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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC414494
2023-01-01
2023-12-31
SC414494
2023-12-31
SC414494
2022-12-31
SC414494
2022-01-01
2022-12-31
SC414494
2022-12-31
SC414494
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SC414494
1
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC414494
Scottish Outdoor Education Centres Limited |
|
Filleted Unaudited Financial Statements |
|
Scottish Outdoor Education Centres Limited |
|
Year ended 31 December 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Scottish Outdoor Education Centres Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
256,218 |
264,205 |
|
|
|
|
|
Current assets
Stocks |
14,996 |
|
11,864 |
Debtors |
6 |
78,771 |
|
75,719 |
Cash at bank and in hand |
946 |
|
7,709 |
|
-------- |
|
-------- |
|
94,713 |
|
95,292 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
212,652 |
|
225,286 |
|
--------- |
|
--------- |
Net current liabilities |
|
117,939 |
129,994 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
138,279 |
134,211 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
49,595 |
60,708 |
|
|
--------- |
--------- |
Net assets |
|
88,684 |
73,503 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
88,683 |
73,502 |
|
|
-------- |
-------- |
Shareholder funds |
|
88,684 |
73,503 |
|
|
-------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Scottish Outdoor Education Centres Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2024
, and are signed on behalf of the board by:
Company registration number:
SC414494
Scottish Outdoor Education Centres Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Loaningdale House, Carwood Road, Biggar, ML12 6LX, Lanarkshire.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the going concern basis. The directors have considered the working capital requirements of the company for a period of one year from the date of signing and consider that the company will be able to continue to trade and to meet its liabilities as they fall due.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Where income is received in advance of a visit it is deferred until the company is entitled to the income (as the related goods or services are provided).
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property Improvements |
- |
2% straight line |
|
Plant and machinery |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock of fuel oil and gas is included at cost. Stocks of sports and expendable equipment for use by the company in providing services are debited to the profit and loss in line with usage or over a period of three years which is considered the average useful life of the equipment.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pension costs
The company operated a defined benefit pension scheme for employees. The assets of the scheme were held separately from those of the company. The contributions to the scheme were charged to the profit and loss account so as to spread the cost of pensions over the service lives of employees. Variations from the regular costs were spread over the average expected remaining working lives of current members in the scheme. Scottish Centres exited from this scheme during the year. Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4.
Staff
The average number of persons employed by the company during the year amounted to
23
(2022:
16
).
5.
Tangible assets
|
Property improvements |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
237,933 |
179,744 |
417,677 |
Additions |
– |
14,082 |
14,082 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
237,933 |
193,826 |
431,759 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2023 |
21,400 |
132,072 |
153,472 |
Charge for the year |
4,659 |
17,410 |
22,069 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
26,059 |
149,482 |
175,541 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
211,874 |
44,344 |
256,218 |
|
--------- |
--------- |
--------- |
At 31 December 2022 |
216,533 |
47,672 |
264,205 |
|
--------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
13,380 |
14,479 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
57,546 |
55,842 |
Other debtors |
7,845 |
5,398 |
|
-------- |
-------- |
|
78,771 |
75,719 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
20,877 |
10,299 |
Trade creditors |
10,889 |
10,989 |
Social security and other taxes |
9,035 |
15,805 |
Other creditors |
171,851 |
188,193 |
|
--------- |
--------- |
|
212,652 |
225,286 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
49,595 |
60,708 |
|
-------- |
-------- |
|
|
|
9.
Charges on assets
The bank holds a floating charge over the assets of the company. At the year end the company had borrowings from the bank by way of a loan and overdraft of £40,558 (2022: £46,096). Bank loans outstanding at the year end include instalments due after more than five years of £10,762 (2022: £17,015).
10.
Pension commitments
Membership of the Strathclyde Pension Fund (SPF) managed by Glasgow City Council used to be offered to eligible staff. This was a defined benefit scheme and had been closed to new members. During the year Scottish Centres exited this pension fund.
Contributions of £1,402 were due to the employer auto enrolment scheme at the balance sheet date (2022: £2,253).
11.
Other financial commitments
At the year end, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £
92,970
(2022: £ 21,314
).
12.
Controlling party
Consolidated financial statements are prepared by Scottish Environmental and Outdoor Education Centres Association (Charity Number SC002278 and Company Registration Number SC024950), the parent company, whose registered office address is the same as that stated at note 1.