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REGISTERED NUMBER: 01147080 (England and Wales)















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: M R Scott
Mrs M Griffiths





Secretary: Ms M A Griffiths





Registered office: Suite 5
Oyster House
Severalls Lane
Colchester
Essex
CO4 9PD





Registered number: 01147080 (England and Wales)





Auditors: Cooper Parry Group Limited
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 - 55,643
Tangible assets 5 2,774,988 4,925,052
2,774,988 4,980,695

Current assets
Stocks 6 67,540 66,825
Debtors 7 193,157 359,001
Cash at bank and in hand 131,649 29,407
392,346 455,233
Creditors
Amounts falling due within one year 8 2,384,435 2,070,894
Net current liabilities (1,992,089 ) (1,615,661 )
Total assets less current liabilities 782,899 3,365,034

Creditors
Amounts falling due after more than one
year

9

(1,568,089

)

(1,489,023

)

Provisions for liabilities 12 (175,000 ) (175,000 )
Net (liabilities)/assets (960,190 ) 1,701,011

Capital and reserves
Called up share capital 13 58,210 58,210
Share premium 14 445,376 445,376
Revaluation reserve 14 623,965 2,627,813
Retained earnings 14 (2,087,741 ) (1,430,388 )
Shareholders' funds (960,190 ) 1,701,011

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





M R Scott - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 52 (2023 - 43 ) .

4. Intangible fixed assets
Goodwill Trademarks Totals
£ £ £
Cost
At 1 July 2023 51,000 5,550 56,550
Impairments (49,073 ) (5,550 ) (54,623 )
At 30 June 2024 1,927 - 1,927
Amortisation
At 1 July 2023 907 - 907
Amortisation for year 1,020 - 1,020
At 30 June 2024 1,927 - 1,927
Net book value
At 30 June 2024 - - -
At 30 June 2023 50,093 5,550 55,643

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 4,182,227 511,788 2,181,893 6,875,908
Additions - - 4,416 4,416
Disposals - - (984,698 ) (984,698 )
Impairments (1,518,235 ) (303,998 ) (181,615 ) (2,003,848 )
At 30 June 2024 2,663,992 207,790 1,019,996 3,891,778
Depreciation
At 1 July 2023 64,359 156,611 1,729,886 1,950,856
Charge for year 24,645 51,179 62,689 138,513
Eliminated on disposal - - (972,579 ) (972,579 )
At 30 June 2024 89,004 207,790 819,996 1,116,790
Net book value
At 30 June 2024 2,574,988 - 200,000 2,774,988
At 30 June 2023 4,117,868 355,177 452,007 4,925,052

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 67,005 60,896
Work-in-progress 535 5,929
67,540 66,825

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 57,181 118,041
Amounts owed by group undertakings 32,521 140,894
Other debtors 317 -
Prepayments and accrued income 103,138 100,066
193,157 359,001

8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts (see note 10) 434,542 546,019
Trade creditors 147,019 98,525
Amounts owed to group undertakings 1,415,849 1,043,443
Social security and other taxes 17,664 23,745
VAT 80,242 76,571
Other creditors 10,064 13,949
Accruals and deferred income 279,055 268,642
2,384,435 2,070,894

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Amounts owed to group undertakings 248,080 168,028
Other creditors 1,320,009 1,320,995
1,568,089 1,489,023

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 344,485 455,629
Bank overdrafts 90,057 90,390
434,542 546,019

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 - 830

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 175,000
Balance at 30 June 2024 175,000

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
58,210 Ordinary £1 58,210 58,210

14. Reserves
Retained Share Revaluation
earnings premium reserve Totals
£ £ £ £

At 1 July 2023 (1,430,388 ) 445,376 2,627,813 1,642,801
Deficit for the year (657,353 ) (657,353 )
Property revaluation - - (2,003,848 ) (2,003,848 )
At 30 June 2024 (2,087,741 ) 445,376 623,965 (1,018,400 )

15. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Lorraine Clark ACCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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.