Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.14The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity15falsetruefalse 03950779 2023-01-01 2023-12-31 03950779 2022-01-01 2022-12-31 03950779 2023-12-31 03950779 2022-12-31 03950779 2022-01-01 03950779 c:CompanySecretary1 2023-01-01 2023-12-31 03950779 c:Director1 2023-01-01 2023-12-31 03950779 c:RegisteredOffice 2023-01-01 2023-12-31 03950779 d:PlantMachinery 2023-01-01 2023-12-31 03950779 d:PlantMachinery 2023-12-31 03950779 d:PlantMachinery 2022-12-31 03950779 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03950779 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03950779 d:MotorVehicles 2023-01-01 2023-12-31 03950779 d:MotorVehicles 2023-12-31 03950779 d:MotorVehicles 2022-12-31 03950779 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03950779 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03950779 d:OfficeEquipment 2023-01-01 2023-12-31 03950779 d:OfficeEquipment 2023-12-31 03950779 d:OfficeEquipment 2022-12-31 03950779 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03950779 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03950779 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03950779 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03950779 d:CurrentFinancialInstruments 2023-12-31 03950779 d:CurrentFinancialInstruments 2022-12-31 03950779 d:Non-currentFinancialInstruments 2023-12-31 03950779 d:Non-currentFinancialInstruments 2022-12-31 03950779 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03950779 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03950779 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03950779 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03950779 d:ShareCapital 2023-12-31 03950779 d:ShareCapital 2022-12-31 03950779 d:RetainedEarningsAccumulatedLosses 2023-12-31 03950779 d:RetainedEarningsAccumulatedLosses 2022-12-31 03950779 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03950779 c:FRS102 2023-01-01 2023-12-31 03950779 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03950779 c:FullAccounts 2023-01-01 2023-12-31 03950779 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03950779 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 03950779 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 03950779 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 03950779 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03950779 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03950779 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03950779 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03950779 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03950779









SCANDIA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SCANDIA LIMITED
 
 
COMPANY INFORMATION


Director
N Thompson 




Company secretary
N Thompson



Registered number
03950779



Registered office
Unit 5
Salhouse Road

Norwich

Norfolk

NR7 9AQ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
SCANDIA LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
SCANDIA LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SCANDIA LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scandia Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of Scandia Limited in accordance with the terms of our engagement letter dated 17 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Scandia Limited and state those matters that we have agreed to state to the director of Scandia Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scandia Limited and its director for our work or for this report. 

It is your duty to ensure that Scandia Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Scandia Limited. You consider that Scandia Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Scandia Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

12 September 2024
Page 1

 
SCANDIA LIMITED
REGISTERED NUMBER: 03950779

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
109,711
127,511

  
109,711
127,511

Current assets
  

Stocks
  
123,750
129,700

Debtors: amounts falling due within one year
 5 
411,833
455,059

Cash at bank and in hand
  
38,010
18,066

  
573,593
602,825

Creditors: amounts falling due within one year
 6 
(459,799)
(471,954)

Net current assets
  
 
 
113,794
 
 
130,871

Total assets less current liabilities
  
223,505
258,382

Creditors: amounts falling due after more than one year
 7 
(171,617)
(209,297)

Provisions for liabilities
  

Deferred tax
 8 
(13,365)
(12,161)

  
 
 
(13,365)
 
 
(12,161)

Net assets
  
38,523
36,924


Capital and reserves
  

Called up share capital 
 9 
101
101

Profit and loss account
  
38,422
36,823

  
38,523
36,924


Page 2

 
SCANDIA LIMITED
REGISTERED NUMBER: 03950779
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.






N Thompson
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Scandia Limited is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is Unit 5 Salhouse Road, Norwich, Norfolk, NR7 9AQ.
The Company's principal activity is that of the provision of building services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis. This basis is considered appropriate as the directors have confirmed that repayment of the director's loan account balance due would not be requested without the Company having sufficient funds to do so.

 
2.3

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rendering of  building services, exclusive of Value Added Tax and trade discounts.  Turnover is recognised when the amount of revenue can be reliably measured, it is probable that the collectability of the related receivable is reasonably assured and when the services are rendered, using the percentage of completion method based on the actual services provided as a proportion of the total services to be performed.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The current income tax charge is  calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 15).

Page 6

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
111,057
149,195
16,580
276,832


Additions
6,199
8,500
-
14,699



At 31 December 2023

117,256
157,695
16,580
291,531



Depreciation


At 1 January 2023
85,681
49,226
14,413
149,320


Charge for the year on owned assets
4,736
2,330
646
7,712


Charge for the year on financed assets
-
24,788
-
24,788



At 31 December 2023

90,417
76,344
15,059
181,820



Net book value



At 31 December 2023
26,839
81,351
1,521
109,711



At 31 December 2022
25,375
99,969
2,167
127,511

Page 7

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
351,860
395,690

Other debtors
59,805
59,369

Prepayments and accrued income
168
-

411,833
455,059



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
40,154
40,249

Bank loans
10,087
9,827

Trade creditors
84,126
50,614

Corporation tax
9,879
14,682

Other taxation and social security
76,862
71,391

Obligations under finance lease and hire purchase contracts
25,511
25,511

Other creditors
209,700
256,360

Accruals and deferred income
3,480
3,320

459,799
471,954


The bank loan and overdraft are secured by a fixed and floating charge over the assets of the Company.

Page 8

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
105,759
118,621

Net obligations under finance leases and hire purchase contracts
65,858
90,676

171,617
209,297


The bank loan and overdraft are secured by a fixed and floating charge over the assets of the Company.
The Director has provided a personal guarantee of £230,000.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
37,208
52,290

37,208
52,290

The bank loan is repayable within 9 years.  Interest is chargeable on the loan at a fixed rate of 4.58% per annum.


8.


Deferred taxation




2023
2022


£

£






At beginning of year
(12,161)
(6,570)


Credited to profit or loss
(1,204)
(5,591)



At end of year
(13,365)
(12,161)

Page 9

 
SCANDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(25,686)
(31,878)

Tax losses carried forward
12,321
19,717

(13,365)
(12,161)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



101 Ordinary shares of £1.00 each
101
101



10.Director's personal guarantees

The Director has provided a personal guarantee of £230,000.


11.


Related party transactions

As at 31 December 2023, the Company owed the Director £33,472 (2022: £75,850).

 
Page 10