2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,940 399 10,339 5,606 1,370 6,976 3,363 4,334 xbrli:pure xbrli:shares iso4217:GBP SC366783 2023-04-01 2024-03-31 SC366783 2024-03-31 SC366783 2023-03-31 SC366783 2022-04-01 2023-03-31 SC366783 2023-03-31 SC366783 2022-03-31 SC366783 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC366783 bus:Director1 2023-04-01 2024-03-31 SC366783 core:WithinOneYear 2024-03-31 SC366783 core:WithinOneYear 2023-03-31 SC366783 core:ShareCapital 2024-03-31 SC366783 core:ShareCapital 2023-03-31 SC366783 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC366783 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC366783 bus:SmallEntities 2023-04-01 2024-03-31 SC366783 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC366783 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC366783 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC366783 bus:FullAccounts 2023-04-01 2024-03-31 SC366783 bus:OrdinaryShareClass1 2024-03-31 SC366783 bus:OrdinaryShareClass1 2023-03-31 SC366783 core:OfficeEquipment 2023-04-01 2024-03-31 SC366783 core:OfficeEquipment 2023-03-31 SC366783 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: SC366783
Scotia Law Training Limited
Filleted Unaudited Financial Statements
For the year ending
31 March 2024
Scotia Law Training Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Scotia Law Training Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,363
4,334
Current assets
Debtors
6
29,643
57,313
Cash at bank and in hand
34,579
23,311
--------
--------
64,222
80,624
Creditors: amounts falling due within one year
7
28,198
29,732
--------
--------
Net current assets
36,024
50,892
--------
--------
Total assets less current liabilities
39,387
55,226
Provisions
Taxation including deferred tax
639
1,084
--------
--------
Net assets
38,748
54,142
--------
--------
Capital and reserves
Called up share capital
8
199
199
Profit and loss account
38,549
53,943
--------
--------
Shareholders funds
38,748
54,142
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr M D McCannell
Director
Company registration number: SC366783
Scotia Law Training Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Blue Square House, 272 Bath Street, Glasgow, G2 4JR, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The accounting policy in respect of deferred tax reflects the requirements of section 1a of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Deferred taxation is provided on the liability method to take account of timing differences between the treatment for certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors,taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
9,940
9,940
Additions
399
399
--------
--------
At 31 March 2024
10,339
10,339
--------
--------
Depreciation
At 1 April 2023
5,606
5,606
Charge for the year
1,370
1,370
--------
--------
At 31 March 2024
6,976
6,976
--------
--------
Carrying amount
At 31 March 2024
3,363
3,363
--------
--------
At 31 March 2023
4,334
4,334
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
3,987
2,408
Other debtors
25,656
54,905
--------
--------
29,643
57,313
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
72
Corporation tax
6,416
14,217
Other creditors
21,710
15,515
--------
--------
28,198
29,732
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
199
199
199
199
----
----
----
----
9. Directors' advances, credits and guarantees
Included with Other Debtors is a loan to a director of £13,017 (2023: £38,888). Interest on the loan is charged at market rate. There is no fixed terms of repayment.