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Scott & Scott, (Bournemouth), Limited.

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 00198662

 

Scott & Scott, (Bournemouth), Limited.

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Scott & Scott, (Bournemouth), Limited.

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

514,000

664,000

Current assets

 

Other financial assets

5

337,277

250,423

Cash at bank and in hand

 

182,585

6,876

 

519,862

257,299

Creditors: Amounts falling due within one year

6

(39,419)

(13,763)

Net current assets

 

480,443

243,536

Total assets less current liabilities

 

994,443

907,536

Creditors: Amounts falling due after more than one year

6

(5,000)

(5,000)

Provisions for liabilities

(85,488)

(98,016)

Net assets

 

903,955

804,520

Capital and reserves

 

Called up share capital

6,750

6,750

Profit and loss account

897,205

797,770

Shareholders' funds

 

903,955

804,520

 

Scott & Scott, (Bournemouth), Limited.

Balance Sheet

31 December 2023

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
A J Scott
Director

Company Registration Number: 00198662

 

Scott & Scott, (Bournemouth), Limited.

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Ball Farm House
10 Milton Road
Pewsey
Wiltshire
SN9 5JJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared using £ Sterling and rounded to the nearest whole pound.

Revenue recognition

Turnover comprises rents receivable from tenants during the year.

 

Scott & Scott, (Bournemouth), Limited.

Notes to the Financial Statements

Year Ended 31 December 2023

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Current asset investments are included at market value.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

 

Scott & Scott, (Bournemouth), Limited.

Notes to the Financial Statements

Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 January 2023

664,000

Disposals

(150,000)

At 31 December 2023

514,000

The investment properties were revalued by an independent third party valuer in 2017.

5

Other financial assets (current and non-current)

Listed shares
£

Total
£

Current financial assets

Cost or valuation

At 1 January 2023

250,423

250,423

Revaluations

36,497

36,497

Additions

56,278

56,278

Disposals

(5,921)

(5,921)

At 31 December 2023

337,277

337,277

Carrying amount

At 31 December 2023

337,277

337,277

At 31 December 2022

250,423

250,423

 

Scott & Scott, (Bournemouth), Limited.

Notes to the Financial Statements

Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

30,519

423

Other creditors

500

500

Accruals and deferred income

8,400

12,840

39,419

13,763

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

5,000

5,000

7

Reserves

Included in the profit and loss reseves are £431,512 (2021: £476,166) of non distributable reserves.

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Redeemable preference shares

5,000

5,000