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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
Page
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G. R. Scott LImited Company Information for the year ended 31 October 2023
Director
Gary Scott
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
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G. R. Scott LImited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
8,520 
10,240 
Tangible assets
178,408 
195,347 
186,928 
205,587 
Current assets
Inventories
78,964 
76,314 
Debtors
165,678 
201,887 
Cash at bank and in hand
103,569 
63,025 
348,211 
341,226 
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 
Capital and reserves
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
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G. R. Scott LImited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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.
Government grants
Grants receivable in relation to revenue expenditure, including the Apprenticeship scheme, are credited to profit and loss in the period to which they relate.
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 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.
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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 taxation
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.
Pension costs
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.
Secured Debts
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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G. R. Scott LImited Notes to the Accounts for the year ended 31 October 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 1 November 2022
12,800 
Additions
1,050 
At 31 October 2023
13,850 
Amortisation
At 1 November 2022
2,560 
Charge for the year
2,770 
At 31 October 2023
5,330 
Net book value
At 31 October 2023
8,520 
At 31 October 2022
10,240 
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 
Additions
- 
638 
- 
- 
638 
At 31 October 2023
211,238 
102,945 
50,374 
14,802 
379,359 
Depreciation
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 
Net book value
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 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
129,525 
169,554 
Accrued income and prepayments
36,153 
32,333 
165,678 
201,887 
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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 
VAT
3,572 
23,107 
Trade creditors
92,458 
109,421 
Taxes and social security
28,539 
10,424 
Other creditors
- 
6,658 
Loans from directors
50 
8,500 
Accruals
1,908 
12,310 
139,484 
184,394 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
- 
11,575 
9
Average number of employees
During the year the average number of employees was 12 (2022: 12).
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