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Company registration number: SC415724
Scotia FM Limited
Unaudited filleted financial statements
31 January 2025
Scotia FM Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Scotia FM Limited
Directors and other information
Directors Paul Skinner
Stephen Penman
Company number SC415724
Registered office St Leonards Mill
3 St Leonards Place
Kinghorn
Fife
KY3 9UL
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Barclays Bank
Leicester
LE87 2BB
Scotia FM Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Scotia FM Limited
Year ended 31 January 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scotia FM Limited for the year ended 31 January 2025 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Scotia FM Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Scotia FM Limited and state those matters that we have agreed to state to the board of directors of Scotia FM Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scotia FM Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Scotia FM Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Scotia FM Limited. You consider that Scotia FM Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Scotia FM Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
19 August 2025
Scotia FM Limited
Statement of financial position
31 January 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 142,815 158,163
_______ _______
142,815 158,163
Current assets
Stocks 25,775 20,568
Debtors 6 367,895 600,431
Cash at bank and in hand 183,466 312,677
_______ _______
577,136 933,676
Creditors: amounts falling due
within one year 7 ( 182,190) ( 337,767)
_______ _______
Net current assets 394,946 595,909
_______ _______
Total assets less current liabilities 537,761 754,072
Creditors: amounts falling due
after more than one year 8 ( 7,909) ( 2,406)
Provisions for liabilities ( 12,654) ( 12,920)
_______ _______
Net assets 517,198 738,746
_______ _______
Capital and reserves
Called up share capital 9 20 20
Profit and loss account 517,178 738,726
_______ _______
Shareholders funds 517,198 738,746
_______ _______
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2025 , and are signed on behalf of the board by:
Paul Skinner
Director
Company registration number: SC415724
Scotia FM Limited
Notes to the financial statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is St Leonards Mill, 3 St Leonards Place, Kinghorn, Fife, KY3 9UL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the 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 measured 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Display stock - Straight line over three years
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2024: 14 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 February 2024 127,069 13,299 175,899 971 317,238
Additions - - 26,000 - 26,000
_______ _______ _______ _______ _______
At 31 January 2025 127,069 13,299 201,899 971 343,238
_______ _______ _______ _______ _______
Depreciation
At 1 February 2024 43,503 2,976 111,625 971 159,075
Charge for the year 16,713 2,065 22,570 - 41,348
_______ _______ _______ _______ _______
At 31 January 2025 60,216 5,041 134,195 971 200,423
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2025 66,853 8,258 67,704 - 142,815
_______ _______ _______ _______ _______
At 31 January 2024 83,566 10,323 64,274 - 158,163
_______ _______ _______ _______ _______
6. Debtors
2025 2024
£ £
Trade debtors 39,301 293,522
Other debtors 328,594 306,909
_______ _______
367,895 600,431
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 27,027 43,568
Trade creditors 41,681 148,898
Corporation tax - 36,036
Social security and other taxes - 13,389
Other creditors 113,482 95,876
_______ _______
182,190 337,767
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Other creditors 7,909 2,406
_______ _______
9. Called up share capital
Issued, called up and fully paid
2025 2024
No £ No £
Ordinary shares of £ 1.00 each 20 20 20 20
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Paul Skinner ( 37,468) ( 15,000) 2,500 ( 49,968)
Stephen Penman (34,287) ( 15,000) 5,066 ( 44,221)
_______ _______ _______ _______
( 71,755) ( 30,000) 7,566 ( 94,189)
_______ _______ _______ _______
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Paul Skinner ( 56,600) ( 32,500) 51,633 (37,467)
Stephen Penman ( 55,743) ( 32,500) 53,957 ( 34,286)
_______ _______ _______ _______
( 112,343) ( 65,000) 105,590 (71,753)
_______ _______ _______ _______
11. Related party transactions
For the whole of the financial year the company was under the control of its directors Paul Skinner and Stephen Penman .During the year the company rented an office owned by Paul Skinner and Stephen Penman for the sum of £30,000 (2024 : £30,000) and this transaction was conducted on an arms length basis.