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Registered number: 10928570
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Scott Stobart Limited
Financial statements
Information for filing with the registrar
31 August 2024
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Balance Sheet
At 31 August 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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1
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Balance Sheet (continued)
At 31 August 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2025.
Company registered number: 10928570
The notes on pages 3 to 5 form part of these financial statements.
2
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Notes to the financial statements
Year ended 31 August 2024
The company is a private company limited by shares, registered and domiciled in England and Wales. The address of the registered office is 2nd Floor, Citygate, St James' Boulevard, Newcastle Upon Tyne, NE1 4JE.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted at the financial reporting date.
Deferred tax is recognised in respect of all timing differences at the financial 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 determined 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
3
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Notes to the financial statements
Year ended 31 August 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The average monthly number of employees, including directors, during the year was 2 (2023 : 2).
4
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Notes to the financial statements
Year ended 31 August 2024
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Creditors: amounts falling due within one year
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Accruals and deferred income
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5
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