Company Registration No. 13451210 (England and Wales)
Martin Scott Holdings Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Martin Scott Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Martin Scott Holdings Limited
Balance sheet
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,221,489
1,227,394
Investments
4
12,940
12,940
1,234,429
1,240,334
Current assets
Stocks
-
527,557
Debtors
5
216,390
168,514
Cash at bank and in hand
21,202
5,950
237,592
702,021
Creditors: amounts falling due within one year
6
(355,915)
(968,502)
Net current liabilities
(118,323)
(266,481)
Total assets less current liabilities
1,116,106
973,853
Creditors: amounts falling due after more than one year
7
(786,370)
(786,348)
Net assets
329,736
187,505
Capital and reserves
Called up share capital
9,600
9,600
Profit and loss reserves
320,136
177,905
Total equity
329,736
187,505
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Martin Scott Holdings Limited
Balance sheet (continued)
As at 30 June 2024
2
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
Jonathan Martin
Christopher Scott
Director
Director
Company Registration No. 13451210
Martin Scott Holdings Limited
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information
Martin Scott Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 74 North Street, Guildford, Surrey, United Kingdom, GU1 4AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. Investment properties are held at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the principal activity of rental of owned or leased real estate, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Martin Scott Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Martin Scott Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 July 2023
1,227,394
Transfers
(5,905)
At 30 June 2024
1,221,489
Investment properties are valued at cost and then assessed for fair value movements. Any valuation has been arrived at on the basis of a valuation carried out by the directors. Any valuation is made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
12,940
12,940
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
963
Other debtors
216,390
167,551
216,390
168,514
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,982
40
Other creditors
345,933
968,462
355,915
968,502
Martin Scott Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
786,370
786,348
Included in creditors due after one year are two interest only loans which are repayable in full at the end of the 120 and 300 month term. The loans are secured over the properties in which the loans relate to. There is also a personal guarantee for the value of the loans by the directors of the company.
8
Related party transactions
Other information
The company has taken advantage of the exemption available in section 1AC.35 of FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group.
9
Directors' transactions
Advances or credits have been granted by the directors to the Company as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
-
549,586
514,564
38,597
(967,375)
135,372
Directors loan
-
391,651
134,610
23,507
(347,018)
202,750
941,237
649,174
62,104
(1,314,393)
338,122