Company Registration No. SC117260 (Scotland)
Scot - Leasing Limited
Unaudited accounts
for the year ended 31 March 2025
Scot - Leasing Limited
Statement of financial position
as at 31 March 2025
Investment property
2,728,240
2,728,240
Cash at bank and in hand
103,146
33,861
Creditors: amounts falling due within one year
(35,871)
(4,346)
Net current assets
69,722
32,002
Total assets less current liabilities
2,798,493
2,761,133
Creditors: amounts falling due after more than one year
(1,711,667)
(1,739,895)
Provisions for liabilities
Deferred tax
(321,658)
(321,658)
Net assets
765,168
699,580
Called up share capital
4
2
Profit and loss account
765,164
699,578
Shareholders' funds
765,168
699,580
For the year ending 31 March 2025 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by
Ronald Russell
Director
Company Registration No. SC117260
Scot - Leasing Limited
Notes to the Accounts
for the year ended 31 March 2025
Scot - Leasing Limited is a private company, limited by shares, registered in Scotland, registration number SC117260. The registered office is 35 Albert Street, Aberdeen, AB25 1XU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3-5 years
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 income statement 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.
Deferred tax:
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date 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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Scot - Leasing Limited
Notes to the Accounts
for the year ended 31 March 2025
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
4
Tangible fixed assets
Computer equipment
Fair value at 1 April 2024
2,728,240
At 31 March 2025
2,728,240
Investment property comprises £2,728,240 (2024: £2,728,240). The directors consider the fair value of the investment property to be £2,728,240 for the year ended 31 March 2025.
Amounts falling due within one year
Accrued income and prepayments
294
294
7
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
21,982
2,630
Other creditors
12,862
1,316
Scot - Leasing Limited
Notes to the Accounts
for the year ended 31 March 2025
8
Creditors: amounts falling due after more than one year
2025
2024
Loans from directors
1,711,667
1,739,895
9
Average number of employees
During the year the average number of employees was 1 (2024: 1).