2022-08-012023-07-312023-07-31false06880758SCOTT TRAILERS 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SCOTT TRAILERS LIMITED

Registered Number
06880758
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

SCOTT TRAILERS LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

Mrs KB Chadwick
Mr CE Harper
Mrs MM Harper
Mr BW Scott
Ms CE Scott
Mrs JM Scott

Registered Address

The Office 33 West End
Walcott
Lincoln
LN4 3ST

Registered Number

06880758 (England and Wales)
SCOTT TRAILERS LIMITED
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets377,62591,125
Tangible assets434,01942,633
111,644133,758
Current assets
Stocks5704,848285,883
Debtors6107,721118,269
Cash at bank and on hand100,429330,647
912,998734,799
Creditors amounts falling due within one year7(641,457)(542,858)
Net current assets (liabilities)271,541191,941
Total assets less current liabilities383,185325,699
Provisions for liabilities8(5,017)(6,240)
Net assets378,168319,459
Capital and reserves
Called up share capital100100
Profit and loss account378,068319,359
Shareholders' funds378,168319,459
The financial statements were approved and authorised for issue by the Board of Directors on 23 April 2024, and are signed on its behalf by:
Mrs MM Harper
Director
Registered Company No. 06880758
SCOTT TRAILERS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Goodwill 5% straight line method
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment33
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year1010
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 August 22270,000270,000
At 31 July 23270,000270,000
Amortisation and impairment
At 01 August 22178,875178,875
Charge for year13,50013,500
At 31 July 23192,375192,375
Net book value
At 31 July 2377,62577,625
At 31 July 2291,12591,125
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 August 229,98367,77517,50011,219106,477
Disposals-(4,064)--(4,064)
At 31 July 239,98363,71117,50011,219102,413
Depreciation and impairment
At 01 August 22-41,15115,6527,04163,844
Charge for year-6,6174621,3798,458
On disposals-(3,908)--(3,908)
At 31 July 23-43,86016,1148,42068,394
Net book value
At 31 July 239,98319,8511,3862,79934,019
At 31 July 229,98326,6241,8484,17842,633
5.Stocks

2023

2022

££
Work in progress704,848285,883
Total704,848285,883
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables100,532112,485
Other debtors1,025129
Prepayments and accrued income6,1645,655
Total107,721118,269
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables395,716303,574
Taxation and social security46,91558,319
Other creditors198,826180,965
Total641,457542,858
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)5,0176,240
Total5,0176,240