Company Registration No. 10047538 (England and Wales)
Scamp and Dude Limited
Unaudited accounts
for the year ended 31 March 2024
Scamp and Dude Limited
Unaudited accounts
Contents
Scamp and Dude Limited
Company Information
for the year ended 31 March 2024
Directors
Joanna Katharine Tutchener-Sharp
Robert David Sharp
Company Number
10047538 (England and Wales)
Registered Office
International House
12 Constance Street
London
E16 2DQ
UK
Scamp and Dude Limited
Statement of financial position
as at 31 March 2024
Intangible assets
16,420
22,900
Tangible assets
618,133
125,506
Inventories
2,510,072
3,810,605
Cash at bank and in hand
2,675,089
603,531
Creditors: amounts falling due within one year
(1,794,195)
(540,666)
Net current assets
4,603,297
4,354,310
Total assets less current liabilities
5,237,850
4,502,716
Creditors: amounts falling due after more than one year
(24,450)
-
Provisions for liabilities
Other provisions
(165,000)
(45,000)
Net assets
5,048,400
4,457,716
Called up share capital
100
100
Profit and loss account
5,048,300
4,457,616
Shareholders' funds
5,048,400
4,457,716
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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by
Robert David Sharp
Director
Company Registration No. 10047538
Scamp and Dude Limited
Notes to the Accounts
for the year ended 31 March 2024
Scamp and Dude Limited is a private company, limited by shares, registered in England and Wales, registration number 10047538. The registered office is International House, 12 Constance Street, London, E16 2DQ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is amortised at a rate of 10% and other intangible fixed assets at 20% under the Straight Line method.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25% Straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% Straight line
Computer equipment
25% Straight line
Scamp and Dude Limited
Notes to the Accounts
for the year ended 31 March 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's intangible fixed assets, tangible fixed assets and inventories. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Scamp and Dude Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2023
11,000
26,900
37,900
At 31 March 2024
11,000
26,900
37,900
At 1 April 2023
7,700
7,300
15,000
Charge for the year
1,100
5,380
6,480
At 31 March 2024
8,800
12,680
21,480
At 31 March 2024
2,200
14,220
16,420
At 31 March 2023
3,300
19,600
22,900
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
45,896
-
94,336
18,689
158,921
Additions
-
44,150
548,547
22,784
615,481
At 31 March 2024
45,896
44,150
642,883
41,473
774,402
At 1 April 2023
8,031
-
17,782
7,602
33,415
Charge for the year
11,227
9,198
96,538
5,891
122,854
At 31 March 2024
19,258
9,198
114,320
13,493
156,269
At 31 March 2024
26,638
34,952
528,563
27,980
618,133
At 31 March 2023
37,865
-
76,554
11,087
125,506
Amounts falling due within one year
Trade debtors
113,821
18,075
Accrued income and prepayments
212,831
90,753
Other debtors
885,679
372,012
Scamp and Dude Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
4,107
-
Trade creditors
441,743
94,246
Taxes and social security
71,764
327,192
Other creditors
637,424
67,886
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
24,450
-
9
Provisions for liabilities
£
Additional provisions made during the period
120,000
10
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
229,000
62,500
Later than one year and not later than five years
824,875
312,500
Later than five years
15,625
78,125
11
Average number of employees
During the year the average number of employees was 59 (2023: 27).