Company registration number 02493486 (England and Wales)
Scott Adamsons Management Limited
Unaudited financial statements
For the year ended 31 December 2023
Scott Adamsons Management Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Scott Adamsons Management Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
90,000
90,000
Investments
4
210
210
90,210
90,210
Current assets
Debtors
5
290,545
300,154
Cash at bank and in hand
3,850
4,329
294,395
304,483
Creditors: amounts falling due within one year
6
(1,326)
(1,326)
Net current assets
293,069
303,157
Net assets
383,279
393,367
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
382,279
392,367
Total equity
383,279
393,367

The directors of the company have elected not to include a copy of the income statement 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 directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2024 and are signed on its behalf by:
Mr M A Whiting
Director
Company registration number 02493486 (England and Wales)
Scott Adamsons Management Limited
Notes to the financial statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information

Scott Adamsons Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancaster House, 78 Blackburn Street, Radcliffe, Manchester, United Kingdom, M26 2JW.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash and cash equivalents

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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Scott Adamsons Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
Scott Adamsons Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
90,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
90,000
At 31 December 2022
90,000
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
210
210
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by participating interests
290,545
300,154
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,326
1,326
7
Related party disclosures

The directors of Scott Adamson Management Limited have control, joint control or significant influence over other companies. At the year end, debtor balances of £290,545 (2022:£300,154) are due from those companies.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M A WhitingMr R P WhitingMs P M Foulkesfalsefalse024934862023-01-012023-12-31024934862023-12-31024934862022-12-3102493486core:LandBuildings2023-12-3102493486core:LandBuildings2022-12-3102493486core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102493486core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102493486core:ShareCapital2023-12-3102493486core:ShareCapital2022-12-3102493486core:RetainedEarningsAccumulatedLosses2023-12-3102493486core:RetainedEarningsAccumulatedLosses2022-12-3102493486bus:Director12023-01-012023-12-31024934862022-01-012022-12-3102493486core:LandBuildings2022-12-3102493486core:CurrentFinancialInstruments2022-12-3102493486core:CurrentFinancialInstruments2023-12-3102493486bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102493486bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102493486bus:FRS1022023-01-012023-12-3102493486bus:AuditExemptWithAccountantsReport2023-01-012023-12-3102493486bus:Director22023-01-012023-12-3102493486bus:CompanySecretary12023-01-012023-12-3102493486bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP