Company registration number 04128990 (England and Wales)
SCUTUM EAST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
SCUTUM EAST LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr K L Roberts
Mr D Bonci
Company number
04128990
Registered office
Unit 2 Wolseley Business Park
14 Railton Road
Bedford
England
MK42 7PN
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
SCUTUM EAST LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
SCUTUM EAST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,908
45,614
Current assets
Stocks
53,444
27,666
Debtors
4
205,231
219,728
Cash at bank and in hand
45,979
79,399
304,654
326,793
Creditors: amounts falling due within one year
5
(384,944)
(322,332)
Net current (liabilities)/assets
(80,290)
4,461
Total assets less current liabilities
(43,382)
50,075
Provisions for liabilities
(6,053)
(7,633)
Net (liabilities)/assets
(49,435)
42,442
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(49,437)
42,440
Total equity
(49,435)
42,442
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 9 July 2024 and are signed on its behalf by:
Mr K L Roberts
Mr D Bonci
Director
Director
Company Registration No. 04128990
The notes on pages 4 to 10 form part of these financial statements
SCUTUM EAST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
179,022
179,024
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(136,582)
(136,582)
Balance at 31 December 2022
2
42,440
42,442
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(91,877)
(91,877)
Balance at 31 December 2023
2
(49,437)
(49,435)
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
With effect from 30th June 2021, the name of the company was changed from Scan Alarms Communication & Security Systems Limited to Scutum East Limited.
Scutum East Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Wolseley Business Park, 14 Railton Road, Bedford, England, MK42 7PN.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
On the 1st January 2024 the company's business, together with its assets and liabilities, were transferred to another company within the group, Scutum South East Limited for continuation within that company. Following the transfer of the business on 1st January 2024 this company ceased operating and declared a final dividend to its parent company equivalent to its net asset value, being the balance due from group companies, following the transfer of the business. Hence at the time of approval of these financial statements the company is now dormant.
These financial statements are therefore not prepared on the going concern basis, as the directors do not assume the company's business will continue for a period of at least 12 months from the date the financial statements are approved. However, there has been no change to the recognition or valuation of assets and liabilities within these financial statements, because the assets and liabilities of the company were transferred to Scutum South East Limited at their book values on a going concern basis. Assets and liabilities are therefore presented within these financial statements, as if the financial statements had been prepared on a going concern basis, which assumes assets are recovered and liabilities settled in the ordinary course of business.
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.3
Turnover
The turnover shown in the statement of comprehensive income represents amounts receivable for services provided during the year, exclusive of VAT.
In the case of contracts treated as long term, turnover reflects the contract activity during the period and the proportion of total contract value which costs incurred to date bear to total expected costs. The profit recognised reflects the proportion of work completed to date on the project. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
For maintenance contracts, turnover is recognised evenly over the maintenance contract period and the element of income that relates to the future services is recognised as deferred 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
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:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33% reducing balance
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.
1.5
Stocks
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.
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.
1.6
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.
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
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 balance sheet 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.
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, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.
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. 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
16
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
17,210
53,801
44,102
115,113
Depreciation and impairment
At 1 January 2023
15,815
18,985
34,699
69,499
Depreciation charged in the year
350
5,222
3,134
8,706
At 31 December 2023
16,165
24,207
37,833
78,205
Carrying amount
At 31 December 2023
1,045
29,594
6,269
36,908
At 31 December 2022
1,395
34,816
9,403
45,614
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
179,152
145,373
Amounts owed by group undertakings
71,888
Prepayments and accrued income
26,079
2,467
205,231
219,728
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
60,573
67,560
Amounts due to group undertakings
81,821
21,223
Other taxation and social security
60,605
52,944
Other creditors
2,268
2,696
Accruals and deferred income
179,677
177,909
384,944
322,332
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
52,347
53,955
9
Related party transactions
In preparing the financial statements the directors have considered the requirements of FRS 102 Section 1AC.35 and concluded that there are no material transactions which have not been concluded under normal market conditions.
SCUTUM EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Parent company
At the balance sheet date the company's entire share capital is held by Scutum Group UK Limited, a wholly owned member of the group headed by SLE SAS, a company incorporated in France.
Scutum Group UK Limited is the immediate parent undertaking and the smallest group in which consolidated financial statements are prepared. Copies of the Scutum Group UK Limited financial statements are publicly available at Companies House.
SLE SAS is considered to be the ultimate parent undertaking and controlling party. Copies of the SLE SAS' financial statements may be obtained from 21, Rue du Pont des Halles, 94536, Rungis Cedex.
In accordance with Section 33.1A of FRS 102 the company has applied the exemption from disclosing transactions and balances with fellow wholly owned members of the group headed by SLE SAS.
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