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COMPANY REGISTRATION NUMBER: SC492703
SACS Management Ltd
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
SACS Management Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,342
3,585
Current assets
Debtors
6
6,927
9,604
Cash at bank and in hand
249,438
201,987
---------
---------
256,365
211,591
Creditors: amounts falling due within one year
7
4,576
9,541
---------
---------
Net current assets
251,789
202,050
---------
---------
Total assets less current liabilities
254,131
205,635
---------
---------
Net assets
254,131
205,635
---------
---------
Capital and reserves
Called up share capital
8
100
100
Other reserves
7,368
7,368
Profit and loss account
246,663
198,167
---------
---------
Shareholders funds
254,131
205,635
---------
---------
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SACS Management Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr C A Stoddart
Director
Company registration number: SC492703
SACS Management Ltd
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 First Floor, 11 South Street, Dalkeith, Midlothian, EH22 1AH.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents income from membership subscriptions and training courses received during the year.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(e) 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:
Plant & Machinery
-
25% reducing balance
Equipment
-
25% straight line
(f) 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(g) Financial instruments
The following assets and liabilities are classified as financial instruments - bank deposits, bank loans, taxes and other creditors. Bank deposits are measured at the undiscounted amounts held on deposit at the end of the reporting period. Bank loans are measured at the undiscounted amount outstanding at the end of the reporting period. These are undiscounted as loans are subject to interest per the terms of the agreement. Taxes and other creditors are measured at the undiscounted amounts payable at the end of the reporting period.
(h) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
5,165
19,711
24,876
Additions
1,194
1,194
-------
--------
--------
At 31 December 2023
5,165
20,905
26,070
-------
--------
--------
Depreciation
At 1 January 2023
2,988
18,303
21,291
Charge for the year
544
1,893
2,437
-------
--------
--------
At 31 December 2023
3,532
20,196
23,728
-------
--------
--------
Carrying amount
At 31 December 2023
1,633
709
2,342
-------
--------
--------
At 31 December 2022
2,177
1,408
3,585
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,584
1,864
Other debtors
5,343
7,740
-------
-------
6,927
9,604
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
465
687
Corporation tax
613
Social security and other taxes
1,309
6,202
Other creditors
2,189
2,652
-------
-------
4,576
9,541
-------
-------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
During the year, the company received consultancy advice amounting to £ 23,000 (2022 - £nil) from Dalavil Consultancy Ltd, a company owned and managed by Julia Stoddart, spouse of the director. The work done was on a specific project of a limited nature and the director is of the opinion that this was at arms length and obtained under normal market conditions.
10. Controlling party
The company is a wholly owned subsidiary of the Scottish Association for Country Sports , a company limited by guarantee. The registered office address of this parent company is First Floor, 11 South Street, Dalkeith, Midlothian, Scotland, EH22 1AH . The affairs of this Association is managed by a Management Committee which is elected by the members of the Association with each Management Committee member serving for no more than three years. Each Management Committee member is entitled to one vote and in the case of a tied vote the Chairman of the Committee has the casting vote.