Company Registration No. 13741770 (England and Wales)
SCRABO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SCRABO LIMITED
COMPANY INFORMATION
Director
Mr P Harper
Company number
13741770
Registered office
Unit5 Marlborough Road
Wrexham Industrial Estate
Wrexham
LL13 9RJ
Accountants
Azets
First Floor
Unit 55 Ffordd William Morgan
St Asaph Business Park
St Asaph
United Kingdom
LL17 0JG
Business address
45 Rosemary Drive
Newton-le-Willows
United Kingdom
WA12 0BQ
SCRABO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SCRABO LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,400,000
685,000
Current assets
Debtors
5
100
100
Cash at bank and in hand
62,698
3,572
62,798
3,672
Creditors: amounts falling due within one year
6
(590)
(2,960)
Net current assets
62,208
712
Total assets less current liabilities
1,462,208
685,712
Creditors: amounts falling due after more than one year
7
(1,260,559)
(586,232)
Net assets
201,649
99,480
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
201,549
99,380
Total equity
201,649
99,480
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
Mr P Harper
Director
Company Registration No. 13741770
SCRABO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Scrabo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit5 Marlborough Road, Wrexham Industrial Estate, Wrexham, LL13 9RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents sales of services, except in respect of service contracts where turnover is recognised when the comapny obtains the right to consideration.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SCRABO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans re initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Investment property
2023
£
Fair value
At 1 December 2022
685,000
Additions
458,021
Revaluations
256,979
At 30 November 2023
1,400,000
SCRABO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
100
100
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
590
2,960
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
727,684
Other creditors
532,875
586,232
1,260,559
586,232
8
Events after the end of the reporting period
Mr Michael Dorrach resigned as a director and transferred all shares to Mr Patrick Harper on 6th December 2022, at this date the company owed Mr Michael Dorrach £535,425 as director's loans. Post resignaton, this amount was converted to a related party loan and an official loan contract drawn up between the company and Mr Michael Dorrach stipulating the terms of interest and repayments.
9
Directors' transactions
At the balance sheet there was a balance owed to the directors of £532,874.
The balance is repayable on demand.