Company No: 07721231 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	1,772		3,544
		1,772		3,544
Current assets
Debtors	5	257,278		207,580
Cash at bank and in hand		280,045		160,604
		537,323		368,184
Creditors: amounts falling due within one year	6	( 178,642)		( 139,760)
Net current assets		358,681		228,424
Total assets less current liabilities		360,453		231,968
Creditors: amounts falling due after more than one year	7	( 2,646)		0
Net assets		357,807		231,968
Capital and reserves
Called-up share capital		100		100
Profit and loss account		357,707		231,868
Total shareholder's funds		357,807		231,968

For the financial 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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Scott & Willis Ltd (registered number: 07721231) were approved and authorised for issue by the Director on 23 December 2025. They were signed on its behalf by:

F W Scott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Scott & Willis Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Millstone Rise Offices, Payhembury, Honiton, EX14 3GD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Change in accounting policies

This is the first year that the financial statements have been prepared under Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

Prior year adjustment

As a result of the company's adoption of FRS 102 Section 1A, a restatement would be required for any material provision of Deferred Tax. However, the amount of deferred tax calculated is not deemed to be material against parameters and therefore no restatements have been made to the accounts.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for bespoke property services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	5 years straight line
Fixtures and fittings	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.Transition to FRS102

The Company has adopted FRS 102 Section 1A for the year ended 31 March 2025. No material transitional adjustments have arisen, and therefore no restatement of the comparative year amounts is deemed necessary.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		2

4. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	22,205		16,706		38,911
At 31 March 2025	22,205		16,706		38,911
Accumulated depreciation
At 01 April 2024	18,661		16,706		35,367
Charge for the financial year	1,772		0		1,772
At 31 March 2025	20,433		16,706		37,139
Net book value
At 31 March 2025	1,772		0		1,772
At 31 March 2024	3,544		0		3,544

5. Debtors

	2025		2024
	£		£
Trade debtors	31,814		0
Amounts owed by connected companies	205,000		205,000
Other debtors	20,464		2,580
	257,278		207,580

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,448		20,717
Trade creditors	30,263		29,181
Taxation and social security	122,572		67,504
Other creditors	15,359		22,358
	178,642		139,760

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	2,646		0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on the overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2024, the balance owed by the director and their relations was £nil. During the year, £2,197 was advanced to the director and £4,750 was advanced to the relations of the director. £nil was repaid by the director and £nil was repaid by the relations of the director. At 31 March 2025, the balance owed by the director and their relations was £6,947.

At 1 April 2023, the balance owed by the director was £6,794. During the year, £nil was advanced to the director and £6,794 was repaid by the director. At 31 March 2024, the balance owed by the director was £nil.