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REGISTERED NUMBER: SC558585 (Scotland)















Financial Statements

for the Year Ended

29th February 2024

for

Scot Foam Ltd

Scot Foam Ltd (Registered number: SC558585)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 6

Scot Foam Ltd

Company Information
for the Year Ended 29th February 2024







DIRECTOR: B Masterton





REGISTERED OFFICE: 58 Long Lane
Broughty Ferry
Dundee
DD5 1HH





REGISTERED NUMBER: SC558585 (Scotland)





ACCOUNTANTS: AWH
Chartered Certified Accountants
Fort Street House
63 Fort Street
Broughty Ferry
Dundee
Angus
DD5 2AB

Scot Foam Ltd (Registered number: SC558585)

Balance Sheet
29th February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 117,034 86,043

CURRENT ASSETS
Stocks 27,000 -
Debtors 5 88,166 54,945
Cash at bank 65 3,708
115,231 58,653
CREDITORS
Amounts falling due within one year 6 148,428 68,428
NET CURRENT LIABILITIES (33,197 ) (9,775 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,837

76,268

CREDITORS
Amounts falling due after more than one
year

7

79,419

76,112
NET ASSETS 4,418 156

CAPITAL AND RESERVES
Called up share capital 80 100
Capital redemption reserve 20 -
Retained earnings 4,318 56
4,418 156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Scot Foam Ltd (Registered number: SC558585)

Balance Sheet - continued
29th February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th November 2024 and were signed by:




B Masterton - Director



B Gilchrist - Director


Scot Foam Ltd (Registered number: SC558585)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Scot Foam Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

Scot Foam Ltd (Registered number: SC558585)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1st March 2023 - 172,774 2,486 175,260
Additions 15,045 43,452 - 58,497
At 29th February 2024 15,045 216,226 2,486 233,757
DEPRECIATION
At 1st March 2023 - 87,072 2,145 89,217
Charge for year 1,505 25,831 170 27,506
At 29th February 2024 1,505 112,903 2,315 116,723
NET BOOK VALUE
At 29th February 2024 13,540 103,323 171 117,034
At 28th February 2023 - 85,702 341 86,043

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 22,273 1,700
Other debtors 65,893 53,245
88,166 54,945

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 20,381 21,958
Trade creditors 64,699 22,248
Taxation and social security 25,547 23,160
Other creditors 37,801 1,062
148,428 68,428

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 34,722 40,278
Hire purchase contracts 44,697 35,834
79,419 76,112

Chartered Certified Accountants' Report to the Director
on the Unaudited Financial Statements of
Scot Foam Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scot Foam Ltd for the year ended 29th February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Scot Foam Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Scot Foam Ltd and state those matters that we have agreed to state to the director of Scot Foam Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Scot Foam Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Scot Foam Ltd. You consider that Scot Foam Ltd 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 financial statements of Scot Foam Ltd. 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 financial statements.






AWH
Chartered Certified Accountants
Fort Street House
63 Fort Street
Broughty Ferry
Dundee
Angus
DD5 2AB


14th November 2024