Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Edward James Scott 17/01/2008 Roy Kenneth Scott 17/01/2008 11 September 2024 The principal activity of the Company during the financial year was scrap metal merchants. 06476241 2023-12-31 06476241 bus:Director1 2023-12-31 06476241 bus:Director2 2023-12-31 06476241 2022-12-31 06476241 core:CurrentFinancialInstruments 2023-12-31 06476241 core:CurrentFinancialInstruments 2022-12-31 06476241 core:Non-currentFinancialInstruments 2023-12-31 06476241 core:Non-currentFinancialInstruments 2022-12-31 06476241 core:ShareCapital 2023-12-31 06476241 core:ShareCapital 2022-12-31 06476241 core:RetainedEarningsAccumulatedLosses 2023-12-31 06476241 core:RetainedEarningsAccumulatedLosses 2022-12-31 06476241 core:LandBuildings 2022-12-31 06476241 core:PlantMachinery 2022-12-31 06476241 core:Vehicles 2022-12-31 06476241 core:OfficeEquipment 2022-12-31 06476241 core:LandBuildings 2023-12-31 06476241 core:PlantMachinery 2023-12-31 06476241 core:Vehicles 2023-12-31 06476241 core:OfficeEquipment 2023-12-31 06476241 bus:OrdinaryShareClass1 2023-12-31 06476241 bus:OrdinaryShareClass2 2023-12-31 06476241 2023-01-01 2023-12-31 06476241 bus:FilletedAccounts 2023-01-01 2023-12-31 06476241 bus:SmallEntities 2023-01-01 2023-12-31 06476241 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06476241 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06476241 bus:Director1 2023-01-01 2023-12-31 06476241 bus:Director2 2023-01-01 2023-12-31 06476241 core:PlantMachinery 2023-01-01 2023-12-31 06476241 core:Vehicles 2023-01-01 2023-12-31 06476241 core:OfficeEquipment 2023-01-01 2023-12-31 06476241 2022-01-01 2022-12-31 06476241 core:LandBuildings 2023-01-01 2023-12-31 06476241 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 06476241 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06476241 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06476241 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 06476241 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06476241 (England and Wales)

S SCOTT & SONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

S SCOTT & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

S SCOTT & SONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
S SCOTT & SONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Edward James Scott
Roy Kenneth Scott
SECRETARY Edward James Scott
REGISTERED OFFICE Gascoyne House Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
United Kingdom
COMPANY NUMBER 06476241 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
S SCOTT & SONS LIMITED

BALANCE SHEET

As at 31 December 2023
S SCOTT & SONS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 2 2
Tangible assets 3 240,602 174,865
240,604 174,867
Current assets
Stocks 425,000 275,000
Debtors 4 10,878 13,765
Cash at bank and in hand 577,055 640,881
1,012,933 929,646
Creditors: amounts falling due within one year 5 ( 324,088) ( 285,217)
Net current assets 688,845 644,429
Total assets less current liabilities 929,449 819,296
Creditors: amounts falling due after more than one year 6 ( 254,390) ( 258,867)
Net assets 675,059 560,429
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account 674,859 560,229
Total shareholders' funds 675,059 560,429

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 financial statements of S Scott & Sons Limited (registered number: 06476241) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

Edward James Scott
Director
S SCOTT & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
S SCOTT & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

S Scott & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 4,168 289,044 71,950 15,105 380,267
Additions 0 8,000 103,199 0 111,199
At 31 December 2023 4,168 297,044 175,149 15,105 491,466
Accumulated depreciation
At 01 January 2023 0 136,686 58,124 10,592 205,402
Charge for the financial year 0 23,054 21,956 452 45,462
At 31 December 2023 0 159,740 80,080 11,044 250,864
Net book value
At 31 December 2023 4,168 137,304 95,069 4,061 240,602
At 31 December 2022 4,168 152,358 13,826 4,513 174,865

4. Debtors

2023 2022
£ £
Trade debtors 3,664 7,658
Other debtors 7,214 6,107
10,878 13,765

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,904 5,750
Amounts owed to directors 214,027 196,246
Accruals 12,156 12,009
Taxation and social security 59,792 45,373
Obligations under finance leases and hire purchase contracts 29,209 23,839
Other creditors 2,000 2,000
324,088 285,217

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to directors 240,000 240,000
Obligations under finance leases and hire purchase contracts 14,390 18,867
254,390 258,867

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100
100 B ordinary shares of £ 1.00 each 100 100
200 200

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
R Scott Directors loan account 85,223 88,218
E Scott Directors loan account 128,804 108,028