REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Scott Storage Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Scott Storage Ltd |
Scott Storage Ltd (Registered number: 03037683) |
Contents of the Financial Statements |
for the year ended 31 August 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Scott Storage Ltd |
Company Information |
for the year ended 31 August 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
2 Northgate |
SLEAFORD |
Lincolnshire |
NG34 7BL |
Scott Storage Ltd (Registered number: 03037683) |
Abridged Statement of Financial Position |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 Storage Ltd (Registered number: 03037683) |
Abridged Statement of Financial Position - continued |
31 August 2023 |
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 Storage Ltd (Registered number: 03037683) |
Notes to the Financial Statements |
for the year ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Scott Storage 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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Land and buildings and plant and machinery held and used in the company's own activities are included in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the financial statement position. |
Any revaluation increase or decrease on land and buildings and plant and machinery is taken to the revaluation reserve. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Scott Storage Ltd (Registered number: 03037683) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Scott Storage Ltd (Registered number: 03037683) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Cost or valuation at 31 August 2023 is represented by: |
Totals |
£ |
Valuation in 2018 | 143,310 |
Valuation in 2020 | 11,462 |
Valuation in 2021 | 155,000 |
Cost | 1,689,409 |
1,999,181 |
If property and plant had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,322,495 | 1,322,495 |
Aggregate depreciation | 224,456 | 210,687 |
Value of land in freehold land and buildings | 368,259 | 368,259 |
Scott Storage Ltd (Registered number: 03037683) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
The freehold land and buildings were valued on an open market basis by an interim valuation on 23 March 2021 by Boothby Property Consultancy Limited FRICS. |
A revaluation was completed on the full plant and machinery asset category ,by the Director, to bring the values to their estimated market value as at 31 August 2021. This has resulted in an upward valuation of the asset category of £155,000. There is no tax effect on this revaluation. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 September 2022 | 78,900 |
Additions | 92,934 |
Disposals | (56,000 | ) |
Transfer to ownership | (22,900 | ) |
At 31 August 2023 | 92,934 |
DEPRECIATION |
At 1 September 2022 | 26,491 |
Charge for year | 5,808 |
Eliminated on disposal | (25,835 | ) |
Transfer to ownership | (656 | ) |
At 31 August 2023 | 5,808 |
NET BOOK VALUE |
At 31 August 2023 | 87,126 |
At 31 August 2022 | 52,409 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 185,643 | 205,525 |
Scott Storage Ltd (Registered number: 03037683) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
6. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 76,903 | 44,513 |
The bank loan is secured by a fixed and floating charge over the assets of the company. |
Hire purchase agreements are secured on the assets to which they relate. |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loan is unsecured. |
Interest has been charged as per the HMRC beneficial loan interest rate. |