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Registered number: 00399387
F.R. Scott Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 00399387
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 775,089 561,789
775,089 561,789
CURRENT ASSETS
Stocks 5 488,898 466,389
Debtors 6 897,812 827,732
Investments 7 613,533 767,154
Cash at bank and in hand 278,700 348,517
2,278,943 2,409,792
Creditors: Amounts Falling Due Within One Year 8 (855,612 ) (849,684 )
NET CURRENT ASSETS (LIABILITIES) 1,423,331 1,560,108
TOTAL ASSETS LESS CURRENT LIABILITIES 2,198,420 2,121,897
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (193,773 ) (140,028 )
NET ASSETS 2,004,647 1,981,869
CAPITAL AND RESERVES
Called up share capital 10 16,690 16,690
Revaluation reserve 12 523,701 337,329
Capital redemption reserve 1,550 1,550
Income Statement 1,462,706 1,626,300
SHAREHOLDERS' FUNDS 2,004,647 1,981,869
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Jonathan Scott
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
F.R. Scott Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00399387 . The registered office is 32/34 Canning St, Hull, North Humberside, HU2 8QS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 25 years
Plant & Machinery Over 10 years and Straight line over 4 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2023: 33)
36 33
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost or Valuation
As at 1 October 2023 500,000 425,590 925,590
Additions - 108,388 108,388
Disposals - (13,615 ) (13,615 )
Revaluation 50,000 - 50,000
As at 30 September 2024 550,000 520,363 1,070,363
Depreciation
As at 1 October 2023 121,600 242,201 363,801
Provided during the period 10,400 59,588 69,988
Disposals - (13,115 ) (13,115 )
On revaluations (125,400 ) - (125,400 )
As at 30 September 2024 6,600 288,674 295,274
Net Book Value
As at 30 September 2024 543,400 231,689 775,089
As at 1 October 2023 378,400 183,389 561,789
5. Stocks
2024 2023
£ £
Materials 473,743 457,296
Work in progress 15,155 9,093
488,898 466,389
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 850,749 813,634
Prepayments and accrued income 45,793 14,098
Other debtors 1,270 -
897,812 827,732
7. Current Asset Investments
2024 2023
£ £
Short term deposits 613,533 767,154
613,533 767,154
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 569,112 619,534
Corporation tax 35,869 33,926
Other taxes and social security 164,184 117,449
Other creditors (Current liabilities - creditors < 1 year) 7,140 7,740
Accruals and deferred income 79,307 71,035
855,612 849,684
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 193,773 140,028
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
3,000 Ordinary A shares of £ 1.00 each 3,000 3,000
5,340 Ordinary B shares of £ 1.00 each 5,340 5,340
6,450 Ordinary C shares of £ 1.00 each 6,450 6,450
900 Ordinary D shares of £ 1.00 each 900 900
1,000 Ordinary E shares of £ 1.00 each 1,000 1,000
16,690 16,690
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 298,005 482,245
298,005 482,245
12. Reserves
Revaluation Reserve
£
As at 1 October 2023 337,329
Surplus on revaluation 186,372
As at 30 September 2024 523,701
13. Ultimate Controlling Party
In the opinion of the directors, there is no ultimate controlling party.
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