 2,841
NET BOOK VALUE
At 31 December 2023 10,613 5,952 1,186
At 31 December 2022 10,613 6,436 188

Scott Paints IND Limited (Registered number: SC266297)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 41,101 10,000 106,540
Additions 28,750 - 31,643
Disposals (17,760 ) - (17,760 )
At 31 December 2023 52,091 10,000 120,423
DEPRECIATION
At 1 January 2023 33,563 10,000 81,765
Charge for year 7,884 - 10,263
Eliminated on disposal (13,008 ) - (13,008 )
At 31 December 2023 28,439 10,000 79,020
NET BOOK VALUE
At 31 December 2023 23,652 - 41,403
At 31 December 2022 7,538 - 24,775

No indicators of impairment were noted during the year.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 292,325 283,670

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 4,500 -
Trade creditors 3,613 2,050
Taxation and social security 93,362 97,822
Other creditors 31,743 36,242
133,218 136,114

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 4,125 -