REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Scribeland Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Scribeland Limited |
Scribeland Limited (Registered number: 01573228) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 4 |
Notes to the Financial Statements | 5 |
Scribeland Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Bennett House |
The Dean |
Alresford |
Hampshire |
SO24 9BH |
Scribeland Limited (Registered number: 01573228) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Capital redemption reserve |
Fair value reserve - non-distributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
Scribeland Limited (Registered number: 01573228) |
Balance Sheet - continued |
31 December 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scribeland Limited (Registered number: 01573228) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Profit for the year | - | 75,936 | - |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - |
Balance at 31 December 2022 |
Changes in equity |
Profit for the year | - | 35,406 | - |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - |
Balance at 31 December 2023 |
Fair |
Capital | value |
redemption | reserve - | Total |
reserve | non-distributable | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Profit for the year | - | - | 75,936 |
Total comprehensive income |
Dividends | - | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Profit for the year | - | - | 35,406 |
Total comprehensive income |
Dividends | - | - | ( |
) |
Balance at 31 December 2023 |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Scribeland Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding value added tax and trade discounts. |
Tangible fixed assets |
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets by annual instalments over their expected useful lives. The rates generally applicable are: |
Plant and machinery | 12.5% straight line; |
12.5% reducing balance; |
15% reducing balance; |
20% reducing balance; and |
25% reducing balance. |
Motor vehicles | 20% reducing balance; and |
25% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Crops in store are valued in accordance with HMRC HS232. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of 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 those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Long-term contracts |
The turnover and attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project. Costs associated with long-term contracts are included in stock to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in stocks are stated at cost, after provision has been made for any foreseeable losses. The directors consider that special circumstances exist so that compliance with the provisions of FRS102 in relation to payments on account is inconsistent with the requirement to give a true and fair view and accordingly the directors have departed from the provisions as follows; payments received on account of long-term contracts are shown in creditors rather than being deducted from the stock figure. |
Pensions |
Defined Contribution Scheme |
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period. |
3. | EMPLOYEES |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2023 is represented by: |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2020 | 423,000 | - | - | 423,000 |
Cost | 112,000 | 1,564,849 | 39,740 | 1,716,589 |
535,000 | 1,564,849 | 39,740 | 2,139,589 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 112,000 | 112,000 |
Land and buildings were valued on an open market basis on 31 December 2023 by the directors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
SEEDS, FERTILISERS AND SPRAYS |
Seed | 23,768 | 2,800 |
Fertiliser | 47,460 | 37,800 |
Sprays | 28,570 | 6,178 |
Seed (applied) | - | 16,781 |
Fertiliser (applied) | - | - |
Sprays (applied) | - | 10,639 |
99,798 | 74,198 |
GOODS IN STORE |
Machine spares | 14,356 | 15,000 |
Fuel | 12,180 | 10,000 |
Office | 500 | 500 |
Hay and straw | 2,500 | - |
Oats | - | - |
Wheat | 73,200 | 44,000 |
Barley | - | - |
Beans | 4,500 | 6,000 |
107,236 | 75,500 |
TILLAGES | 56,763 | 73,428 |
FORESTRY CONTRACTS |
Stock | - | - |
263,797 | 223,126 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors | 15 | 15 |
VAT |
Prepayments and accrued income |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
BBLS (Bounce Back Loan Scheme) | 9,600 | 9,600 |
Hire purchase contracts |
Trade creditors |
Corporation tax |
VAT | 12,306 | - |
Other creditors |
Payments received on account of contracts | - | 78,791 |
Directors' current accounts | 13,913 | 13,913 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase | 81,765 | 42,270 |
BBLS (Bounce Back Loan Scheme) | 14,304 | 23,788 |
Shareholders loan | 345,854 | 325,854 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans | 118,621 | 145,710 |
Hire purchase | 114,316 | 66,375 |
Mr A J Goodsell, a director of the company, has given a personal guarantee up to the value of £70,000 for the bank overdraft and the bank loans. A further legal charge is given over the Land and Storage Barn at Selborne Road, Alton, Hampshire if payment above the initial security provided is required. |
Mr A J Goodsell also gives a personal guarantee in respect of payments due under various operating and finance leases held by Scribeland Limited. |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Unrelieved trading losses | ( |
) |
Revaluation of fixed assets | 80,370 | 80,370 |
200,485 | 201,834 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 16,484 |
Unrelieved trading losses | (17,833 | ) |
Balance at 31 December 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 37,095 | 37,095 |
Ordinary 'A' | £1 | 15 | 15 |
37,110 | 37,110 |
The Ordinary shares and Ordinary 'A' shares rank pari passu in all respects except that dividends may be paid to the holders of one class of shares to the exclusion of the other at the director's discretion. |
Scribeland Limited (Registered number: 01573228) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | RELATED PARTY DISCLOSURES |
Moundsmere Estate Management Limited |
A company that Mr C J Wheelwright is a director of. |
During the period under review the company paid management charges to Moundsmere Estate Management Limited amounting to £6,077 (2022 - £8,454). There is no interest due on any outstanding balance. |
Agronomy Buying Services Limited |
A company that Mr C J Wheelwright is a director of. |
During the period under review the company received rebates of £1,487 (2022 - £1,613) and paid commissions of £679 (2022 - £1,197) to Agronomy Buying Services Limited. There is no interest due on any outstanding balance. |
A J Goodsell |
A director |
Mr A J Goodsell, in line with previous years, has given personal guarantees to cover the company's liabilities as follows: |
To Claas Finance - in relation to payments due under various operating and finance leases. |
Mrs S J Goodsell |
Secretary and spouse of director Mr A J Goodsell |
In a prior period Mrs S J Goodsell has provided a loan to the company amounting to £39,971. This loan is given on an arm's length basis, is interest free, unsecured and is repayable on demand. |
A J Goodsell and Mrs S J Goodsell |
During the period under review A J Goodsell and Mrs S J Goodsell jointly loaned the company £20,000 (2022 - £30,000). Interest has been paid on the loan at 2%. |
2023 | 2022 |
£ | £ |
Amounts due (from)/to related parties as at the balance sheet date |
Moundsmere Estate Management Limited | 2,295 | 2,186 |
Agronomy Buying Services Limited | - | 133 |
B A Goodsell | 13,913 | 13,913 |
Mrs S J Goodsell | 28,425 | 39,971 |
A J Goodsell and Mrs S J Goodsell | 345,854 | 325,854 |