Registered number
04659000
Scott Electrical (Dorset) Limited
Filleted Accounts
31 March 2024
Scott Electrical (Dorset) Limited
Registered number: 04659000
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 22,273 19,945
Current assets
Stocks 450 450
Debtors 5 86,799 124,387
Cash at bank and in hand 11 10,051
87,260 134,888
Creditors: amounts falling due within one year 6 (168,597) (148,006)
Net current liabilities (81,337) (13,118)
Total assets less current liabilities (59,064) 6,827
Creditors: amounts falling due after more than one year 7 (13,893) (26,951)
Net liabilities (72,957) (20,124)
Capital and reserves
Called up share capital 100 100
Profit and loss account (73,057) (20,224)
Shareholders' funds (72,957) (20,124)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Jonathan Edward Scott
Director
Approved by the board on 11 September 2024
Scott Electrical (Dorset) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Fixtures, fittings and office equipment 15% reducing balance/over 2 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 60,000
At 31 March 2024 60,000
Amortisation
At 1 April 2023 60,000
At 31 March 2024 60,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Fixtures, fittings & office equipment Total
£ £ £ £
Cost
At 1 April 2023 4,945 103,433 33,766 142,144
Additions - 7,500 1,162 8,662
At 31 March 2024 4,945 110,933 34,928 150,806
Depreciation
At 1 April 2023 4,211 88,756 29,232 122,199
Charge for the year 110 4,607 1,617 6,334
At 31 March 2024 4,321 93,363 30,849 128,533
Net book value
At 31 March 2024 624 17,570 4,079 22,273
At 31 March 2023 734 14,677 4,534 19,945
5 Debtors 2024 2023
£ £
Trade debtors 55,197 80,218
Other debtors 31,602 44,169
86,799 124,387
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 68,108 48,361
Obligations under finance lease and hire purchase contracts 2,871 2,871
Trade creditors 22,383 13,108
Taxation and social security costs 13,463 30,301
Other creditors 61,772 53,365
168,597 148,006
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,457 22,645
Obligations under finance lease and hire purchase contracts 1,436 4,306
13,893 26,951
8 Other information
Scott Electrical (Dorset) Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
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