Company Registration No. 00757286 (England and Wales)
G. R. Scott LImited
Unaudited accounts
for the year ended 31 October 2023
G. R. Scott LImited
Unaudited accounts
Contents
G. R. Scott LImited
Company Information
for the year ended 31 October 2023
Company Number
00757286 (England and Wales)
Registered Office
NOVA SCOTIA WORKS
DALE ST
OSSETT
WEST YORKS
WF5 9HQ
Accountants
Walker Taylor Accountancy Services Ltd
Prestige Court
Beza Road
Leeds
West Yorkshire
LS10 2BD
G. R. Scott LImited
Statement of financial position
as at 31 October 2023
Intangible assets
8,520
10,240
Tangible assets
178,408
195,347
Cash at bank and in hand
103,569
63,025
Creditors: amounts falling due within one year
(139,484)
(184,394)
Net current assets
208,727
156,832
Total assets less current liabilities
395,655
362,419
Creditors: amounts falling due after more than one year
-
(11,575)
Provisions for liabilities
Deferred tax
(3,636)
(7,666)
Net assets
392,019
343,178
Called up share capital
3,575
3,575
Capital redemption reserve
325
325
Profit and loss account
388,119
339,278
Shareholders' funds
392,019
343,178
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 July 2024 and were signed on its behalf by
Gary Scott
Director
Company Registration No. 00757286
G. R. Scott LImited
Notes to the Accounts
for the year ended 31 October 2023
G. R. Scott LImited is a private company, limited by shares, registered in England and Wales, registration number 00757286. The registered office is NOVA SCOTIA WORKS, DALE ST, OSSETT, WEST YORKS, WF5 9HQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% on cost
Plant & machinery
10% on cost
Motor vehicles
30% reducing balance
Fixtures & fittings
10% on cost
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The sales invoice is raised upon completion of each project, unless invoicing based on reaching set milestones has been agreed.
Grants receivable in relation to revenue expenditure, including the Apprenticeship scheme, are credited to profit and loss in the period to which they relate.
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 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.
G. R. Scott LImited
Notes to the Accounts
for the year ended 31 October 2023
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax is recognised in respect if all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from this in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively ebacted by the year end 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.
Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss accounts on a straight line basis over the period of the lease.
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the proift or loss in the period in which they relate.
Bank borrowings are secured by way of a debenture created 15 July 1982 which grants a fixed and floating charge over undertaking all property and net assets present and future including goodwill and book debts uncalled capital, all buildings and fixed assets.
Furthermore, the bank has a legal charge dated 11 September 2009 over the freehold property known as Nova Scotia Works, Dale Street, Ossett, West Yorkshire.
Obligations under hire purchase are secured against the asset to which they relate.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
G. R. Scott LImited
Notes to the Accounts
for the year ended 31 October 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 November 2022
211,238
102,307
50,374
14,802
378,721
At 31 October 2023
211,238
102,945
50,374
14,802
379,359
At 1 November 2022
65,123
77,245
28,691
12,315
183,374
Charge for the year
3,969
6,416
6,505
687
17,577
At 31 October 2023
69,092
83,661
35,196
13,002
200,951
At 31 October 2023
142,146
19,284
15,178
1,800
178,408
At 31 October 2022
146,115
25,062
21,683
2,487
195,347
Amounts falling due within one year
Trade debtors
129,525
169,554
Accrued income and prepayments
36,153
32,333
G. R. Scott LImited
Notes to the Accounts
for the year ended 31 October 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
12,957
13,974
Trade creditors
92,458
109,421
Taxes and social security
28,539
10,424
Loans from directors
50
8,500
8
Creditors: amounts falling due after more than one year
2023
2022
9
Average number of employees
During the year the average number of employees was 12 (2022: 12).