Scotarms Limited 31/10/2018 iXBRL

31/10/2018 2018-10-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-11-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 04098491 2017-11-01 2018-10-31 04098491 2018-10-31 04098491 2017-10-31 04098491 2016-11-01 2017-10-31 04098491 2017-10-31 04098491 core:FurnitureFittingsToolsEquipment 2017-11-01 2018-10-31 04098491 bus:RegisteredOffice 2017-11-01 2018-10-31 04098491 bus:LeadAgentIfApplicable 2017-11-01 2018-10-31 04098491 bus:Director1 2017-11-01 2018-10-31 04098491 bus:Director2 2017-11-01 2018-10-31 04098491 bus:CompanySecretary1 2017-11-01 2018-10-31 04098491 core:LandBuildings core:ShortLeaseholdAssets 2017-10-31 04098491 core:FurnitureFittingsToolsEquipment 2017-10-31 04098491 core:LandBuildings core:ShortLeaseholdAssets 2018-10-31 04098491 core:FurnitureFittingsToolsEquipment 2018-10-31 04098491 core:WithinOneYear 2018-10-31 04098491 core:WithinOneYear 2017-10-31 04098491 core:ShareCapital 2018-10-31 04098491 core:ShareCapital 2017-10-31 04098491 core:RetainedEarningsAccumulatedLosses 2018-10-31 04098491 core:RetainedEarningsAccumulatedLosses 2017-10-31 04098491 core:LandBuildings core:ShortLeaseholdAssets 2017-11-01 2018-10-31 04098491 core:LandBuildings core:ShortLeaseholdAssets 2017-10-31 04098491 bus:SmallEntities 2017-11-01 2018-10-31 04098491 bus:AuditExemptWithAccountantsReport 2017-11-01 2018-10-31 04098491 bus:FullAccounts 2017-11-01 2018-10-31 04098491 bus:SmallCompaniesRegimeForAccounts 2017-11-01 2018-10-31 04098491 bus:PrivateLimitedCompanyLtd 2017-11-01 2018-10-31 04098491 core:OtherRelatedParties 2017-11-01 2018-10-31

Company registration number: 04098491

Scotarms Limited

Unaudited filleted financial statements

31 October 2018

Scotarms Limited

Contents

Directors and other information

Accountant's report

Statement of financial position

Notes to the financial statements

Scotarms Limited

Directors and other information


	Directors	M R Scott
		P Higham


	Secretary	P Higham


	Company number	04098491


	Registered office	The White House
		Primrose Hill
		Besthorpe
		Newark
		NG23 7HR


	Accountant	David Wells
		33 Purnells Way
		Knowle
		Solihull
		West Midlands
		B93 9JN

Scotarms Limited

Chartered accountant's report to the board of directors on the preparation of the

unaudited statutory financial statements of Scotarms Limited

Year ended 31 October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Scotarms Limited for the year ended 31 October 2018 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales, I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

This report is made solely to the board of directors of Scotarms Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Scotarms Limited and state those matters that we have agreed to state to the board of directors of Scotarms Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Scotarms Limited and its board of directors as a body for my work or for this report.

It is your duty to ensure that Scotarms 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 profit of Scotarms Limited. You consider that Scotarms Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Scotarms Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

David Wells

Chartered Accountant

33 Purnells Way

Knowle

Solihull

West Midlands

B93 9JN

23 July 2019

Scotarms Limited

Statement of financial position

31 October 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	344		1,027
		_______		_______
			344		1,027

Current assets
Debtors	6	223		601
Cash at bank and in hand		3,881		10,000
		_______		_______
		4,104		10,601
Creditors: amounts falling due
within one year	7	( 30,662)		( 52,096)
		_______		_______
Net current liabilities			( 26,558)		( 41,495)
			_______		_______
Total assets less current liabilities			( 26,214)		( 40,468)

			_______		_______
Net liabilities			( 26,214)		( 40,468)
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			( 26,314)		( 40,568)
			_______		_______
Shareholders deficit			( 26,214)		( 40,468)
			_______		_______

For the year ending 31 October 2018 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 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 July 2019 , and are signed on behalf of the board by:

M R Scott

Director

Company registration number: 04098491

Scotarms Limited

Notes to the financial statements

Year ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The White House, Primrose Hill, Besthorpe, Newark, NG23 7HR.

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 measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These financial statements have been prepared on the going concern basis in the belief that the directors will continue to make funds available to finance the day to day operations of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, 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 tax and deferred tax recognised in the reporting period.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. 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 if any.

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:


Short leasehold property	-	Straight line over the life of the lease
Fittings fixtures and equipment	-	10 %	reducing balance

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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.Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Short leasehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 November 2017 and 31 October 2018	6,833	3,195	10,028
	_______	_______	_______
Depreciation
At 1 November 2017	5,806	3,195	9,001
Charge for the year	683	-	683
	_______	_______	_______
At 31 October 2018	6,489	3,195	9,684
	_______	_______	_______
Carrying amount
At 31 October 2018	344	-	344
	_______	_______	_______
At 31 October 2017	1,027	-	1,027
	_______	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	223	601
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	9,647	11,668
Corporation tax	3,417	3,875
Social security and other taxes	1,899	5,305
Other creditors	15,699	31,248
	_______	_______
	30,662	52,096
	_______	_______

8. Related party transactions

During the year salaries of £1,200 (2017 - £1,200) were re-charged to Besthorpe Cattle Company Limited, a company in which M R Scott is the majority shareholder. No amounts were owing at the year-end.In other creditors is a balance of £9,174 (2017 £24,834) due to the director. This is interest free with no set terms for repayment.

9. Controlling party

The company is controlled by M R Scott who is the majority shareholfder and a director of the company .