REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
James Scott & Sons (Kitchen Equipment) |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
James Scott & Sons (Kitchen Equipment) |
Limited |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Balance Sheet - continued |
30 April 2024 |
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 |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
James Scott & Sons (Kitchen Equipment) Limited is a private company, limited by shares, domiciled in Scotland, registration number SC049875. The registered office is Glenfuir Works, Portdownie, Falkirk, FK1 4QY. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents the value of all commercial kitchen equipment manufactured and installed during the period, less returns received, at selling price exclusive of Value Added Tax. |
Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. |
For construction contracts, turnover represents the value of work done in the year and is determined by reference to the stage of completion of each contract. |
Tangible fixed assets and depreciation |
Land and buildings | - |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition. |
The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value. |
Stocks |
Raw materials and purchased finished goods are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price. |
Work in progress and manufactured finished goods are valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity. |
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. |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Construction contracts |
Amounts recoverable on contract, which are included in debtors, are stated at the net sales value of work done, after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
Profit on construction contracts is recognised as the work is carried out, only if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity accordingly. Revenue derived from variations on contracts is recognised only when the variations have been accepted by the customers. |
Full provision is made for losses on all contracts in the year in which they are first foreseen. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is |
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Transfer to ownership | (21,673 | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Transfer to ownership | (13,102 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
James Scott & Sons (Kitchen Equipment) |
Limited (Registered number: SC049875) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Amounts owed by related parties |
Amounts recoverable on contract |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Hire purchase contracts | 6,833 | 10,499 |
Hire purchase contracts are secured over the assets to which they relate. |