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COMPANY REGISTRATION NUMBER: 11184418
Scotland & Bates Ltd
Filleted Unaudited Financial Statements
31 March 2024
Scotland & Bates Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Scotland & Bates Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
9,074
9,074
Tangible assets
5
28,984
32,407
--------
--------
38,058
41,481
Current assets
Stocks
26,245
26,245
Debtors
6
235,041
186,832
Cash at bank and in hand
101,062
70,925
---------
---------
362,348
284,002
Creditors: amounts falling due within one year
7
253,492
217,056
---------
---------
Net current assets
108,856
66,946
---------
---------
Total assets less current liabilities
146,914
108,427
Creditors: amounts falling due after more than one year
8
3,374
11,488
---------
---------
Net assets
143,540
96,939
---------
---------
Capital and reserves
Called up share capital
95
95
Profit and loss account
143,445
96,844
---------
--------
Shareholders funds
143,540
96,939
---------
--------
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 income statement 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 .
Scotland & Bates Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mrs G A Bates
Mr R Bates
Director
Director
Company registration number: 11184418
Scotland & Bates Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Income tax
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Plant and machinery
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 13 ).
4. Intangible assets
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
9,074
-------
Amortisation
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
9,074
-------
At 31 March 2023
9,074
-------
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023
65,202
65,202
Additions
3,820
3,820
--------
--------
At 31 March 2024
69,022
69,022
--------
--------
Depreciation
At 1 April 2023
32,795
32,795
Charge for the year
7,243
7,243
--------
--------
At 31 March 2024
40,038
40,038
--------
--------
Carrying amount
At 31 March 2024
28,984
28,984
--------
--------
At 31 March 2023
32,407
32,407
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
130,132
123,427
Other debtors
104,909
63,405
---------
---------
235,041
186,832
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,417
12,316
Trade creditors
131,349
85,380
Corporation tax
10,052
6,359
Social security and other taxes
7,765
Other creditors
109,674
105,236
---------
---------
253,492
217,056
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,374
11,488
-------
--------
9. Related party transactions
At the year end, the company owed a director £95,203 (2023: £95,203).