Company registration number:
02656739
K. C. SCOBIE LIMITED
Unaudited filleted financial statements
31 October 2024
K. C. SCOBIE LIMITED
Contents
Statement of financial position
Notes to the financial statements
K. C. SCOBIE LIMITED
Statement of financial position
31 October 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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|
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Investment property |
|
5 |
525,000 |
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525,000 |
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Investments |
|
6 |
2,639,323 |
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2,235,145 |
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|
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_________ |
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_________ |
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3,164,323 |
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2,760,145 |
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Current assets |
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Debtors |
|
7 |
250,407 |
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370,959 |
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Cash at bank and in hand |
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10,128 |
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16,155 |
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_______ |
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_______ |
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260,535 |
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387,114 |
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Creditors: amounts falling due |
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within one year |
|
8 |
(
73,584) |
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(
228,915) |
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_______ |
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_______ |
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Net current assets |
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186,951 |
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158,199 |
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_________ |
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_________ |
Total assets less current liabilities |
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3,351,274 |
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2,918,344 |
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Creditors: amounts falling due |
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after more than one year |
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9 |
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(
500,000) |
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(
500,000) |
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Provisions for liabilities |
|
10 |
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(
253,964) |
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(
150,771) |
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_________ |
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_________ |
Net assets |
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2,597,310 |
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2,267,573 |
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_________ |
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_________ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Fair value reserve |
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1,139,659 |
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|
841,010 |
Profit and loss account |
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1,457,649 |
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1,426,561 |
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_________ |
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_________ |
Shareholders funds |
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2,597,310 |
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2,267,573 |
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_________ |
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_________ |
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
05 March 2025
, and are signed on behalf of the board by:
Mr Charles Keith Scobie
Director
Company registration number:
02656739
K. C. SCOBIE LIMITED
Notes to the financial statements
Year ended 31 October 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chancellors House, Brampton Lane, London, NW4 4AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Investment property are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Investment property
The investment property is a property held to earn rentals and/or for capital appreciation. The investment property is initially measured at cost, which includes purchase price and any directly attributable expenditure. Subsequently, the investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred tax is provided on these revaluations.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Unlisted investments are stated at cost.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like fixed asset investments, trade and other accounts receivable and payable and loans from director. Debt instruments that are receivable or payable within one year, such as trade receivables andpayables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
The aggregate payroll costs incurred during the year were:
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2024 |
2023 |
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£ |
£ |
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Wages and salaries |
|
9,100 |
9,100 |
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_______ |
_______ |
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5.
Investment property
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Long leasehold property |
Total |
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£ |
£ |
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Cost |
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At 1 November 2023 and 31 October 2024 |
525,000 |
525,000 |
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_______ |
_______ |
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Depreciation |
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At 1 November 2023 and 31 October 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 October 2024 |
525,000 |
525,000 |
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_______ |
_______ |
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At 31 October 2023 |
525,000 |
525,000 |
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_______ |
_______ |
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The long leasehold property is held as an investment property and in the opinion of the director, the open market value of the long leasehold property at 31 October 2024 is £525,000.
6.
Investments
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Listed and unlisted investments |
Total |
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£ |
£ |
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Cost |
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At 1 November 2023 |
2,235,145 |
2,235,145 |
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Additions |
43,914 |
43,914 |
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Disposals |
(
43,184) |
(
43,184) |
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Fair value adjustment |
403,448 |
403,448 |
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_________ |
_________ |
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At 31 October 2024 |
2,639,323 |
2,639,323 |
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_________ |
_________ |
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Impairment |
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At 1 November 2023 and 31 October 2024 |
- |
- |
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_________ |
_________ |
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Carrying amount |
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At 31 October 2024 |
2,639,323 |
2,639,323 |
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_________ |
_________ |
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At 31 October 2023 |
2,235,145 |
2,235,145 |
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_________ |
_________ |
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Included above are unlisted investments amounting to £10,000 (31 October 2023 : £10,000) which are stated at cost.
7.
Debtors
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2024 |
2023 |
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|
£ |
£ |
|
Other debtors |
|
250,407 |
370,959 |
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|
_______ |
_______ |
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8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Social security and other taxes |
|
212 |
41 |
|
Other creditors |
|
73,372 |
228,874 |
|
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|
_______ |
_______ |
|
|
|
73,584 |
228,915 |
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|
_______ |
_______ |
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9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
500,000 |
500,000 |
|
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|
_______ |
_______ |
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10.
Provisions
|
|
Deferred tax (note 11) |
Total |
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|
£ |
£ |
|
At 1 November 2023 |
150,771 |
150,771 |
|
Deferred tax in respect of fair value adjustment of financial assets |
102,904 |
102,904 |
|
Deferred tax in respect of unused capital losses |
289 |
289 |
|
|
_______ |
_______ |
|
At 31 October 2024 |
253,964 |
253,964 |
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|
_______ |
_______ |
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11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
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|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
253,964 |
150,771 |
|
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|
_______ |
_______ |
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|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Fair value adjustment of financial assets |
|
279,754 |
176,850 |
|
Fair value adjustment of investment property |
|
28,429 |
28,429 |
|
Unused tax losses |
|
(
54,219) |
(
54,508) |
|
|
|
_______ |
_______ |
|
|
|
253,964 |
150,771 |
|
|
|
_______ |
_______ |
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