Company registration number SC241058 (Scotland)
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,995
24,030
Current assets
Debtors
4
924,815
918,682
Cash at bank and in hand
466,871
255,454
1,391,686
1,174,136
Creditors: amounts falling due within one year
5
(665,786)
(552,732)
Net current assets
725,900
621,404
Total assets less current liabilities
781,895
645,434
Provisions for liabilities
6
(11,862)
(2,394)
Net assets
770,033
643,040
Capital and reserves
Called up share capital
7
10,800
10,800
Share premium account
22,300
22,300
Profit and loss reserves
736,933
609,940
Total equity
770,033
643,040
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 2 April 2024 and are signed on its behalf by:
Mr I J Fraser
Director
Company Registration No. SC241058
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
First Scottish Document Management Limited is a private company limited by shares incorporated in Scotland. The registered office is St. Davids House, St. David's Drive, Dalgety Bay, Fife, KY11 9NB.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, based on the current financial position of the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has a good level of reserves and the support of the group, which they consider to be more than adequate. Accordingly the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have considered a period of 12 months from the date of approval of the financial statements.
1.3
Turnover
Turnover represents amounts receivable for scanning and storage provided and is stated net of VAT.
Revenue for the provision of scanning and storage services is recognised as and when the services are provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10 years straight line
Scanners
4 years straight line
Motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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 subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2022 - 19).
2023
2022
Number
Number
Total
16
19
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
203,781
129,707
333,488
Additions
57,995
57,995
At 31 December 2023
203,781
187,702
391,483
Depreciation and impairment
At 1 January 2023
199,750
109,708
309,458
Depreciation charged in the year
4,031
21,999
26,030
At 31 December 2023
203,781
131,707
335,488
Carrying amount
At 31 December 2023
55,995
55,995
At 31 December 2022
4,031
19,999
24,030
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
124,705
120,482
Corporation tax recoverable
1,910
Amounts owed by group undertakings
798,200
798,200
924,815
918,682
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,537
788
Amounts owed to group undertakings
633,928
478,673
Corporation tax
39,649
Other taxation and social security
8,914
14,139
Other creditors
8,407
19,483
665,786
552,732
6
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
11,862
2,394
2023
Movements in the year:
£
Liability at 1 January 2023
2,394
Charge to profit or loss
9,468
Liability at 31 December 2023
11,862
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,800 Ordinary Shares of £1 each
10,800
10,800
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
FIRST SCOTTISH DOCUMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Andrew Croxford
Statutory Auditor:
Thomson Cooper
Date of audit report:
2 April 2024
9
Related party transactions
The company is claiming exemption from disclosing transactions with other group companies under paragraph 33.1A of FRS 102.
10
Ultimate parent company and control
During the period ended 20 December 2022, the ultimate parent company was Puma Topco Limited, a company registered in England. Harold Hansen was the ultimate controlling party during this period, by virtue of his shareholding in Puma Topco Limited. On 21 December 2022 the ultimate parent company became TIC Holdco Limited, a company registered in England. The ultimate controlling party became Peter Dubens, on 21 December 2022, by virtue of his shareholding in TIC Holdco Limited.