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Registration number: 07579358

Scott Duff & Co Limited

Unaudited Financial Statements

30 April 2024

image-name

 

Scott Duff & Co Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Scott Duff & Co Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Scott Duff & Co Limited for the year ended 30 April 2024 as set out on pages 2 to 11 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Scott Duff & Co Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Scott Duff & Co Limited and state those matters that we have agreed to state to the Board of Directors of Scott Duff & Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scott Duff & Co Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Scott Duff & Co 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 accounts.



Dodd & Co Audit Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

6 August 2024

 

Scott Duff & Co Limited

(Registration number: 07579358)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

280,000

320,000

Tangible assets

5

13,230

20,022

 

293,230

340,022

Current assets

 

Debtors

6

698,835

671,752

Cash at bank and in hand

 

518,117

312,589

 

1,216,952

984,341

Creditors: Amounts falling due within one year

7

(240,427)

(139,699)

Net current assets

 

976,525

844,642

Total assets less current liabilities

 

1,269,755

1,184,664

Creditors: Amounts falling due after more than one year

7

(19,998)

(29,999)

Net assets

 

1,249,757

1,154,665

Capital and reserves

 

Allotted, called up and fully paid share capital

320

320

Share premium reserve

39,920

39,920

Capital redemption reserve

360

360

Profit and loss account

1,209,157

1,114,065

Total equity

 

1,249,757

1,154,665

 

Scott Duff & Co Limited

(Registration number: 07579358)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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 6 August 2024 and signed on its behalf by:
 

.........................................
S E Connell
Director

.........................................
C T Corson
Director

 
     
 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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:
40 King Street
PENRITH
CA11 7AY

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

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

Land and buildings

10 years straight line basis

Furniture and fittings

25% reducing balance basis

Office equipment

3 years straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line basis

The directors reviewed the valuation of goodwill on 1 May 2015, the date on which Financial Reporting Standard 102 was implemented. At that date the directors were of the opinion that the goodwill had a remaining useful economic life to the company of at least the 16 years it had remaining under its estimated useful life of twenty years. Goodwill therefore continues to be amortised over its original twenty year estimated useful economic life.

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 the sale of goods 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.

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 31 (2023 - 31).

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

800,000

800,000

At 30 April 2024

800,000

800,000

Amortisation

At 1 May 2023

480,000

480,000

Amortisation charge

40,000

40,000

At 30 April 2024

520,000

520,000

Carrying amount

At 30 April 2024

280,000

280,000

At 30 April 2023

320,000

320,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

53,915

243,372

297,287

Additions

-

2,685

2,685

At 30 April 2024

53,915

246,057

299,972

Depreciation

At 1 May 2023

53,893

223,372

277,265

Charge for the year

22

9,455

9,477

At 30 April 2024

53,915

232,827

286,742

Carrying amount

At 30 April 2024

-

13,230

13,230

At 30 April 2023

22

20,000

20,022

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

175,624

198,291

Other debtors

523,211

473,461

698,835

671,752

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

4,121

4,902

Taxation and social security

 

83,530

60,359

Corporation tax liability

 

117,455

28,517

Other creditors

 

25,321

35,921

 

240,427

139,699

Due after one year

 

Loans and borrowings

8

19,998

29,999

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank borrowings are secured by fixed and floating charges over the company's assets.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

19,998

29,999

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

19,998

29,999

Bank borrowings are secured by fixed and floating charges over the company's assets.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £298,106 (2023 - £362,907). £250,000 (2023 - £312,500) relates to 3 property leases that expire on 30th April 2028. The annual lease expense for these properties is £62,500.

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2024
£

S J Marsh

Director's loan

27,504

30,095

(5,535)

-

(27,504)

353

24,913

               
         

S E Connell

Director's loan

2,260

916

(882)

-

(2,260)

-

34

               
         

C T Corson

Director's loan

13,988

912

(146)

-

(13,988)

54

820

               
         

G A Keegan

Director's loan

4,704

48,569

(126)

-

(4,704)

305

48,748

               
         

 

2023

At 1 May 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2023
£

S J Marsh

Director's loan

17,005

27,333

(316)

-

(17,005)

487

27,504

               
         

S E Connell

Director's loan

-

2,286

(26)

-

-

-

2,260

               
         

C T Corson

Director's loan

19,531

14,045

(316)

-

(19,531)

259

13,988

               
         

G A Keegan

Director's loan

22,762

4,867

(316)

-

(22,763)

154

4,704

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to 5 April 2023 and 2.25% thereafter on advances to directors.

 

Scott Duff & Co Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

11

Client monies

Client monies
At 30 April 2024 the company held client monies totalling £5,246,976 (2023 - £6,510,887). These were held in various client accounts in accordance with the SRA Accounts rules.