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COMPANY REGISTRATION NUMBER: SC395701
Scotia Event Services Ltd
Filleted Unaudited Financial Statements
30 April 2024
Scotia Event Services Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Scotia Event Services Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Scotia Event Services Ltd
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scotia Event Services Ltd for the year ended 30 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Scotia Event Services Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Scotia Event Services Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scotia Event Services Ltd and its director for our work or for this report.
It is your duty to ensure that Scotia Event Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Scotia Event Services Ltd. You consider that Scotia Event Services Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Scotia Event Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
19 December 2024
Scotia Event Services Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
83,552
70,616
Current assets
Debtors
6
95,560
129,465
Creditors: amounts falling due within one year
7
95,871
116,653
--------
---------
Net current (liabilities)/assets
( 311)
12,812
--------
--------
Total assets less current liabilities
83,241
83,428
Creditors: amounts falling due after more than one year
8
65,118
71,118
Provisions
12,030
9,457
--------
--------
Net assets
6,093
2,853
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
5,993
2,753
-------
-------
Shareholders funds
6,093
2,853
-------
-------
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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 19 December 2024 , and are signed on behalf of the board by:
Mr A Prasher
Director
Company registration number: SC395701
Scotia Event Services Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Hamilton Way, East Whitburn, West Lothian, EH47 8R, 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, 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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
79,167
75,299
9,033
163,499
Additions
37,898
298
38,196
Disposals
( 12,500)
( 12,500)
--------
---------
-------
---------
At 30 April 2024
66,667
113,197
9,331
189,195
--------
---------
-------
---------
Depreciation
At 1 May 2023
41,864
44,166
6,853
92,883
Charge for the year
7,314
16,468
451
24,233
Disposals
( 11,473)
( 11,473)
--------
---------
-------
---------
At 30 April 2024
37,705
60,634
7,304
105,643
--------
---------
-------
---------
Carrying amount
At 30 April 2024
28,962
52,563
2,027
83,552
--------
---------
-------
---------
At 30 April 2023
37,303
31,133
2,180
70,616
--------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
67,563
61,762
Other debtors
27,997
67,703
--------
---------
95,560
129,465
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
284
4,021
Trade creditors
666
Corporation tax
10,689
17,897
Social security and other taxes
65,189
78,582
Other creditors
19,709
15,487
--------
---------
95,871
116,653
--------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,704
38,704
Other creditors
46,414
32,414
--------
--------
65,118
71,118
--------
--------
9. Director's advances, credits and guarantees
At 30 April 2024 the company owes £230 to the director (2023: £815). The loan is interest free and has no fixed date of repayment .