Company registration number 02633400 (England and Wales)
SCHOTTLANDER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SCHOTTLANDER LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group balance sheet
7
Company balance sheet
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Notes to the financial statements
11 - 19
SCHOTTLANDER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The Group continued to build brand equity for its products, with a strong emphasis being placed on product quality, product development and service to customers.

 

The Group has continued to adhere to the innovative principles which have achieved two Queen's Awards for Enterprise in the innovation category.

Development and performance

The year saw the continued normalisation of business conditions following the COVID-19 pandemic, as supply chain disruptions improved, cost inflation declined and the Department of Health direct supply of certain of the company's key product groups was wound down.

The company took advantage of new opportunities as they arose and continues at pace with all development projects. These will contribute to growth in the future.

 

 

Key performance indicators

The Group has during the year consolidated the growth and stability of recent years.

 

The financial highlights are as follows:-

 

2023      2022

 

Turnover £13,081,369 £12,480,851    

Profit before tax £348,501 £1,121,592

Shareholders' funds      £14,226,034 £13,942,551

Net cash flow from operating activities £(254,077) £2,184,951

 

 

 

By order of the board

Mr M Seaman
Secretary
20 September 2024
SCHOTTLANDER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group during the year continued to be that of dental manufacturers and distributors and no significant changes are anticipated.

 

Results and dividends

The results for the year are set out on page 6.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr B D Schottlander
Mr I J Schottlander
Mrs S A Schottlander
Auditor

In accordance with the company's articles, a resolution proposing that Newton & Garner Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Mr M Seaman
Secretary
20 September 2024
2024-09-26
SCHOTTLANDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCHOTTLANDER LIMITED
- 3 -
Opinion

We have audited the financial statements of SCHOTTLANDER LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SCHOTTLANDER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCHOTTLANDER LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit were to identify and assess the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these risks between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining sufficient appropriate audit evidence to provide a basis for our opinion, and to respond appropriately to any instances of identified or suspected non-compliance of laws and regulations.

To identify and assess such risks, the audit team:

 

SCHOTTLANDER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCHOTTLANDER LIMITED
- 5 -
Audit response to risks identified

The audit team identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recording of income and the override of controls by management. Our audit procedures to respond to these risks included, but were not limited to, testing manual journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also performed analytical procedures to identify any unusual relationships that may indicate any risk of material misstatement due to fraud and reviewed minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Knight, FCCA, ATII (Senior Statutory Auditor)
For and on behalf of Newton & Garner Limited
26 September 2024
Chartered Accountants
Statutory Auditor
Building 2
30 Friern Park
North Finchley
London
N12 9DA
SCHOTTLANDER LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
13,081,369
12,480,851
Cost of sales
(6,691,917)
(5,647,554)
Gross profit
6,389,452
6,833,297
Distribution costs
(2,917,693)
(2,478,293)
Administrative expenses
(3,411,069)
(3,338,644)
Operating profit
60,690
1,016,360
Interest receivable and similar income
5
287,811
105,232
Profit before taxation
348,501
1,121,592
Tax on profit
6
(65,018)
(175,429)
Profit for the financial year
283,483
946,163
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SCHOTTLANDER LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
7
44,049
63,765
Current assets
Stocks
10
2,074,008
2,293,806
Debtors
11
1,845,487
1,767,496
Cash at bank and in hand
13,087,493
13,255,863
17,006,988
17,317,165
Creditors: amounts falling due within one year
12
(2,825,003)
(3,438,379)
Net current assets
14,181,985
13,878,786
Net assets
14,226,034
13,942,551
Capital and reserves
Called up share capital
14
11,802
11,802
Capital redemption reserve
5,900
5,900
Profit and loss reserves
14,208,082
13,924,599
Equity attributable to owners of the parent company
14,225,784
13,942,301
Non-controlling interests
250
250
14,226,034
13,942,551

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
20 September 2024
Dr B D Schottlander
Director
Company registration number 02633400 (England and Wales)
SCHOTTLANDER LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
8
12,642
12,642
Current assets
Debtors
11
2,000,000
2,000,000
Cash at bank and in hand
4,372,013
4,310,589
6,372,013
6,310,589
Creditors: amounts falling due within one year
12
(14,881)
(2,093)
Net current assets
6,357,132
6,308,496
Net assets
6,369,774
6,321,138
Capital and reserves
Called up share capital
14
11,802
11,802
Profit and loss reserves
6,357,972
6,309,336
Total equity
6,369,774
6,321,138

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £48,636 (2022 - £5,344 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
20 September 2024
Dr B D Schottlander
Director
Company registration number 02633400 (England and Wales)
SCHOTTLANDER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 January 2022
11,802
5,900
12,978,436
12,996,138
250
12,996,388
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
946,163
946,163
-
946,163
Balance at 31 December 2022
11,802
5,900
13,924,599
13,942,301
250
13,942,551
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
283,483
283,483
-
283,483
Balance at 31 December 2023
11,802
5,900
14,208,082
14,225,784
250
14,226,034
SCHOTTLANDER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
11,802
6,303,992
6,315,794
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
5,344
5,344
Balance at 31 December 2022
11,802
6,309,336
6,321,138
Year ended 31 December 2023:
Profit and total comprehensive income
-
48,636
48,636
Balance at 31 December 2023
11,802
6,357,972
6,369,774
SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

SCHOTTLANDER LIMITED (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fifth Avenue, Letchworth Garden City, Hertfordshire, SG6 2WD.

 

The group consists of SCHOTTLANDER LIMITED and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

The consolidated group financial statements consist of the financial statements of the parent company SCHOTTLANDER LIMITED together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings & equipment
33%, 25% & 10% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

Research & development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

1.18

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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover
United Kingdom
11,231,815
10,420,472
Overseas
1,849,554
2,060,379
13,081,369
12,480,851
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
7
7
4
4
Distribution
42
44
-
-
Administration
10
10
-
-
Total
59
61
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,794,121
3,811,996
-
0
-
0
Social security costs
450,968
461,249
-
-
Pension costs
134,680
124,318
-
0
-
0
4,379,769
4,397,563
-
0
-
0
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
287,811
105,232
SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
65,018
183,524
Adjustments in respect of prior periods
-
0
276
Total current tax
65,018
183,800
Deferred tax
Origination and reversal of timing differences
-
0
(8,371)
Total tax charge
65,018
175,429

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
348,501
1,121,592
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
81,967
213,102
Tax effect of expenses that are not deductible in determining taxable profit
345
132
Tax effect of income not taxable in determining taxable profit
-
0
(1,087)
Permanent capital allowances in excess of depreciation
2,369
8
Research and development tax credit
(18,962)
(28,631)
Under/(over) provided in prior years
-
0
276
Tax at marginal rate
(701)
-
0
Deferred tax movement
-
0
(8,371)
Taxation charge
65,018
175,429
SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
7
Tangible fixed assets
Group
Fixtures and fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
1,114,601
47,868
1,162,469
Additions
18,580
-
0
18,580
Disposals
(1,575)
(21,579)
(23,154)
At 31 December 2023
1,131,606
26,289
1,157,895
Depreciation and impairment
At 1 January 2023
1,057,957
40,747
1,098,704
Depreciation charged in the year
31,724
6,572
38,296
Eliminated in respect of disposals
(1,575)
(21,579)
(23,154)
At 31 December 2023
1,088,106
25,740
1,113,846
Carrying amount
At 31 December 2023
43,500
549
44,049
At 31 December 2022
56,644
7,121
63,765
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
8
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
9
-
0
-
0
12,642
12,642
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
12,642
Carrying amount
At 31 December 2023
12,642
At 31 December 2022
12,642
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Subsidiaries
(Continued)
- 18 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Davis, Schottlander & Davis Ltd
UK
Ordinary
100.00
Schottlander Medical Ltd
UK
Ordinary
75.00
Schottlander (IRL) Ltd
Republic of Ireland
Ordinary
100.00
10
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
2,074,008
2,293,806
-
0
-
0
11
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,579,174
1,545,343
-
0
-
0
Amounts owed by group undertakings
-
-
2,000,000
2,000,000
Other debtors
76,465
50,787
-
0
-
0
Prepayments and accrued income
189,848
171,366
-
0
-
0
1,845,487
1,767,496
2,000,000
2,000,000
12
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
401,047
875,360
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
840
840
Corporation tax payable
65,018
183,524
14,041
1,253
Other taxation and social security
723,693
629,753
-
-
Other creditors
78,074
16,971
-
0
-
0
Accruals and deferred income
1,557,171
1,732,771
-
0
-
0
2,825,003
3,438,379
14,881
2,093
13
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,680
124,318
SCHOTTLANDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Retirement benefit schemes
(Continued)
- 19 -

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,802
11,802
11,802
11,802
15
Operating lease commitments
Lessee

At 31 December 2022 the group was committed to making the following total future minimum lease payments under non-cancellable operating leases in the year to 31 December 2029:

 

 

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
240,000
240,000
-
-
Between two and five years
960,000
960,000
-
-
In over five years
192,391
432,391
-
-
1,392,391
1,632,391
-
-

The operating lease relates to property rental payments which consist of quarterly payments of £60,000. The lease term ends on 19th October 2029.

16
Events after the reporting date

There were no events post the balance sheet date that affected the financial statements.

17
Related party transactions

The group has made property rental payments to B D Schottlander & S A Schottlander totalling £240,000 (2022 - £240,000) during the year.

 

The group made a charitable donation of £100,000 (2022 - £nil) to Schottlander Research Charitable Trust during the year. The charity's trustees are B D Schottlander, I J Schottlander & S A Schottlander.

18
Controlling party

The company was controlled throughout the year by B D Schottlander by virtue of his majority shareholding.

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