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Registered number: 10627134
Scott's Of Leeds Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
Jackson Tobin Accountants Limited
Chartered Certified Accountants
Unit 9 Innovation Centre
Conyngham Hall
Knaresborough
North Yorkshire
HG5 9AY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10627134
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 718,316 420,926
718,316 420,926
CURRENT ASSETS
Stocks 5 666,146 335,371
Debtors 6 24,228 43,472
Cash at bank and in hand 146,948 171,128
837,322 549,971
Creditors: Amounts Falling Due Within One Year 7 (391,146 ) (432,083 )
NET CURRENT ASSETS (LIABILITIES) 446,176 117,888
TOTAL ASSETS LESS CURRENT LIABILITIES 1,164,492 538,814
Creditors: Amounts Falling Due After More Than One Year 8 (538,041 ) (246,660 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,267 ) (27,577 )
NET ASSETS 597,184 264,577
CAPITAL AND RESERVES
Called up share capital 10 10 10
Revaluation reserve 11 325,000 -
Profit and Loss Account 272,174 264,567
SHAREHOLDERS' FUNDS 597,184 264,577
Page 1
Page 2
For the year ending 28 February 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.
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
Mrs Tanya Scott
Director
Mr Marc Scott
Director
3 June 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Scott's Of Leeds Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10627134 . The registered office is 1 Waterloo Way, Leeds, LS13 2EF.
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. 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.
2.3. 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 5% Straight line
Plant & Machinery 20% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 20% Reducing balance
Computer Equipment 20% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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.
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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 years 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.
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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2024: 6)
8 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 29 February 2024 325,000 1,619 - 154,329
Additions - 3,762 6,400 376
Revaluation 325,000 - - -
As at 28 February 2025 650,000 5,381 6,400 154,705
Depreciation
As at 29 February 2024 32,500 583 - 35,933
Provided during the period 16,250 477 2,120 17,816
As at 28 February 2025 48,750 1,060 2,120 53,749
Net Book Value
As at 28 February 2025 601,250 4,321 4,280 100,956
As at 29 February 2024 292,500 1,036 - 118,396
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Computer Equipment Total
£ £
Cost or Valuation
As at 29 February 2024 12,275 493,223
Additions 393 10,931
Revaluation - 325,000
As at 28 February 2025 12,668 829,154
Depreciation
As at 29 February 2024 3,281 72,297
Provided during the period 1,878 38,541
As at 28 February 2025 5,159 110,838
Net Book Value
As at 28 February 2025 7,509 718,316
As at 29 February 2024 8,994 420,926
5. Stocks
2025 2024
£ £
Stock 666,146 335,371
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 15,338 43,472
Other debtors 8,890 -
24,228 43,472
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 15,843 33,340
Trade creditors 162,211 -
Bank loans and overdrafts 33,685 147,027
Other loans 59,349 52,475
Other creditors 63,560 117,240
Taxation and social security 56,498 82,001
391,146 432,083
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8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 33,500 33,500
Bank loans 360,400 60,000
Other loans 144,141 153,160
538,041 246,660
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 15,843 33,340
Later than one year and not later than five years 33,500 33,500
49,343 66,840
49,343 66,840
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 10 10
11. Reserves
Revaluation Reserve
£
Surplus on revaluation 325,000
As at 28 February 2025 325,000
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