Company registration number 05265422 (England and Wales)
SCARLETTABBOTT LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
SCARLETTABBOTT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SCARLETTABBOTT LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
94,825
110,487
Investments
6
-
0
201
94,825
110,688
Current assets
Stocks
49,833
97,303
Debtors
7
3,430,997
2,374,658
Cash at bank and in hand
2,948,305
2,440,102
6,429,135
4,912,063
Creditors: amounts falling due within one year
8
(1,072,608)
(1,607,993)
Net current assets
5,356,527
3,304,070
Total assets less current liabilities
5,451,352
3,414,758
Provisions for liabilities
(8,235)
(14,362)
Net assets
5,443,117
3,400,396
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
31,034
-
0
Profit and loss reserves
5,411,983
3,400,296
Total equity
5,443,117
3,400,396

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
J Petty
Director
Company Registration No. 05265422
SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Scarlettabbott Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Chapel, 27a Main Street, Fulford, York, YO10 4PJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Scarlettabbott (Topco) Limited. These consolidated financial statements are available from its registered office, The Old Chapel 27a Main Street, Fulford, York, North Yorkshire, YO10 4PJ.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.

SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Plant and Equipment
25% reducing balance
Motor vehicles
20% reducing balance

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 credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Stocks

Stocks represent work in progress in respect of ongoing rendering of services. Where the outcome of a contract can be estimated reliably, turnover and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presente as stocks provided it is probable they will be recovered.

1.8
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.

SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

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

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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 leases asset are consumed.

SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stage of completion of contracts

In detemining Turnover in accoradance with the Policy in Note 1.3, the directors are require to estimate the stage of completion of a contract by reference to the expected costs to complete the services provided.

3
Employees

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

2023
2022
Number
Number
Total
51
49
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
32,000
Amortisation
At 1 November 2022 and 31 October 2023
32,000
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
-
0
SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
586,882
Additions
23,282
Disposals
(5,600)
At 31 October 2023
604,564
Depreciation and impairment
At 1 November 2022
476,395
Depreciation charged in the year
37,079
Eliminated in respect of disposals
(3,735)
At 31 October 2023
509,739
Carrying amount
At 31 October 2023
94,825
At 31 October 2022
110,487
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
201
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
201
Disposals
(201)
At 31 October 2023
-
Carrying amount
At 31 October 2023
-
At 31 October 2022
201
SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
998,149
1,097,826
Corporation tax recoverable
86,368
-
0
Amounts owed by group undertakings
2,082,565
50,513
Other debtors
263,915
1,226,319
3,430,997
2,374,658
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
116,176
57,908
Corporation tax
-
0
474,245
Other taxation and social security
173,012
183,146
Other creditors
783,420
892,694
1,072,608
1,607,993
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Chris Butt
Statutory Auditor:
Azets Audit Services Limited
11
Directors' transactions

During the year, J Abbott and R Thornton-Abbott resigned as directors in the company however continued to be directors of the ultimate parent undertaking, Scarlettbbott (Topco) Limited. As at 31 October 2023, £39,940 was owed to the former directors (2022 - £252,000 owed from the directors). £36,705 was advanced during the year and £328,645 was repaid during the year.

SCARLETTABBOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
12
Parent company

The Company is a subsidiary undertaking of Scarlettabbott (Topco) Limited, which is the ultimate parent company registered in England & Wales. The immediate parent company is The Scarlettabbot Group Limited, a company registered in England & Wales.

 

The largest and smallest group into which the results of the Company are consolidated is that headed by Scarlettabbott (Topco) Limited. The consolidated accounts of Scarlettabbott (Topco) Limited can be obtained from it's registered office of The Old Chapel 27a Main Street, Fulford, York, North Yorkshire, United Kingdom, YO10 4PJ.

 

 

 

2023-10-312022-11-01false04 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedJ AbbotR Thornton-AbbottJ MarchJ Pettyfalsefalse052654222022-11-012023-10-31052654222023-10-31052654222022-10-3105265422core:OtherPropertyPlantEquipment2023-10-3105265422core:OtherPropertyPlantEquipment2022-10-3105265422core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3105265422core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3105265422core:CurrentFinancialInstruments2023-10-3105265422core:CurrentFinancialInstruments2022-10-3105265422core:ShareCapital2023-10-3105265422core:ShareCapital2022-10-3105265422core:CapitalRedemptionReserve2023-10-3105265422core:CapitalRedemptionReserve2022-10-3105265422core:RetainedEarningsAccumulatedLosses2023-10-3105265422core:RetainedEarningsAccumulatedLosses2022-10-3105265422bus:Director42022-11-012023-10-3105265422core:Goodwill2022-11-012023-10-3105265422core:PlantMachinery2022-11-012023-10-3105265422core:MotorVehicles2022-11-012023-10-31052654222021-11-012022-10-3105265422core:NetGoodwill2022-10-3105265422core:NetGoodwill2023-10-3105265422core:NetGoodwill2022-10-3105265422core:OtherPropertyPlantEquipment2022-10-3105265422core:OtherPropertyPlantEquipment2022-11-012023-10-3105265422core:WithinOneYear2023-10-3105265422core:WithinOneYear2022-10-3105265422bus:PrivateLimitedCompanyLtd2022-11-012023-10-3105265422bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3105265422bus:FRS1022022-11-012023-10-3105265422bus:Audited2022-11-012023-10-3105265422bus:Director12022-11-012023-10-3105265422bus:Director22022-11-012023-10-3105265422bus:Director32022-11-012023-10-3105265422bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP