Registered number
14702596
Alan Scott Ltd
Filleted Accounts
31 March 2024
Alan Scott Ltd
Registered number: 14702596
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Tangible assets 3 469
Current assets
Stocks 80,000
Cash at bank and in hand 2,549
82,549
Creditors: amounts falling due within one year 4 (116,661)
Net current liabilities (34,112)
Net liabilities (33,643)
Capital and reserves
Called up share capital 100
Profit and loss account (33,743)
Shareholder's funds (33,643)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Scott
Director
Approved by the board on 26 July 2024
Alan Scott Ltd
Notes to the Accounts
for the period from 3 March 2023 to 31 March 2024
1 Accounting policies
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). The company is currently insolvent but continues to trade with the support of its crediotrs and an inter company loan from a company under the same control. The Director is actively seeking other streams of income in the coming year. The Director is also seeking outside investment to develop the company and product further.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, as follows:
Plant and machinery 15% reducing balance
Creditors
Short term creditors are measured at transaction price (which is 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 500
At 31 March 2024 500
Depreciation
Charge for the period 31
At 31 March 2024 31
Net book value
At 31 March 2024 469
4 Creditors: amounts falling due within one year 2024
£
Trade creditors 80,925
Taxation and social security costs 1,968
Other creditors 33,768
116,661
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A Scott
Directors loan account - (100) 2,368 2,268
- (100) 2,368 2,268
6 Related party transactions
A Bureau (2021) Ltd, a company under the same control, loaned the company £31,500 during the year. No repayments have been made and the balance outstanding as at 31 March 2024 is £31,500.00. The loan is interest free and repayable upon demand.
7 Controlling party
The company is controlled by its Director.
8 Other information
Alan Scott Ltd is a private company limited by shares and incorporated in England. Its registered office is:
4 High Street
Stanley
Co Durham
DH9 0DQ
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