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REGISTERED NUMBER: SC059358 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Scotcast Enterprises Ltd.

Scotcast Enterprises Ltd. (Registered number: SC059358)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Scotcast Enterprises Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTORS: J Hamill
J T Hamill



SECRETARY: J T Hamill



REGISTERED OFFICE: 5 Palacecraig Street
Rosehall Industrial Estate
Coatbridge
ML5 4RY



REGISTERED NUMBER: SC059358 (Scotland)



ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA



BANKERS: Royal Bank of Scotland Plc
5 Graham Street
Airdrie
ML6 6AB

Scotcast Enterprises Ltd. (Registered number: SC059358)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,458,234 414,259

CURRENT ASSETS
Stocks 416,256 509,999
Debtors 6 8,193 17,848
Investments 7 2,350 2,350
Cash at bank 1,232,780 1,078,567
1,659,579 1,608,764
CREDITORS
Amounts falling due within one year 8 340,227 393,630
NET CURRENT ASSETS 1,319,352 1,215,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,777,586

1,629,393

PROVISIONS FOR LIABILITIES 229,858 16,009
NET ASSETS 2,547,728 1,613,384

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 1,024,953 180,261
Retained earnings 1,522,675 1,433,023
SHAREHOLDERS' FUNDS 2,547,728 1,613,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Scotcast Enterprises Ltd. (Registered number: SC059358)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 September 2024 and were signed on its behalf by:





J Hamill - Director


Scotcast Enterprises Ltd. (Registered number: SC059358)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Scotcast Enterprises Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover is derived from the supply of various building and gardening products, bikes and toys.

Turnover is measured at the fair value of products supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Scotcast Enterprises Ltd. (Registered number: SC059358)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 550,000 603,570 1,153,570
Additions - 10,717 10,717
Disposals - (15,850 ) (15,850 )
Revaluations 850,000 - 850,000
At 29 February 2024 1,400,000 598,437 1,998,437
DEPRECIATION
At 1 March 2023 220,000 519,311 739,311
Charge for year 11,200 25,542 36,742
Eliminated on disposal - (15,850 ) (15,850 )
Revaluation adjustments (220,000 ) - (220,000 )
At 29 February 2024 11,200 529,003 540,203
NET BOOK VALUE
At 29 February 2024 1,388,800 69,434 1,458,234
At 28 February 2023 330,000 84,259 414,259

Included in cost or valuation of land and buildings is freehold land of £ 840,000 (2023 - £ 330,000 ) which is not depreciated.

Cost or valuation at 29 February 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 1,400,000 - 1,400,000
Cost - 598,437 598,437
1,400,000 598,437 1,998,437

Scotcast Enterprises Ltd. (Registered number: SC059358)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

If freehold land and property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 550,000 -
Aggregate depreciation 220,000 -

Value of land in freehold land and buildings 330,000 -

Freehold land and buildings were valued on an open market basis on 5 June 2023 by DM Hall Chartered Surveyors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,193 16,003
Prepayments and accrued income - 1,845
8,193 17,848

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 2,350 2,350

The investments consist of 2000 shares in United Merchants plc and 10 shares in National Merchant Buying Society Limited both of which are trade associations. Both investments are valued at cost.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 207,355 267,565
Tax 39,871 43,215
Social security and other taxes 8,217 5,867
VAT 19,428 12,958
Directors' current accounts 61,685 48,383
Accrued expenses 3,671 15,642
340,227 393,630

Scotcast Enterprises Ltd. (Registered number: SC059358)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. RESERVES
Revaluation
reserve
£   
At 1 March 2023 180,261
Revaluation in year 1,070,000
Deferred tax on gain (212,500 )
Transfer of revaluation reserve (12,808 )

At 29 February 2024 1,024,953

10. RELATED PARTY DISCLOSURES

The company operates a loan account with the director, Mr J Hamill.

During the year, the director advanced loans totalling £13,301 to the company. At the year end, the balance due to the director was £61,684 (2023: £48,383). This loan is unsecured, interest free and has no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Scotcast Enterprises Ltd.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scotcast Enterprises Ltd. for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Scotcast Enterprises Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Scotcast Enterprises Ltd. and state those matters that we have agreed to state to the Board of Directors of Scotcast Enterprises Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Scotcast Enterprises Ltd. 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 Scotcast Enterprises Ltd.. You consider that Scotcast Enterprises Ltd. 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 Scotcast Enterprises Ltd.. 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.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


3 September 2024