Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 January 2024 |
for |
Scaled Solutions Limited |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 January 2024 |
for |
Scaled Solutions Limited |
Scaled Solutions Limited (Registered number: SC192176) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 14 |
Scaled Solutions Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
2 Melville Street |
Falkirk |
FK1 1HZ |
Scaled Solutions Limited (Registered number: SC192176) |
Strategic Report |
for the Year Ended 31 January 2024 |
REVIEW OF BUSINESS |
Throughout 2023/24 the company continued to operate on a more normal business footing following the post COVID recovery observed throughout 2022/2023. This is expected to continue through 2024/25 and coming years as the company continues to expand market penetration and service offerings both in UK and globally. |
CURRENT SITUATION |
The business is pleased to report that the company has continued on a more stable footing following the COVID years and has returned to stable profitability and remained so through 2023/24. However during 2023/24 overall revenues and profitability was reduced compared with 2022/23 as a result of a number of contract delays in early 2023. Although these hampered revenues in Q1/Q2 2023, this was rapidly adjusted in later months with stronger revenues and profitability in Q3/Q4 more in line with expectations. This trend has continued through Q1 Q2 2024/2025 and is set to continue throughout the remainder of 2024/25 as the company sees a sustained increase in revenues and profitability. |
With the overseas affiliates in Abu Dhabi, USA and Kuala Lumpur now actively trading and supporting revenues into the main UK facility, the company has continued to progress with its re-structuring. Several new senior staff were appointed in late 2023/early 2024 strengthening the management team and the company has introduced several business initiatives aimed at improving efficiency. Market realisation of several new service offerings developed over previous years is also set to improve revenues and profitability from 2024/25. |
The company has started on a strong trading platform in 2024/25, and this is set to continue throughout the remainder of the current year and through subsequent years as the management teams both in UK and the regional affiliates bed down and delivering increased revenue and profitability increases across the group. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competition remains the biggest risk with many of our competitors being taken over by larger organisations in recent years with the "larger organisations" who are now vying for market share and often undercutting market pricing in attempts to win business. As a company we have recognised this and continue to sell ourselves on the higher quality nature of our service. This has proved positive through 2023/24 with several new long term contracts being awarded and appears set to continue through 2024/25 especially as our overseas affiliates bring in more business and re distribute such works back to our Livingston operations. |
In summary the Director is confident that the business is in a good place to deliver successful performance and improved financial results during 2024/25 and over the coming years. Current results indicate the company is set to meet its growth forecasts in 2024/25 both in terms of revenues and profitability at its head office and across its international affiliates as they continue to establish themselves within their chosen territories. |
ON BEHALF OF THE BOARD: |
28 January 2025 |
Scaled Solutions Limited (Registered number: SC192176) |
Report of the Director |
for the Year Ended 31 January 2024 |
The director presents his report with the financial statements of the company for the year ended 31 January 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 January 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Ian Macfarlane Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Scaled Solutions Limited |
Opinion |
We have audited the financial statements of Scaled Solutions Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Scaled Solutions Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Scaled Solutions Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
2 Melville Street |
Falkirk |
FK1 1HZ |
Scaled Solutions Limited (Registered number: SC192176) |
Income Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,232,988 | 1,236,804 |
549,441 | 968,180 |
Other operating income | ( |
) |
OPERATING PROFIT | 5 |
Provision for outstanding debt | 6 |
(578,139 | ) | 927,357 |
Interest receivable and similar income |
(473,475 | ) | 947,445 |
Gain/loss on revaluation of assets | (122,500 | ) | - |
(595,975 | ) | 947,445 |
Interest payable and similar expenses | 7 | ( |
) |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 8 | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Scaled Solutions Limited (Registered number: SC192176) |
Other Comprehensive Income |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Scaled Solutions Limited (Registered number: SC192176) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 19 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Scaled Solutions Limited (Registered number: SC192176) |
Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
Balance at 31 January 2024 |
Scaled Solutions Limited (Registered number: SC192176) |
Cash Flow Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Taxation refund |
Government Grant Received |
Taxation write off |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (7,161 | ) | - |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 853 | 88,478 |
Amount withdrawn by directors | (103,571 | ) | (374 | ) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,531,940 |
Cash and cash equivalents at end of year | 2 | 1,216,539 | 2,126,333 |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Cash Flow Statement |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.1.24 | 31.1.23 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Loss on revaluation of fixed assets | 122,500 | - |
Government grants | ( |
) | ( |
) |
Finance costs | 87,416 | (12,740 | ) |
Finance income | (104,664 | ) | (20,088 | ) |
(459,956 | ) | 996,290 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 1,216,539 | 2,126,333 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 2,126,333 | 1,531,940 |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Cash Flow Statement |
for the Year Ended 31 January 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,126,333 | (909,794 | ) | 1,216,539 |
2,126,333 | ( |
) | 1,216,539 |
Debt |
Debts falling due within 1 year | (299,309 | ) | (7,715 | ) | (307,024 | ) |
Debts falling due after 1 year | (1,214,355 | ) | 337,101 | (877,254 | ) |
(1,513,664 | ) | 329,386 | (1,184,278 | ) |
Total | 612,669 | (580,408 | ) | 32,261 |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Scaled Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit & loss account represents amounts invoiced during the year, exclusive of Value Added Tax. All figures are shown in £GBP. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Rigs | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Plant & machinery are carried at their revalued amounts, being fair value at the date of the valuation less any subsequent depreciation and impairment losses. Revaluations are performed by the company directors with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is reinstated to the revalued amount of the asset. |
Any revaluation increase in the carrying amount of plant and machinery is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss, in which case the increase is credited to the profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases the same asset are charged in other comprehensive income and debited against revaluation reserve in equity, decreases exceeding the balance in revaluation reserve relating to an asset recognised in the profit and loss. At each reporting date the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the assets original cost is transferred from revaluation reserve to retained earnings. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial asset, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial asset, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Deferred government grants |
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue grants |
Revenue grants are recognised in the period within which the grant claim has been made. |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.1.24 | 31.1.23 |
£ | £ |
United Kingdom |
Europe |
United States of America |
South America |
Asia |
Middle East | 1,414,330 | 1,932,163 |
Other | 52,283 | 11,674 |
4. | EMPLOYEES AND DIRECTORS |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.1.24 | 31.1.23 |
Administration & Management | 11 | 10 |
Technical | 35 | 36 |
31.1.24 | 31.1.23 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.1.24 | 31.1.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Development costs amortisation |
Auditors' remuneration |
6. | EXCEPTIONAL ITEMS |
This relates to the provision of set-up costs for related companies, Scaled Solutions LLC (UAE) and Scaled Solutions Malaysia (SDN BHD). |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.24 | 31.1.23 |
£ | £ |
Bank interest |
Bank loan interest |
Foreign currency gains/losses | ( |
) |
( |
) |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Over/under provision in prior year | (3,943 | ) | - |
Total current tax | ( |
) | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on (loss)/profit | ( |
) | ( |
) |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
Additions |
At 31 January 2024 |
AMORTISATION |
Amortisation for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | Rigs | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
Reclassification/transfer | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Impairments |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
Reclassification/transfer | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Impairments |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Cost or valuation at 31 January 2024 is represented by: |
Freehold | Plant and |
property | Rigs | machinery |
£ | £ | £ |
Valuation in 2024 | - | - | 1,073,080 |
Cost | 1,707,148 | 1,095,618 | 1,510,887 |
1,707,148 | 1,095,618 | 2,583,967 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Valuation in 2024 | - | - | 1,073,080 |
Cost | 119,934 | 192,797 | 4,626,384 |
119,934 | 192,797 | 5,699,464 |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
If Rigs had not been revalued they would have been included at the following historical cost: |
31.1.24 | 31.1.23 |
£ | £ |
Cost | 1,095,618 | 2,307,992 |
Aggregate depreciation | 32,772 | 1,648,519 |
Rigs were valued on an open market value basis on 31 January 2024 by Dr G M Graham . |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
12. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Stock and work in progress |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Payments on account |
Trade creditors |
Social security and other taxes |
Directors' loan accounts | - | 102,718 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
The company borrowings are secured against its property. The bank holds a floating charge over the assets of the company. |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
18. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax | 244,390 | 293,037 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Accelerated capital allowances | (48,647 | ) |
Balance at 31 January 2024 |
19. | ACCRUALS AND DEFERRED INCOME |
31.1.24 | 31.1.23 |
£ | £ |
Deferred government grants | - | 16,500 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary "A" | £1 | 95,000 | 95,000 |
Ordinary "B" | £1 | 5,000 | 5,000 |
100,000 | 100,000 |
21. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 6,615,988 |
Deficit for the year | ( |
) | ( |
) |
Revaluation of assets | ( |
) |
At 31 January 2024 | 6,005,187 |
22. | CAPITAL COMMITMENTS |
31.1.24 | 31.1.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Scaled Solutions Limited (Registered number: SC192176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
23. | RELATED PARTY DISCLOSURES |
At the 31st January 2024 the company had balances owed by the following related subsidiaries. |
Organisation | 2024 | 2023 |
Scaled Solutions LLC (USA) | £1,202,298 | £850,146 |
Scaled Solutions Malaysia SDN. BHD. | £78,581 | £529,798 |
At the 31st January 2024 the company had balances owed by the following related organisation. This organisation has a common director or share ownership. |
Organisation | 2024 | 2023 |
Scaled Solutions LLC (UAE) | £1,510 | £545,637 |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is Dr. G M Graham. |
The ultimate controlling party is |