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Company No: 02008584 (England and Wales)

SCOTT DAVIDSON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SCOTT DAVIDSON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SCOTT DAVIDSON LIMITED

BALANCE SHEET

As at 31 March 2024
SCOTT DAVIDSON LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,649 4,865
3,649 4,865
Current assets
Debtors 4 136,682 157,229
Cash at bank and in hand 259,521 263,007
396,203 420,236
Creditors: amounts falling due within one year 5 ( 44,398) ( 43,889)
Net current assets 351,805 376,347
Total assets less current liabilities 355,454 381,212
Provision for liabilities 6 ( 912) ( 1,216)
Net assets 354,542 379,996
Capital and reserves
Called-up share capital 7 575 575
Share premium account 233,327 233,327
Capital redemption reserve 123 123
Profit and loss account 120,517 145,971
Total shareholder's funds 354,542 379,996

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.

Director's responsibilities:

The financial statements of Scott Davidson Limited (registered number: 02008584) were approved and authorised for issue by the Director on 25 October 2024. They were signed on its behalf by:

M Portis
Director
SCOTT DAVIDSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SCOTT DAVIDSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Scott Davidson Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 31 & 37 Walters Workshops, 249-251 Kensal Road, London, W10 5DB, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

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.

Taxation

Current 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.

The current corporation 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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 94,459 94,459
At 31 March 2024 94,459 94,459
Accumulated depreciation
At 01 April 2023 89,594 89,594
Charge for the financial year 1,216 1,216
At 31 March 2024 90,810 90,810
Net book value
At 31 March 2024 3,649 3,649
At 31 March 2023 4,865 4,865

4. Debtors

2024 2023
£ £
Trade debtors 1,164 18,164
Amounts owed by Parent undertakings 131,602 130,102
Other debtors 3,916 8,963
136,682 157,229

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2 866
Taxation and social security 44,396 41,624
Other creditors 0 1,399
44,398 43,889

6. Provision for liabilities

2024 2023
£ £
Deferred tax 912 1,216

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
345 A ordinary shares of £ 1.00 each 345 345
230 B ordinary shares of £ 1.00 each 230 230
575 575

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 22,415 2,000
between one and five years 24,272 0
46,687 2,000

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts payable to(from) key management (101) 1,699

The company has taken advantage of the exemption in FRS 102 35.1AC “Related Party Disclosures” from disclosing transactions with other members of the group.

The above loans are provided interest free, unsecured, and repayable on demand.