REGISTERED NUMBER: |
Scotia Works Limited |
Unaudited Financial Statements |
for the period |
30th November 2023 to 30th November 2024 |
REGISTERED NUMBER: |
Scotia Works Limited |
Unaudited Financial Statements |
for the period |
30th November 2023 to 30th November 2024 |
Scotia Works Limited (Registered number: SC791050) |
Contents of the Financial Statements |
for the period 30th November 2023 to 30th November 2024 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 6 |
Scotia Works Limited |
Company Information |
for the period 30th November 2023 to 30th November 2024 |
Director: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Scotia Works Limited (Registered number: SC791050) |
Balance Sheet |
30th November 2024 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings | ( |
) |
Scotia Works Limited (Registered number: SC791050) |
Balance Sheet - continued |
30th November 2024 |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Scotia Works Limited (Registered number: SC791050) |
Notes to the Financial Statements |
for the period 30th November 2023 to 30th November 2024 |
1. | Statutory information |
Scotia Works Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when the following conditions are satisfied: |
- the significant risks and rewards of ownership have been transferred to the buyer. |
- the company retains no continuing involvement or control over the goods. |
- the amount of revenue can be measured reliably. |
- it is probable that future economic benefit will flow to the entity. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals and directors' loans. |
Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Scotia Works Limited (Registered number: SC791050) |
Notes to the Financial Statements - continued |
for the period 30th November 2023 to 30th November 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Going concern |
The director has considered the company's financial position for a period of 12 months from the date of signing these financial statements. This is the first period of account in which the company commenced trading and has generated a loss to the period ended 30th November 2024. The company has however presented a net asset position at the period end and the director believes the loss making period to be a short term arrangement whilst the business becomes established and continues to operate in the industry. On this basis, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing the company's first set of financial statements. |
3. | Employees and directors |
The average number of employees during the period was |
Scotia Works Limited (Registered number: SC791050) |
Notes to the Financial Statements - continued |
for the period 30th November 2023 to 30th November 2024 |
4. | Intangible fixed assets |
Computer |
software |
£ |
Cost |
Additions |
At 30th November 2024 |
Amortisation |
Amortisation for period |
At 30th November 2024 |
Net book value |
At 30th November 2024 |
5. | Tangible fixed assets |
Plant and | Computer | Motor | Office |
machinery | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
Additions |
At 30th November 2024 |
Depreciation |
Charge for period |
At 30th November 2024 |
Net book value |
At 30th November 2024 |
6. | Debtors: amounts falling due within one year |
£ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
£ |
Trade creditors |
Taxation and social security |
Other creditors |