Registered number
05623764
Scott Audio Visual Ltd
Filleted Accounts
29 February 2024
Scott Audio Visual Ltd
Registered number: 05623764
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,970 17,293
Current assets
Stocks 10,075 10,469
Debtors 4 9,712 3,755
19,787 14,224
Creditors: amounts falling due within one year 5 (100,461) (92,234)
Net current liabilities (80,674) (78,010)
Total assets less current liabilities (67,704) (60,717)
Creditors: amounts falling due after more than one year 6 (10,928) (17,050)
Provisions for liabilities (2,464) (3,286)
Net liabilities (81,096) (81,053)
Capital and reserves
Called up share capital 100 100
Profit and loss account (81,196) (81,153)
Shareholders' funds (81,096) (81,053)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kingsley Scott
Director
Approved by the board on 29 November 2024
Scott Audio Visual Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The financial statements are prepared on a going concern basis. The director has confirmed his continued support and considers that the company will be able to continue trading for the foreseeable future and therefore the going concern basis is believed to be appropriate.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic charge. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 3,618 22,175 25,793
At 29 February 2024 3,618 22,175 25,793
Depreciation
At 1 March 2023 2,956 5,544 8,500
Charge for the year 165 4,158 4,323
At 29 February 2024 3,121 9,702 12,823
Net book value
At 29 February 2024 497 12,473 12,970
At 28 February 2023 662 16,631 17,293
4 Debtors 2024 2023
£ £
Trade debtors 470 2,284
Other debtors 9,242 1,471
9,712 3,755
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,204 19,259
Obligations under finance lease and hire purchase contracts 4,899 4,363
Trade creditors 427 2,733
Taxation and social security costs 64,620 61,443
Other creditors 14,311 4,436
100,461 92,234
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,571 2,794
Obligations under finance lease and hire purchase contracts 9,357 14,256
10,928 17,050
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Kingsley Scott
Loan - 6,680 - 6,680
- 6,680 - 6,680
The director's loan is unsecured, interest free and repayable on demand.
8 Other information
Scott Audio Visual Ltd is a private company limited by shares and incorporated in England. Its registered office is:
124 Trowley Hill Road
Flamstead
St Albans
Hertfordshire
AL3 8DZ
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