REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
SCOTT BB LIMITED |
PREVIOUSLY KNOWN AS |
BROOM BOATS LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
SCOTT BB LIMITED |
PREVIOUSLY KNOWN AS |
BROOM BOATS LIMITED |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SCOTT BB LIMITED |
Company Information |
for the year ended 30 June 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 12 | ( |
) | ( |
) |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital | 13 |
Share premium | 14 |
Revaluation reserve | 14 |
Retained earnings | 14 | ( |
) | ( |
) |
Shareholders' funds | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | Statutory information |
Scott BB Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The comparatives include an 18 month period to 30 June 2023 and are therefore not entirely comparable. |
As explained in Note 18, the company has ceased trading since the balance sheet date. The financial |
statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company's assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date. |
Going concern |
Subsequent to the year end, the company sold its trade and assets and therefore ceased to trade. As a result, the directors have prepared these accounts on a basis other than a going concern. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating the stock provision. Management usually consider each line of stock and consider the potential resale value of each item, recognising the value at the lower of cost and net realisable value. However, in the current year, the sale documents indicates that the stock can be resold for the cost value and hence this reduces the estimation required in the year |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
On the sale of standard products and repairs, revenue is recognised by the company on completion of the job. |
On the sale of boats, revenue is recognised across the life of the build. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, was being amortised evenly over its estimated useful life of fifty years. Subsequent to the year end the assets of the business were sold. The amount of goodwill was therefore written down to nil. |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | Accounting policies - continued |
Intangible assets |
Intangible assets are initially measured at cost. After recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Any impairment loss is to be recognised in the Income Statement following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value. |
Tangible fixed assets |
Tangible fixed assets under the revaluation model are stated at fair value less subsequent accumulated depreciation and any subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Revaluation gains and losses are reported in other comprehensive income and accumulated in equity. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Freehold property | - | 2% straight line |
Improvements to freehold property | - | 10% straight line |
Plant and machinery | - | 10% - 25% reducing balance |
Motor vehicles | - | 20% straight line |
Fixtures, fittings & computer equipment | - | 25% reducing balance |
Website & software | - | 25% - 33% straight line |
Moulds included within plant and machinery, are written off over their useful economic lives. The useful economic lives are assessed annually by the directors. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill | Trademarks | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
Impairments | (49,073 | ) | (5,550 | ) | (54,623 | ) |
At 30 June 2024 |
Amortisation |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | Tangible fixed assets |
Freehold | Improvements | Other fixed |
property | to property | assets | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Impairments | (1,518,235 | ) | (303,998 | ) | (181,615 | ) | (2,003,848 | ) |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Freehold | Improvements | Other fixed |
property | to property | assets | Totals |
£ | £ | £ | £ |
Valuation in 2009 | 1,515,121 | - | - | 1,515,121 |
Valuation in 2021 | 700,000 | - | - | 700,000 |
Valuation in 2024 | (1,518,235 | ) | (303,998 | ) | (181,615 | ) | (2,003,848 | ) |
Cost | 1,967,106 | 511,788 | 1,201,611 | 3,680,505 |
2,663,992 | 207,790 | 1,019,996 | 3,891,778 |
If the land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,484,879 | 1,484,879 |
Aggregate depreciation | 499,790 | 499,790 |
Value of land in freehold land and buildings | 985,089 | 985,089 |
Included in freehold property is freehold land and moorings at a valuation of £2,574,988 (original cost £1,967,106) which is not depreciated. |
6. | Stocks |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 80,242 | 76,571 |
Other creditors |
Accruals and deferred income |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
10. | Loans |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Bank overdrafts | 90,057 | 90,390 |
Bank facilities of £344,485 (2023: £455,629) are secured over the industrial premises, debentures and bank balances of the Company along with a cross guarantee with Scott BMG Limited. |
Subsequent to the year-end, the loan has been fully repaid and hence the cross guarantee is no longer applicable from this point. |
11. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
12. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 175,000 | 175,000 |
Deferred tax |
£ |
Balance at 1 July 2023 |
Balance at 30 June 2024 |
13. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 58,210 | 58,210 |
14. | Reserves |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | ( |
) | 1,642,801 |
Deficit for the year | ( |
) | ( |
) |
Property revaluation | - | - | (2,003,848 | ) | (2,003,848 | ) |
At 30 June 2024 | ( |
) | (1,018,400 | ) |
15. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
16. | Pension commitments |
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge for the year was £20,733 (2023: £30,903). £3,937 (2023: £4,326) contributions were payable to the fund at the balance sheet date. |
17. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
At the year end £1,320,009 was due to directors (2023: £1,320,995). This loan is interest free and is repayable 53 weeks from the balance sheet date. |
18. | Post balance sheet events |
On 7 August 2024, the entity sold its trade and assets to a third party for £2,774,988 and hence ceased trading. |
SCOTT BB LIMITED (REGISTERED NUMBER: 01147080) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
19. | Ultimate controlling party |
The ultimate controlling party is M Scott. |
The immediate parent company is Brundall Investments Limited, a company incorporated in the UK. |
The ultimate parent company is M Scott Property Group Limited, a company incorporated in the UK. The |
consolidated financial statements for M Scott Property Group Limited can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. |