IRIS Accounts Production v24.2.0.383 SC213634 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2136342022-12-31SC2136342023-12-31SC2136342023-01-012023-12-31SC2136342021-12-31SC2136342022-01-012022-12-31SC2136342022-12-31SC213634ns15:Scotland2023-01-012023-12-31SC213634ns14:PoundSterling2023-01-012023-12-31SC213634ns10:Director12023-01-012023-12-31SC213634ns10:Director22023-01-012023-12-31SC213634ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC213634ns10:SmallEntities2023-01-012023-12-31SC213634ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC213634ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC213634ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC213634ns10:FullAccounts2023-01-012023-12-31SC21363412023-01-012023-12-31SC213634ns10:OrdinaryShareClass12023-01-012023-12-31SC213634ns10:Director32023-01-012023-12-31SC213634ns10:RegisteredOffice2023-01-012023-12-31SC213634ns5:CurrentFinancialInstruments2022-12-31SC213634ns5:CurrentFinancialInstruments2023-12-31SC213634ns5:Non-currentFinancialInstruments2022-12-31SC213634ns5:Non-currentFinancialInstruments2023-12-31SC213634ns5:ShareCapital2022-12-31SC213634ns5:ShareCapital2023-12-31SC213634ns5:RetainedEarningsAccumulatedLosses2022-12-31SC213634ns5:RetainedEarningsAccumulatedLosses2023-12-31SC213634ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC213634ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-31SC213634ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-31SC213634ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-31SC213634ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-31SC213634ns5:LandBuildings2022-12-31SC213634ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-31SC213634ns5:LeaseholdImprovements2022-12-31SC213634ns5:LandBuildings2023-01-012023-12-31SC213634ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-31SC213634ns5:LeaseholdImprovements2023-01-012023-12-31SC213634ns5:LandBuildings2023-12-31SC213634ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-31SC213634ns5:LeaseholdImprovements2023-12-31SC213634ns5:LandBuildings2022-12-31SC213634ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-31SC213634ns5:LeaseholdImprovements2022-12-31SC213634ns5:PlantMachinery2022-12-31SC213634ns5:FurnitureFittings2022-12-31SC213634ns5:MotorVehicles2022-12-31SC213634ns5:ComputerEquipment2022-12-31SC213634ns5:PlantMachinery2023-01-012023-12-31SC213634ns5:FurnitureFittings2023-01-012023-12-31SC213634ns5:MotorVehicles2023-01-012023-12-31SC213634ns5:ComputerEquipment2023-01-012023-12-31SC213634ns5:PlantMachinery2023-12-31SC213634ns5:FurnitureFittings2023-12-31SC213634ns5:MotorVehicles2023-12-31SC213634ns5:ComputerEquipment2023-12-31SC213634ns5:PlantMachinery2022-12-31SC213634ns5:FurnitureFittings2022-12-31SC213634ns5:MotorVehicles2022-12-31SC213634ns5:ComputerEquipment2022-12-31SC213634ns5:LeasedAssetsHeldAsLessee2022-12-31SC213634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC213634ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-31SC213634ns5:LeasedAssetsHeldAsLessee2023-12-31SC213634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-31SC213634ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-31SC213634ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC213634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC213634ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC213634ns5:LeasedAssetsHeldAsLessee2022-12-31SC213634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC213634ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-31SC213634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC213634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC213634ns5:HirePurchaseContractsns5:WithinOneYear2023-12-31SC213634ns5:HirePurchaseContractsns5:WithinOneYear2022-12-31SC213634ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-31SC213634ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-31SC213634ns5:HirePurchaseContracts2023-12-31SC213634ns5:HirePurchaseContracts2022-12-31SC213634ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC213634ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC213634ns5:WithinOneYear2023-12-31SC213634ns5:WithinOneYear2022-12-31SC213634ns5:BetweenOneFiveYears2023-12-31SC213634ns5:BetweenOneFiveYears2022-12-31SC213634ns5:MoreThanFiveYears2023-12-31SC213634ns5:MoreThanFiveYears2022-12-31SC213634ns5:AllPeriods2023-12-31SC213634ns5:AllPeriods2022-12-31SC213634ns5:Secured2023-12-31SC213634ns5:Secured2022-12-31SC213634ns5:DeferredTaxation2022-12-31SC213634ns5:DeferredTaxation2023-12-31SC213634ns10:OrdinaryShareClass12023-12-31SC2136341ns10:Director12022-12-31SC2136341ns10:Director12021-12-31SC2136341ns10:Director12023-01-012023-12-31SC2136341ns10:Director12022-01-012022-12-31SC2136341ns10:Director12023-12-31SC2136341ns10:Director12022-12-31
REGISTERED NUMBER: SC213634 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

Scot Seat Direct Ltd.

Scot Seat Direct Ltd. (Registered number: SC213634)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Scot Seat Direct Ltd.

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mrs C A Young
J A Young
A A Young





REGISTERED OFFICE: 9 Glasgow Road
Paisley
PA1 3QS





REGISTERED NUMBER: SC213634 (Scotland)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

Scot Seat Direct Ltd. (Registered number: SC213634)

BALANCE SHEET
31 December 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
42,075 Intangible assets 5 34,663
850,204 Tangible assets 6 815,051
892,279 849,714

CURRENT ASSETS
191,207 Stocks 206,353
619,856 Debtors 7 559,681
194,968 Cash at bank and in hand 367,142
1,006,031 1,133,176
CREDITORS
752,673 Amounts falling due within one year 8 842,303
253,358 NET CURRENT ASSETS 290,873
1,145,637 TOTAL ASSETS LESS CURRENT
LIABILITIES

1,140,587

CREDITORS
(247,717 ) Amounts falling due after more than one
year

9

(179,924

)

- PROVISIONS FOR LIABILITIES 12 (5,372 )

(107,640 ) ACCRUALS AND DEFERRED INCOME 13 (105,300 )
790,280 NET ASSETS 849,991

CAPITAL AND RESERVES
250,000 Called up share capital 14 250,000
540,280 Retained earnings 599,991
790,280 SHAREHOLDERS' FUNDS 849,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Scot Seat Direct Ltd. (Registered number: SC213634)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




Mrs C A Young - Director



J A Young - Director


Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Scot Seat Direct Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Turnover
Turnover represents the total invoice value, less credit notes, excluding value added tax, of sales made in the year.

The Company recognises turnover when significant risks and rewards of ownership of the goods are transferred to the buyer. These criteria are generally met when the invoice is raised and the finished products are shipped to the customers.

Turnover in respect of part-completed orders is recognised by reference to the costs incurred at the balance sheet date plus a contribution to profit dependent on the stage of completion.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates, in order to write off the cost less estimated residual value of each asset, over its estimated useful life, or if held under a finance lease, over the lease term, whichever is the shorter.


Freehold Property-2% on cost
Buildings (Leasehold)-10% on cost
Improvements to property-10% on cost
Fixtures and fittings-25% on reducing balance
Plant and machinery-25% on reducing balance
Motor vehicles-25% on reducing balance
Computer equipment-25% on reducing balance


Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

When stocks are sold, the carrying amount of this stock is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 44 ) .

5. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023 390,552
Additions 2,745
At 31 December 2023 393,297
AMORTISATION
At 1 January 2023 348,477
Amortisation for year 10,157
At 31 December 2023 358,634
NET BOOK VALUE
At 31 December 2023 34,663
At 31 December 2022 42,075

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Improvements
Freehold Buildings to
Totals property (Leasehold) property
£    £    £    £   
COST
At 1 January 2023 1,577,094 767,641 56,091 4,172
Additions 35,799 - - -
Disposals (7,000 ) - - -
At 31 December 2023 1,605,893 767,641 56,091 4,172
DEPRECIATION
At 1 January 2023 726,890 60,472 56,091 4,172
Charge for year 67,999 15,352 - -
Eliminated on disposal (4,047 ) - - -
At 31 December 2023 790,842 75,824 56,091 4,172
NET BOOK VALUE
At 31 December 2023 815,051 691,817 - -
At 31 December 2022 850,204 707,169 - -

Fixtures
Plant & and Motor Computer
machinery fittings vehicles equipment
£    £    £    £   
COST
At 1 January 2023 219,587 349,608 154,447 25,548
Additions 5,750 - 30,049 -
Disposals - - (7,000 ) -
At 31 December 2023 225,337 349,608 177,496 25,548
DEPRECIATION
At 1 January 2023 142,459 344,537 96,565 22,594
Charge for year 24,188 5,071 21,245 2,143
Eliminated on disposal - - (4,047 ) -
At 31 December 2023 166,647 349,608 113,763 24,737
NET BOOK VALUE
At 31 December 2023 58,690 - 63,733 811
At 31 December 2022 77,128 5,071 57,882 2,954

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
Totals machinery vehicles
£    £    £   
COST
At 1 January 2023 171,428 90,850 80,578
Transfer to ownership (14,538 ) - (14,538 )
At 31 December 2023 156,890 90,850 66,040
DEPRECIATION
At 1 January 2023 72,680 39,747 32,933
Charge for year 23,535 12,776 10,759
Transfer to ownership (9,929 ) - (9,929 )
At 31 December 2023 86,286 52,523 33,763
NET BOOK VALUE
At 31 December 2023 70,604 38,327 32,277
At 31 December 2022 98,748 51,103 47,645

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 204,686 273,137
Amounts owed by associates 279,451 232,699
Other debtors 75,544 114,020
559,681 619,856

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 244,019 264,519
Hire purchase contracts (see note 10) 26,776 28,352
Trade creditors 278,434 226,824
Taxation and social security 94,085 123,195
Other creditors 198,989 109,783
842,303 752,673

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 10) 40,261 67,037
Other creditors 139,663 180,680
179,924 247,717

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 30,956 32,706
Between one and five years 46,819 77,975
77,775 110,681

Finance charges repayable:
Within one year 4,180 4,354
Between one and five years 6,558 10,938
10,738 15,292

Net obligations repayable:
Within one year 26,776 28,352
Between one and five years 40,261 67,037
67,037 95,389

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 2,091 1,826
Between one and five years 3,289 3,474
In more than five years 582 -
5,962 5,300

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 244,019 264,519
Hire purchase contracts 67,037 95,389
Debt factors 99,594 51,521
410,650 411,429

Bank borrowings are secured by a Standard Security over property owned by the company and a first ranking floating charge over the company's assets to the Royal Bank of Scotland.

Bibby Factors Scotland Ltd have provided invoice factoring services to the company covering some of the company's customers. Bibby have secured those advances with a floating charge and by having the relevant customer debts assigned to them.

Obligations under hire purchase contracts are secured over the assets to which they relate.

12. PROVISIONS FOR LIABILITIES
31.12.23
£   
Deferred tax 5,372

Deferred
tax
£   
Balance at 1 January 2023 (22,982 )
Deferred Asset (re losses) 26,828
Accelerated capital allowances 1,526
Balance at 31 December 2023 5,372

The 2023 creditor balance of £5,372 is in respect of accelerated capital allowances. The comparable figure for 2022 was a debtor of £22,982 (in Other debtors at Note 9), comprising a deferred tax asset of £26,828 minus £3,846 in respect of accelerated capital allowances..

13. ACCRUALS AND DEFERRED INCOME
31.12.23 31.12.22
£    £   
Deferred government grants 105,300 107,640

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
250,000 Ordinary £1 250,000 250,000

Scot Seat Direct Ltd. (Registered number: SC213634)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mrs C A Young
Balance outstanding at start of year 82,782 88,791
Amounts advanced 49,261 80,991
Amounts repaid (85,500 ) (87,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 46,543 82,782

Interest is charged on the directors loan at 3.5%, the loan has no fixed date for repayment.

16. ULTIMATE CONTROLLING PARTY

The company is under the control of J A Young who owns directly 66.7% of the issued share capital.