Company registration number 01568395 (England and Wales)
SCOTT KEITH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SCOTT KEITH LIMITED
COMPANY INFORMATION
Director
Mr K S Taylor
Secretary
Ms J Old
Company number
01568395
Registered office
44 Front Street
Front Street
Wolsingham
Co Durham
DL13 3DD
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
SCOTT KEITH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SCOTT KEITH LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,496
1,994
Investment property
5
744,477
741,158
745,973
743,152
Current assets
Debtors
6
948
4,052
Cash at bank and in hand
507
508
1,455
4,560
Creditors: amounts falling due within one year
7
(444,128)
(427,920)
Net current liabilities
(442,673)
(423,360)
Total assets less current liabilities
303,300
319,792
Creditors: amounts falling due after more than one year
8
(54,424)
(68,033)
Provisions for liabilities
10
(56,072)
(56,793)
Net assets
192,804
194,966
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss reserves
191,804
193,966
Total equity
192,804
194,966
SCOTT KEITH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 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 27 January 2025
Mr K S Taylor
Director
Company registration number 01568395 (England and Wales)
SCOTT KEITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Scott Keith Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 Front Street, Front Street, Wolsingham, Co Durham, DL13 3DD.
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the director, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its shareholders. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any liabilities which might arise and to re-classify fixed assets and long-term liabilities as current assets and liabilities.
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying property leases.
1.4
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:
Plant and equipment
25% reducing balance
Computer equipment
33.33% straightline
Motor vehicles
25% reducing balance
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.
1.5
Investment properties
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £744,477 and fair value movement of £Nil included in the profit / loss for the year are as follows:
The investment property has been valued at fair value based on the director's estimates
SCOTT KEITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.7
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.
1.8
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
SCOTT KEITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current and deferred taxation assets and liabilities are not discounted.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
SCOTT KEITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(721)
82
4
Tangible fixed assets
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
667
513
4,238
5,418
Depreciation and impairment
At 1 May 2023
125
513
2,786
3,424
Depreciation charged in the year
135
363
498
At 30 April 2024
260
513
3,149
3,922
Carrying amount
At 30 April 2024
407
1,089
1,496
At 30 April 2023
542
1,452
1,994
5
Investment property
2024
£
Fair value
At 1 May 2023
741,158
Additions
3,319
At 30 April 2024
744,477
The historical cost of the investment property is £198,828 (2023 £195,509)
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
948
4,052
SCOTT KEITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9
8,328
7,236
Other borrowings
9
41,612
41,612
Trade creditors
155
Other creditors
379,431
363,317
Accruals and deferred income
14,602
15,755
444,128
427,920
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
9
32,152
41,650
Other borrowings
9
22,272
26,383
54,424
68,033
Amounts included above which fall due after five years are as follows:
Payable by instalments
5,825
9,937
9
Loans and overdrafts
2024
2023
£
£
Bank loans
40,480
48,886
Other loans
63,884
67,995
104,364
116,881
Payable within one year
49,940
48,848
Payable after one year
54,424
68,033
The bank loan is secured on the company's investment property.
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11
56,072
56,793
SCOTT KEITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
374
499
Tax losses carried forward
(54,428)
(53,832)
Revaluation of investment property
110,126
110,126
56,072
56,793
2024
Movements in the year:
£
Liability at 1 May 2023
56,793
Credit to profit or loss
(721)
Liability at 30 April 2024
56,072
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
13
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
379,431
363,317
No interest is charged on the above loan.