Company registration number 08094502 (England and Wales)
SCMS LONDON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
SCMS LONDON LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SCMS LONDON LTD
COMPANY INFORMATION
- 1 -
Director
Mr D Simpson
Secretary
Mr D Simpson
Company number
08094502
Registered office
Toad Hall
Lane End Common
North Chailey
Lewes
BN8 4JH
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
SCMS LONDON LTD
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,302,913
1,038,653
Investment property
4
960,000
648,836
2,262,913
1,687,489
Current assets
Debtors
5
14,789
12,088
Cash at bank and in hand
81,199
101,488
95,988
113,576
Creditors: amounts falling due within one year
6
(110,814)
(72,861)
Net current (liabilities)/assets
(14,826)
40,715
Total assets less current liabilities
2,248,087
1,728,204
Creditors: amounts falling due after more than one year
7
(818,225)
(904,074)
Provisions for liabilities
(79,477)
Net assets
1,350,385
824,130
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
9
246,301
Profit and loss reserves
10
1,104,083
824,129
Total equity
1,350,385
824,130
SCMS LONDON LTD
BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 3 December 2024
Mr D Simpson
Director
Company registration number 08094502 (England and Wales)
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
SCMS London Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Toad Hall, Lane End Common, North Chailey, Lewes, BN8 4JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not depreciated/ 2% straight line basis
Plant and equipment
25% reducing balance basis
Fixtures and fittings
25% reducing balance basis
Computers
33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
3
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 July 2023
935,999
224,912
3,621
2,537
1,167,069
Additions
209
321
530
Revaluation
293,792
293,792
At 30 June 2024
1,230,000
224,912
3,942
2,537
1,461,391
Depreciation and impairment
At 1 July 2023
8,373
115,863
1,854
2,326
128,416
Depreciation charged in the year
10,396
27,262
567
210
38,435
Revaluation
(8,373)
(8,373)
At 30 June 2024
10,396
143,125
2,421
2,536
158,478
Carrying amount
At 30 June 2024
1,219,604
81,787
1,521
1
1,302,913
At 30 June 2023
927,626
109,049
1,767
211
1,038,653
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Tangible fixed assets
(Continued)
- 8 -
Land and buildings were revalued at 30 July 2024 by Churchill Country & Equestrian Property, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The carrying amounts would have been approximately £919,458 (2023 - £927,626), being cost £936,208
(2023 - £935,999) and depreciation £16,750 (2023 - £8,373).
The revaluation surplus is disclosed in note 11.
4
Investment property
2024
£
Fair value
At 1 July 2023
648,836
Revaluations
311,164
At 30 June 2024
960,000
Investment property comprises freehold land. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 July 2024 by Churchill Country & Equestrian Property, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,846
17
Other debtors
11,943
12,071
14,789
12,088
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
61,203
20,060
Trade creditors
2,650
5,168
Taxation and social security
(38)
1,400
Other creditors
46,999
46,233
110,814
72,861
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
667,694
723,574
Other creditors
150,531
180,500
818,225
904,074
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
585,403
641,881
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
SCMS LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Revaluation surplus arising in the year
302,165
Deferred tax on revaluation of tangible assets
(53,845)
-
Transfer to retained earnings
(2,019)
At the end of the year
246,301
-
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
824,129
874,042
Profit/(loss) for the year
236,090
(47,913)
Dividends declared and paid in the year
(12,000)
(2,000)
Transfer from revaluation reserve
55,864
At the end of the year
1,104,083
824,129
Included within profit and loss reserves are non-distributable profits, as set out below:
2024
2023
£
£
Non-distributable profits included above
At the beginning of the year
-
-
Non distributable profits in the year
252,043
-
At the end of the year
252,043
-
Distributable profits
852,040
824,129
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