REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Scotscoup (Elgin) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Scotscoup (Elgin) Limited |
Scotscoup (Elgin) Limited (Registered number: SC105412) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Scotscoup (Elgin) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
15 Princes Street |
Thurso |
Caithness |
KW14 7BQ |
SOLICITORS: |
29 Traill Street |
Thurso |
KW14 8EG |
Scotscoup (Elgin) Limited (Registered number: SC105412) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scotscoup (Elgin) Limited (Registered number: SC105412) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Scotscoup (Elgin) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The monetary amounts included in the accounts are round to the nearest Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
GOING CONCERN |
Due to the low level of activity in the company in recent years, the directors did not renew their betting licence with the Gambling Commission and decided to commence winding up proceedings. For this reason, they have not prepared the financial statements on a going concern basis. The effect of this is as follows: |
All inventory was written down to its net realisable value. The company has no long term assets to be designated as held for sale upon discontinuance of operations and/or subject to impairment tests. All assets and liabilities at 31 December 2023 are current and carried at fair value. |
Scotscoup (Elgin) Limited (Registered number: SC105412) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
BASIC FINANCIAL INSTRUMENTS |
Basic financial assets, which include debtors, 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 measure 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. |
IMPAIRMENT OF FINANCIAL ASSETS |
Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account. |
DERECOGNITION OF FINANCIAL ASSETS |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to a third party. |
BASIC FINANCIAL LIABILITIES |
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the the debt instrument is measure 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 measure at amortised cost using the effective interest method. |
DERECOGNITION OF FINANCIAL LIABILITIES |
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or are cancelled. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Scotscoup (Elgin) Limited (Registered number: SC105412) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
INVESTMENTS |
Investments in listed company shares, classified as current asset investments, are remeasured at market value at each balance sheet date. Investments in unlisted company shares, classified as current asset investments, are stated at cost, less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 13,840 | 13,055 |
Unlisted investments | 40,406 | 40,406 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
7. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party and parent undertaking is Morven Holdings Ltd, a company registered in the UK at 80 High Street, Fochabers, Morayshire. |