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Registration number: 11031447

Cleveland Scott Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Cleveland Scott Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Cleveland Scott Limited

Company Information

Directors

Timothy James Scott

Richard Higham

Registered office

White House Business Centre Wilderspool Business Park
Greehalls Avenue
Warrington
Cheshire
WA4 6HL

Accountants

Beans Accountants Ltd
Chartered Accountant
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

Cleveland Scott Limited

(Registration number: 11031447)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

165,429

3,373

Current assets

 

Debtors

5

597,358

128,877

Cash at bank and in hand

 

710,663

771,920

 

1,308,021

900,797

Creditors: Amounts falling due within one year

6

(283,703)

(236,790)

Net current assets

 

1,024,318

664,007

Total assets less current liabilities

 

1,189,747

667,380

Creditors: Amounts falling due after more than one year

6

(143,406)

-

Net assets

 

1,046,341

667,380

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

1,046,141

667,180

Shareholders' funds

 

1,046,341

667,380

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

Cleveland Scott Limited

(Registration number: 11031447)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Timothy James Scott
Director

.........................................
Richard Higham
Director

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
White House Business Centre Wilderspool Business Park
Greehalls Avenue
Warrington
Cheshire
WA4 6HL
United Kingdom

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

8,652

-

8,652

Additions

2,106

170,737

172,843

Disposals

(68)

-

(68)

At 31 December 2023

10,690

170,737

181,427

Depreciation

At 1 January 2023

5,279

-

5,279

Charge for the year

959

9,760

10,719

At 31 December 2023

6,238

9,760

15,998

Carrying amount

At 31 December 2023

4,452

160,977

165,429

At 31 December 2022

3,373

-

3,373

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

10,200

106,160

Amounts owed by related parties

10

319,305

-

Prepayments

 

36,921

10,265

Other debtors

 

230,932

12,452

   

597,358

128,877

6

Creditors

Creditors: amounts falling due within one year

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

30,104

-

Trade creditors

 

1,340

421

Taxation and social security

 

210,716

193,146

Accruals and deferred income

 

41,543

43,223

 

283,703

236,790

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £30,104 (2022 - £0).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

143,406

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £ 143,406 (2022 - £0).

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary Shares of £1 each

100

100

100

100

B Ordinary Shares of £1 each

100

100

100

100

200

200

200

200

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

143,406

-

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

30,104

-

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1,200.00 (2022 - £860.00) per each A Ordinary Shares

120,000

86,000

Interim dividend of £800.00 (2022 - £860.00) per each B Ordinary Shares

80,000

86,000

200,000

172,000

10

Related party transactions

The company provided in the accounting year ending 31st December 2023 inter-company loans to associated companies in amount of £319.305. The loans are provided interest free and they are repayable on demand,

 

Cleveland Scott Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

22,830

25,275

Contributions paid to money purchase schemes

55,400

4,020

78,230

29,295