Scafell Organics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04990288 (England and Wales)

Unaudited Financial Statements

for the Period 1 January 2018 to 30 June 2019

for

Scafell Organics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Bowen

K P Banks

K Bowen

SECRETARY:

K Bowen

REGISTERED OFFICE:

C/O Molekula International Limited

Lingfield Way

Yarm Road Business Park

Darlington

County Durham

DL1 4XX

REGISTERED NUMBER:

04990288 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

FIXED ASSETS

Tangible assets

4

262

17,687

CURRENT ASSETS

Debtors

5

52,218

171,675

Cash at bank

26

2,563

52,244

174,238

CREDITORS

Amounts falling due within one year

6

3,455

142,446

NET CURRENT ASSETS

48,789

31,792

TOTAL ASSETS LESS CURRENT LIABILITIES

49,051

49,479

CREDITORS

Amounts falling due after more than one year

7

-

1,607

NET ASSETS

49,051

47,872

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

49,049

47,870

SHAREHOLDERS' FUNDS

49,051

47,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 14 January 2020 and were signed on its behalf by:

K P Banks - Director

1.	STATUTORY INFORMATION

Scafell Organics Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

There were no material departures from that standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Income recognition

Turnover represents the amount derived from the provision of goods and services to customers after deduction of

trade discounts and value added tax. Turnover is recognised at the point at which the risks and rewards of the

goods are transferred to the customer and the services are rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant and machinery

-

15% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2017 - 7 ).

4.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2018

and 30 June 2019

5,250

156,908

162,158

DEPRECIATION

At 1 January 2018

4,200

140,271

144,471

Charge for period

788

16,637

17,425

At 30 June 2019

4,988

156,908

161,896

NET BOOK VALUE

At 30 June 2019

262

-

262

At 31 December 2017

1,050

16,637

17,687

5.

DEBTORS

2019

2017

£

£

Amounts falling due within one year:

Trade debtors

-

110,080

Other debtors

-

61,595

-

171,675

2019

2017

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

52,218

-

Aggregate amounts

52,218

171,675

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2017

£

£

Bank loans and overdrafts

-

7,500

Trade creditors

-

28,324

Amounts owed to group undertakings

-

104,720

Taxation and social security

211

-

Other creditors

948

1,902

Directors' loan accounts

96

-

Accruals and deferred income

2,200

-

3,455

142,446

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2017

£

£

Bank loans - 2-5 years

-

1,607

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2017

£

£

Bank loans

-

9,107

The bank loan is secured by a debenture over the company's assets. In addition, directors of the company (who

left office during the prior year) had provided a personal guarantee.

9.	FINANCIAL INSTRUMENTS

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2017

value:

£

£

2

Ordinary

£1

2

2

11.	OTHER FINANCIAL COMMITMENTS

The company has total guarantees and commitments at the balance sheet date of nil (2017: £21,821).

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

The closing balance due to directors was £96. No interest was charged.

Directors of the company (who left office during the prior year) provided a personal guarantee to support bank

borrowings. The maximum amount guaranteed was limited to £63,000.

13.	ULTIMATE CONTROLLING PARENT

The ultimate controlling parent is Molekula Limited, a company registered at Lingfield Way, Yarm Road

Business Park, Darlington, County Durham, DL1 4XX.