Company registration number 04093143 (England and Wales)
SCUTUM LONDON 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 LONDON LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SCUTUM LONDON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr K L Roberts
Mr D Bonci
(Appointed 1 July 2023)
Mr C Burbridge
(Appointed 1 July 2023)
Company number
04093143
Registered office
St Ann's House
St Anns Road
Chertsey
KT16 9EH
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
SCUTUM LONDON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
321,268
350,478
Investments
4
170,000
170,000
491,268
520,478
Current assets
Stocks
98,062
101,570
Debtors
5
1,293,452
2,443,610
Cash at bank and in hand
206,698
252,697
1,598,212
2,797,877
Creditors: amounts falling due within one year
6
(884,357)
(1,883,873)
Net current assets
713,855
914,004
Total assets less current liabilities
1,205,123
1,434,482
Creditors: amounts falling due after more than one year
7
(75,154)
(118,928)
Provisions for liabilities
(28,451)
(35,363)
Net assets
1,101,518
1,280,191
Capital and reserves
Called up share capital
1,021
1,021
Capital redemption reserve
400,000
400,000
Profit and loss reserves
700,497
879,170
Total equity
1,101,518
1,280,191
SCUTUM LONDON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

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 8 July 2024 and are signed on its behalf by:
Mr K L Roberts
Mr D Bonci
Director
Director
Company Registration No. 04093143
The notes on pages 4 to 10 form part of these financial statements
SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Scutum London Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Ann's House, St Anns Road, Chertsey, KT16 9EH.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Financial statements prepared on a basis other than 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.

1.3
Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration receivable, excluding VAT. Revenue from the installation of fire and security equipment is recognised by reference to the stage of completion of the installation. Stage of completion is measured by an assessment of the progress of the job by the engineers.

SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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:

Leasehold improvements
Straight line over the lease term
Fixtures and fittings
20% reducing balance
Computer equipment
20% 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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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.

SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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 and loans from fellow group companies 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.

1.9
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.

1.10
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.

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.

SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
55
56
SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
360,531
14,615
134,047
509,193
Additions
-
0
143
33,201
33,344
Disposals
-
0
(1,316)
(15,817)
(17,133)
At 31 December 2023
360,531
13,442
151,431
525,404
Depreciation and impairment
At 1 January 2023
82,434
4,638
71,643
158,715
Depreciation charged in the year
41,428
2,007
19,119
62,554
Eliminated in respect of disposals
-
0
(1,316)
(15,817)
(17,133)
At 31 December 2023
123,862
5,329
74,945
204,136
Carrying amount
At 31 December 2023
236,669
8,113
76,486
321,268
At 31 December 2022
278,097
9,977
62,404
350,478
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
170,000
170,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
941,442
1,411,788
Corporation tax recoverable
-
0
17,782
Amounts owed by group undertakings
166,606
833,033
Other debtors
185,404
181,007
1,293,452
2,443,610
SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
568,568
733,611
Amounts due to group undertakings
9,216
807,168
Other taxation and social security
149,337
261,315
Other creditors
111,293
37,805
Finance lease obligations
45,943
43,974
884,357
1,883,873
The finance lease liabilities are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Finance lease obligations
75,154
118,928
The finance lease liabilities are secured on the assets to which they relate.
8
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.

Emphasis of matter -non-going concern basis of accounting

We draw attention to Note 1.2 to the financial statements which explains that the group has completed a group reorganisation in which the company's trade and assets have been transferred to a fellow group undertaking. Although the underlying business of the company continues in the fellow group undertaking, the operational activities of this company have now ceased. Accordingly the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements. These financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
SCUTUM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
9
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
£
£
348,452
345,835
10
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.

11
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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