Company registration number SC507473 (Scotland)
BOOTH SCOTLAND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOOTH SCOTLAND LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BOOTH SCOTLAND LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
26,367
38,939
Tangible assets
4
1,096,506
1,125,049
1,122,873
1,163,988
Current assets
Stocks
5
466,611
501,571
Debtors
6
94,750
87,222
Cash at bank and in hand
726
602
562,087
589,395
Creditors: amounts falling due within one year
7
(647,742)
(626,722)
Net current liabilities
(85,655)
(37,327)
Total assets less current liabilities
1,037,218
1,126,661
Creditors: amounts falling due after more than one year
8
(237,141)
(311,480)
Provisions for liabilities
(13,095)
(19,557)
Net assets
786,982
795,624
Financed by
Loans
340,302
431,556
Capital and reserves
Called up share capital
20
20
Profit and loss reserves
446,660
364,048
Total equity
786,982
795,624
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BOOTH SCOTLAND LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
T W A BOOTH
T W A Booth
Director
Company Registration No. SC507473
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Booth Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 Burn Lane, Inverurie, Aberdeenshire, AB51 4UZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director, having made due and careful enquiry, trueis of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% straight line
Computers
20% straight line
Motor vehicles
25% reducing balance
Other fixed assets
33% reducing balance
Freehold land is not depreciated.
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.
1.7
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.12
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
22
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
123,667
2,045
125,712
Amortisation and impairment
At 1 January 2023
86,568
205
86,773
Amortisation charged for the year
12,367
205
12,572
At 31 December 2023
98,935
410
99,345
Carrying amount
At 31 December 2023
24,732
1,635
26,367
At 31 December 2022
37,099
1,840
38,939
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Other fixed assets
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,010,652
80,786
61,119
159,154
38,069
1,349,780
Additions
-
1,191
791
-
-
1,982
Disposals
-
-
(2,567)
-
-
(2,567)
At 31 December 2023
1,010,652
81,977
59,343
159,154
38,069
1,349,195
Depreciation and impairment
At 1 January 2023
-
79,802
33,923
72,937
38,069
224,731
Depreciation charged in the year
-
296
8,675
21,554
-
30,525
Eliminated in respect of disposals
-
-
(2,567)
-
-
(2,567)
At 31 December 2023
-
80,098
40,031
94,491
38,069
252,689
Carrying amount
At 31 December 2023
1,010,652
1,879
19,312
64,663
-
1,096,506
At 31 December 2022
1,010,652
984
27,196
86,217
-
1,125,049
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Stocks
2023
2022
£
£
Stocks
466,611
501,571
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,333
667
Amounts owed by related undertakings
-
1,456
Other debtors
93,417
85,099
94,750
87,222
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
143,223
75,842
Trade creditors
223,214
211,548
Corporation tax
35,587
20,130
Other taxation and social security
70,870
79,879
Other creditors
174,848
239,323
647,742
626,722
The bank loan is secured over the asset owned by the company by means of a fixed and floating charge
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
115,068
152,129
Obligations under finance lease and hire purchase contracts
-
722
Other creditors
122,073
158,629
237,141
311,480
BOOTH SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Loans and overdrafts
2023
2022
£
£
Bank loans
148,167
180,358
Payable within one year
28,673
28,673
Payable after one year
189,462
247,125
10
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
712
8,081
In two to five years
-
722
712
8,803
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
811
9,353
12
Related party transactions
During the year, the company made advances to the director of £92,253 and credits were received of £1,000 which resulted in amounts due from the company at the year end of £340,303 (2022 - £431,556).