Registered number
SC153711
Scot Tile Contracts Limited
Filleted Accounts
31 December 2023
Scot Tile Contracts Limited
Registered number: SC153711
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,809 24,117
Investments 4 1,000 1,000
25,809 25,117
Current assets
Stocks 48,885 55,756
Debtors 5 361,128 380,886
Cash at bank and in hand 89,939 112,271
499,952 548,913
Creditors: amounts falling due within one year 6 (107,670) (119,726)
Net current assets 392,282 429,187
Total assets less current liabilities 418,091 454,304
Provisions for liabilities (5,460) (4,582)
Net assets 412,631 449,722
Capital and reserves
Called up share capital 100 100
Profit and loss account 412,531 449,622
Shareholders' funds 412,631 449,722
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.
Keith David Smith Colin Ian Patrick
Directors
Approved by the board on 12 September 2024
Scot Tile Contracts Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Commercial Vehicles 25% Reducing balance
Fixtures, fittings, tools and equipment 20% Straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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
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 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Fittings & Equipment Commercial Vehicles Total
£ £ £ £
Cost
At 1 January 2023 2,122 29,888 85,080 117,090
Additions - 355 9,500 9,855
Disposals - (234) (13,500) (13,734)
At 31 December 2023 2,122 30,009 81,080 113,211
Depreciation
At 1 January 2023 2,122 29,205 61,646 92,973
Charge for the year - 401 5,418 5,819
On disposals - (234) (10,156) (10,390)
At 31 December 2023 2,122 29,372 56,908 88,402
Net book value
At 31 December 2023 - 637 24,172 24,809
At 31 December 2022 - 683 23,434 24,117
4 Investments
Investments in subsidiary undertaings
£
Cost
At 1 January 2023 1,000
At 31 December 2023 1,000
5 Debtors 2023 2022
£ £
Trade debtors 339,535 350,987
Other debtors 21,593 29,899
361,128 380,886
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 69,102 68,498
Amounts owed to group undertakings and undertakings in which the company has a participating interest 38 38
Taxation and social security costs 25,087 37,444
Other creditors 13,443 13,746
107,670 119,726
7 Directors Loan
Interest free, unsecured & B/fwd Paid Repaid C/fwd
repayable on demand £ £ £ £
Mr Keith David Smith (5) 16,043 (18,500) (2,462)
Mr Colin Ian Patrick (1,161) 19,661 (18,500) -
(1,166) 35,704 (37,000) (2,462)
8 Other information
Scot Tile Contracts Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
20A Bridge Street
Musselburgh
East Lothian
EH21 6AG
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