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Registration number: 12256003

Scout Investments Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 October 2023

 

Scout Investments Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Scout Investments Ltd

Company Information

Directors

Sharron Vincent

Christopher John Vincent

Hollie Vincent

Registered office

Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

Accountants

Beans Accountants Ltd
Chartered Accountant
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

Scout Investments Ltd

(Registration number: 12256003)
Abridged Balance Sheet as at 30 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

300,000

300,000

Current assets

 

Debtors

5

1,620

-

Cash at bank and in hand

 

6,116

9,387

 

7,736

9,387

Creditors: Amounts falling due within one year

(22,876)

(88,893)

Net current liabilities

 

(15,140)

(79,506)

Total assets less current liabilities

 

284,860

220,494

Creditors: Amounts falling due after more than one year

(246,000)

(170,801)

Provisions for liabilities

(11,243)

(11,243)

Accruals and deferred income

 

(1,877)

(660)

Net assets

 

25,740

37,790

Capital and reserves

 

Called up share capital

6

150

150

Other reserves

47,929

47,929

Retained earnings

(22,339)

(10,289)

Shareholders' funds

 

25,740

37,790

For the financial year ending 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Scout Investments Ltd

(Registration number: 12256003)
Abridged Balance Sheet as at 30 October 2023 (continued)

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................

Christopher John Vincent

Director

 

Scout Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL
United Kingdom

These financial statements were authorised for issue by the Board on 26 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Scout Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 October 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3 years straight line

Investment property

Investment property is carried at fair value, as determined by management, derived from the current market prices for comparable real estate. Properties are formally revalued every three years by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Scout Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 October 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 30 October 2023

Investment properties

 

Scout Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 October 2023 (continued)

4

Tangible assets (continued)

2023
£

At 31 October

240,828

Fair value adjustments

59,172

At 30 October

300,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

150

150

150

150

       

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Non-distributable reserve
£

Retained earnings
£

Out of balance to Other comprehensive income category

(47,929)

47,929

Deferred tax at 19% of the revaluation amount has been provided.

8

Dividends

9

Related party transactions

Loans from related parties

 

Scout Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 October 2023 (continued)

9

Related party transactions (continued)

2023

Key management
£

Total
£

At start of period

88,894

88,894

Repaid

(66,017)

(66,017)

At end of period

22,877

22,877

2022

Key management
£

Total
£

At start of period

78,894

78,894

Advanced

10,000

10,000

At end of period

88,894

88,894

Terms of loans from related parties

The Directors have made interest free loans to the Company that are repayable on demand.