Acorah Software Products - Accounts Production 16.1.300 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 SC113766 Mr E Scott Mr K Scott Mr Keith Scott and close family true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC113766 2023-05-31 SC113766 2024-05-31 SC113766 2023-06-01 2024-05-31 SC113766 frs-core:CurrentFinancialInstruments 2024-05-31 SC113766 frs-core:FurnitureFittings 2024-05-31 SC113766 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC113766 frs-core:FurnitureFittings 2023-05-31 SC113766 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-05-31 SC113766 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC113766 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-31 SC113766 frs-core:MotorVehicles 2024-05-31 SC113766 frs-core:MotorVehicles 2023-06-01 2024-05-31 SC113766 frs-core:MotorVehicles 2023-05-31 SC113766 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC113766 frs-core:RevaluationReserve 2023-05-31 SC113766 frs-core:RevaluationReserve 2024-05-31 SC113766 frs-core:ShareCapital 2024-05-31 SC113766 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC113766 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC113766 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC113766 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC113766 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC113766 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC113766 1 2023-06-01 2024-05-31 SC113766 frs-bus:Director1 2023-06-01 2024-05-31 SC113766 frs-bus:Director1 2023-05-31 SC113766 frs-bus:Director1 2024-05-31 SC113766 frs-bus:Director2 2023-06-01 2024-05-31 SC113766 frs-countries:Scotland 2023-06-01 2024-05-31 SC113766 2022-05-31 SC113766 2023-05-31 SC113766 2022-06-01 2023-05-31 SC113766 frs-core:CurrentFinancialInstruments 2023-05-31 SC113766 frs-core:RevaluationReserve 2023-05-31 SC113766 frs-core:ShareCapital 2023-05-31 SC113766 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC113766
Scott Vehicle Services Limited
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC113766
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 480,609 488,841
480,609 488,841
CURRENT ASSETS
Stocks 5 21,790 21,710
Debtors 6 60,253 16,860
Cash at bank and in hand 68,223 79,926
150,266 118,496
Creditors: Amounts Falling Due Within One Year 7 (62,426 ) (72,893 )
NET CURRENT ASSETS (LIABILITIES) 87,840 45,603
TOTAL ASSETS LESS CURRENT LIABILITIES 568,449 534,444
NET ASSETS 568,449 534,444
CAPITAL AND RESERVES
Called up share capital 8 250,200 250,200
Revaluation reserve 10 65,878 65,878
Profit and Loss Account 252,371 218,366
SHAREHOLDERS' FUNDS 568,449 534,444
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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 E Scott
Director
17/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Scott Vehicle Services Limited is a private company, limited by shares, incorporated in Scotland, registered number SC113766 . The registered office is 307 Milton Road East, Edinburgh, EH15 2HH.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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 nil
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
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.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 450,000 111,374 75,808 637,182
Additions - 700 53 753
As at 31 May 2024 450,000 112,074 75,861 637,935
Depreciation
As at 1 June 2023 - 81,606 66,735 148,341
Provided during the period - 7,617 1,368 8,985
As at 31 May 2024 - 89,223 68,103 157,326
Net Book Value
As at 31 May 2024 450,000 22,851 7,758 480,609
As at 1 June 2023 450,000 29,768 9,073 488,841
5. Stocks
2024 2023
£ £
Stock 20,000 20,000
Materials 1,790 1,710
21,790 21,710
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,929 16,622
Prepayments and accrued income 513 238
Other debtors 35,811 -
60,253 16,860
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 14,367 9,671
Bank loans and overdrafts 1,214 1,493
Corporation tax 10,120 13,739
Other taxes and social security 9,720 6,177
Accruals and deferred income 27,005 28,073
Amounts owed to related parties - 13,740
62,426 72,893
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 250,200 250,200
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Euan Scott - 35,811 - - 35,811
The above loan is unsecured, interest bearing at 2.25% p.a. and is repayable on demand.
10. Reserves
Revaluation Reserve
£
As at 1 June 2023 65,878
As at 31 May 2024 65,878
11. Related Party Transactions
Included in other creditors are loans from the directors of nil (previous year £13,740). Loan repayments of £13,740 were made in the year (previous year £39,218). These loans were interest free and repayable on demand. Included in other debtors is a loan to directors of £35,811 (previous year nil), which is unsecured, interest bearing at 2.25% p.a. and repayable on demand.
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr Keith Scott and close family by virtue of his ownership of 100% of the issued share capital in the company.
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