Stott Brothers Ltd 11132407 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the letting of residential property including furnished holiday lets Digita Accounts Production Advanced 6.30.9574.0 true true 11132407 2023-04-01 2024-03-31 11132407 2024-03-31 11132407 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 11132407 core:CurrentFinancialInstruments 2024-03-31 11132407 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11132407 core:Non-currentFinancialInstruments 2024-03-31 11132407 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 11132407 core:PlantMachinery 2024-03-31 11132407 core:OtherRelatedParties 2024-03-31 11132407 bus:SmallEntities 2023-04-01 2024-03-31 11132407 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11132407 bus:FilletedAccounts 2023-04-01 2024-03-31 11132407 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11132407 bus:RegisteredOffice 2023-04-01 2024-03-31 11132407 bus:Director1 2023-04-01 2024-03-31 11132407 bus:Director2 2023-04-01 2024-03-31 11132407 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 11132407 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11132407 core:PlantMachinery 2023-04-01 2024-03-31 11132407 core:OtherRelatedParties 2023-04-01 2024-03-31 11132407 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-04-01 2024-03-31 11132407 countries:England 2023-04-01 2024-03-31 11132407 2023-03-31 11132407 core:PlantMachinery 2023-03-31 11132407 core:OtherRelatedParties 2023-03-31 11132407 2022-04-01 2023-03-31 11132407 2023-03-31 11132407 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 11132407 core:CurrentFinancialInstruments 2023-03-31 11132407 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11132407 core:Non-currentFinancialInstruments 2023-03-31 11132407 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11132407 core:PlantMachinery 2023-03-31 11132407 core:OtherRelatedParties 2023-03-31 11132407 core:OtherRelatedParties 2022-04-01 2023-03-31 11132407 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-04-01 2023-03-31 11132407 2022-03-31 11132407 core:OtherRelatedParties 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11132407

Stott Brothers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Stott Brothers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Stott Brothers Ltd

Company Information

Directors

Mr William Stott

Mr Thomas Stott

Registered office

12a Deards End Lane
Knebworth
Herts
SG3 6NL

 

Stott Brothers Ltd

(Registration number: 11132407)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,389

24,315

Investment property

5

746,032

746,032

 

762,421

770,347

Current assets

 

Debtors

6

1,342

2,430

Cash at bank and in hand

 

15,468

2,300

 

16,810

4,730

Creditors: Amounts falling due within one year

7

(60,597)

(56,130)

Net current liabilities

 

(43,787)

(51,400)

Total assets less current liabilities

 

718,634

718,947

Creditors: Amounts falling due after more than one year

7

(704,440)

(699,843)

Net assets

 

14,194

19,104

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

14,094

19,004

Shareholders' funds

 

14,194

19,104

For the financial year ending 31 March 2024 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 7 October 2024 and signed on its behalf by:
 

 

Stott Brothers Ltd

(Registration number: 11132407)
Balance Sheet as at 31 March 2024

.........................................
Mr William Stott
Director

 

Stott Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
12a Deards End Lane
Knebworth
Herts
SG3 6NL

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 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.

The company's income from rents is apportioned on a straight line basis.

Tax

The tax expense for the period comprises 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.

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.

 

Stott Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:

Asset class

Depreciation method and rate

Plant and machinery

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

 

Stott Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Stott Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

36,291

36,291

Additions

130

130

At 31 March 2024

36,421

36,421

Depreciation

At 1 April 2023

11,976

11,976

Charge for the year

8,056

8,056

At 31 March 2024

20,032

20,032

Carrying amount

At 31 March 2024

16,389

16,389

At 31 March 2023

24,315

24,315

5

Investment properties

2024
£

At 1 April

746,032

At 31 March

746,032

In the opinion of the directors, the fair value of the properties is not materially different from their respective purchase prices.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

1,088

Prepayments

642

642

Other debtors

700

700

 

1,342

2,430

 

Stott Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

543

227

Taxation and social security

55,254

50,668

Accruals and deferred income

4,100

4,535

Other creditors

700

700

60,597

56,130

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

704,440

699,843

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

704,440

699,843

10

Related party transactions

Summary of transactions with other related parties

Owners with participating interest
 

Income and receivables from related parties

 

Stott Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024

Other related parties
£

Receipt of services

2,899

2023

Other related parties
£

Receipt of services

979

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

699,843

699,843

Advanced

4,597

4,597

At end of period

704,440

704,440

2023

Other related parties
£

Total
£

At start of period

693,399

693,399

Advanced

6,444

6,444

At end of period

699,843

699,843

Terms of loans from related parties

The amounts owed to the shareholders are unsecured interest free and repayable in more than one year.