Scott Adey Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Scott Adey Limited

(Registration number: 03114099)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	4,455	5,307
Tangible assets	5	1,984,759	1,859,717
		1,989,214	1,865,024
Current assets
Stocks	7	11,859	3,600
Debtors	8	16,372	16,917
Cash at bank and in hand		51,516	68,434
		79,747	88,951
Creditors: Amounts falling due within one year	9	(751,022)	(716,851)
Net current liabilities		(671,275)	(627,900)
Total assets less current liabilities		1,317,939	1,237,124
Provisions for liabilities		(178,244)	(159,939)
Net assets		1,139,695	1,077,185
Capital and reserves
Called up share capital		260,002	260,002
Profit and loss account		879,693	817,183
Shareholders' funds		1,139,695	1,077,185

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 10 July 2026
 

Mrs K M H Jenkins Director

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Withenwood House
Withen Lane
Farringdon
Exeter
Devon
EX5 2JH

Principal activity

The principal activity of the company is the rental of commercial units and furnished holiday lets.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold (excl. investment property)	straight line over 50 years
Plant and machinery	straight line over 7 years
Fittings, fixtures and equipment	15% reducing balance
Motor vehicles	straight line over 5 years

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Other tangibles	straight line over 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026 (continued)

2	Accounting policies (continued)

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 statement of comprehensive income 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2025 - 2).

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026 (continued)

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2025	8,514	8,514
At 31 March 2026	8,514	8,514
Amortisation
At 1 April 2025	3,207	3,207
Amortisation charge	852	852
At 31 March 2026	4,059	4,059
Carrying amount
At 31 March 2026	4,455	4,455
At 31 March 2025	5,307	5,307

5	Tangible assets

	Freehold property £	Fixtures, fittings and equipment £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2025	1,936,629	37,359	52,043	12,500	2,038,531
Revaluations	73,519	-	-	-	73,519
Additions	57,284	-	947	-	58,231
At 31 March 2026	2,067,432	37,359	52,990	12,500	2,170,281
Depreciation
At 1 April 2025	110,081	14,071	42,162	12,500	178,814
Charge for the year	-	3,489	3,219	-	6,708
At 31 March 2026	110,081	17,560	45,381	12,500	185,522
Carrying amount
At 31 March 2026	1,957,351	19,799	7,609	-	1,984,759
At 31 March 2025	1,826,548	23,288	9,881	-	1,859,717

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026 (continued)

6	Investment properties

Investment properties are held at fair value and not subject to depreciation. The investment properties have been valued by the director and their historic cost is £1,262,337.

7

Stocks

	2026 £	2025 £
Other inventories	11,859	3,600

8

Debtors

	2026 £	2025 £
Trade debtors	8,494	9,360
Prepayments	7,878	7,557
	16,372	16,917

9

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	11	49,174	46,840
Trade creditors		6,133	1,757
Taxation and social security		2,170	9,539
Accruals and deferred income		2,045	1,575
Other creditors		691,500	657,140
		751,022	716,851

Loans and borrowings are unsecured and have no fixed repayment date.

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Accumulated undistributable reserves at 31 March 2026 amounted to £574,905.

Scott Adey Limited

Notes to the Unaudited Financial Statements for the Year Ended
31 March 2026 (continued)

11	Loans and borrowings

Current loans and borrowings

	2026 £	2025 £
Other borrowings	49,174	46,840

12	Related party transactions

At 31 March 2026 amounts owed to directors by way of loan amounted to £653,237 (2025: 631,498). Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

At 31 March 2026 amounts owed to participators by way of loan amounted to £49,174 (2025: £46,840). The loan is not subject to interest and is repayable on demand.

13	Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.