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Registered number: 02929455
Scott Stewart Autos Ltd.
Financial Statements
For The Year Ended 31 May 2024
H B Mistry & Co Ltd
Chartered accountants
Tudor House Mill Lane
Calcot
Reading
RG31 7RS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02929455
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 273,715 290,155
273,715 290,155
CURRENT ASSETS
Stocks 6 750 880
Debtors 7 19,324 56,081
Cash at bank and in hand 97,853 84,039
117,927 141,000
Creditors: Amounts Falling Due Within One Year 8 (37,338 ) (59,893 )
NET CURRENT ASSETS (LIABILITIES) 80,589 81,107
TOTAL ASSETS LESS CURRENT LIABILITIES 354,304 371,262
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (4,334 ) (9,210 )
NET ASSETS 349,970 362,052
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 349,870 361,952
SHAREHOLDERS' FUNDS 349,970 362,052
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Colin Tyler
Director
19th February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Scott Stewart Autos Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 02929455 . The registered office is Tylers Yard Pyotts Hill, Old Basing, Basingstoke, Hampshire, RG24 8AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Straight line
Plant & Machinery 20% Straight line
Motor Vehicles 25% Straight line
Fixtures & Fittings 20% Straight line
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 102,500
As at 31 May 2024 102,500
Amortisation
As at 1 June 2023 102,500
As at 31 May 2024 102,500
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 June 2023 254,380 28,846 92,899 11,416 387,541
Disposals - - (6,000 ) - (6,000 )
As at 31 May 2024 254,380 28,846 86,899 11,416 381,541
Depreciation
As at 1 June 2023 1,065 28,846 58,150 9,325 97,386
Provided during the period 213 - 12,425 802 13,440
Disposals - - (3,000 ) - (3,000 )
As at 31 May 2024 1,278 28,846 67,575 10,127 107,826
Net Book Value
As at 31 May 2024 253,102 - 19,324 1,289 273,715
As at 1 June 2023 253,315 - 34,749 2,091 290,155
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Page 5
6. Stocks
2024 2023
£ £
Stock 750 880
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7,093 7,294
Corporation tax recoverable assets 472 472
7,565 7,766
Due after more than one year
Trade debtors 11,759 48,315
19,324 56,081
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,883 2,416
Corporation tax 2,381 9,550
PAYE and NIC 423 383
VAT 9,705 8,289
Accruals and deferred income 4,602 5,482
Directors' loan accounts 17,344 33,773
37,338 59,893
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2024 2023
£ £
Other timing differences 4,334 9,210
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following amounts owed to the directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Colin Tyler (33,473 ) - 16,130 - (17,343 )
Mrs Lorraine Tyler (300 ) - 300 - -
The above loan is unsecured, interest free and repayable on demand.
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Page 6
Dividends paid to directors
2024 2023
£ £
Mr Colin Tyler 12,742 29,700
Mrs Lorraine Tyler 128 300
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 12,870 30,000
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