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Company registration number: 04957464
Scotts Industries Limited
Unaudited filleted financial statements
30 November 2023
Scotts Industries Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Scotts Industries Limited
Directors and other information
Directors Mr Derek Scott
Mrs Sonia Marie Claire Scott
Mr Matthew Peter Shaw
Secretary Sonia Marie Claire Scott
Company number 04957464
Registered office Slates Worx
Station Road
Boston
Lincolnshire
PE22 8LT
Business address Slate Worx
Station Road
Eastville
Boston
PE22 8LT
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Scotts Industries Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Scotts Industries Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scotts Industries Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Scotts Industries Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Scotts Industries Limited and state those matters that we have agreed to state to the board of directors of Scotts Industries Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scotts Industries Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Scotts Industries Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Scotts Industries Limited. You consider that Scotts Industries Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Scotts Industries Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
30 January 2024
Scotts Industries Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 250,131 268,102
_______ _______
250,131 268,102
Current assets
Stocks 38,000 35,000
Debtors 7 4,061 121,450
Cash at bank and in hand 15,603 8,507
_______ _______
57,664 164,957
Creditors: amounts falling due
within one year 8 ( 236,858) ( 398,718)
_______ _______
Net current liabilities ( 179,194) ( 233,761)
_______ _______
Total assets less current liabilities 70,937 34,341
Provisions for liabilities ( 13,979) ( 13,695)
_______ _______
Net assets 56,958 20,646
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 56,858 20,546
_______ _______
Shareholders funds 56,958 20,646
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Mr Derek Scott
Director
Company registration number: 04957464
Scotts Industries Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Scotts Industries Limited, Slates Worx, Station Road, Boston, Lincolnshire, PE22 8LT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Computer equipment - 25 % straight line
Plant and machinery - 15 % reducing balance
Motor vehicles - 20 % reducing balance
Furniture and fixtures - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2022 and 30 November 2023 2,525 2,525
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 2,525 2,525
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 30 November 2022 - -
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 194,264 92,795 126,333 413,392
Additions 4,450 - - 4,450
_______ _______ _______ _______
At 30 November 2023 198,714 92,795 126,333 417,842
_______ _______ _______ _______
Depreciation
At 1 December 2022 29,081 41,484 74,725 145,290
Charge for the year 4,401 7,698 10,322 22,421
_______ _______ _______ _______
At 30 November 2023 33,482 49,182 85,047 167,711
_______ _______ _______ _______
Carrying amount
At 30 November 2023 165,232 43,613 41,286 250,131
_______ _______ _______ _______
At 30 November 2022 165,183 51,311 51,608 268,102
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 4,000 110,766
Prepayments and accrued income 61 55
Other debtors - 10,629
_______ _______
4,061 121,450
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 31,882 3,158
Accruals and deferred income 3,961 2,324
Social security and other taxes 23,359 314
Obligations under finance leases - 11,267
Director loan accounts 62,981 101,481
Other creditors 114,675 280,174
_______ _______
236,858 398,718
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares shares of £ 1.00 each 50 50 50 50
Ordinary B shares shares of £ 1.00 each 45 45 45 45
Ordinary C shares shares of £ 1.00 each 5 5 5 5
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______