Scorpio Safety Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC195782 (Scotland)

Abridged Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Scorpio Safety Systems Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D D M Grubb

Mrs L R Grubb

SECRETARY:

Mrs L R Grubb

REGISTERED OFFICE:

45b West Bowling Green Street

Leith

Edinburgh

EH6 5NX

REGISTERED NUMBER:

SC195782 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

FIXED ASSETS

Tangible assets

4

4,882

9,505

CURRENT ASSETS

Stock and work in progress

4,500

4,500

Debtors

249,631

144,426

Cash at bank

59,758

101,261

313,889

250,187

CREDITORS

Amounts falling due within one year

138,317

131,048

NET CURRENT ASSETS

175,572

119,139

TOTAL ASSETS LESS CURRENT LIABILITIES

180,454

128,644

PROVISIONS FOR LIABILITIES

6

-

431

NET ASSETS

180,454

128,213

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

180,354

128,113

SHAREHOLDERS' FUNDS

180,454

128,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2020 and were signed on its behalf by:

D D M Grubb - Director

1.	STATUTORY INFORMATION

Scorpio Safety Systems Limited is a private company, limited by shares , registered in Scotland. The company's

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

value added tax and other sales taxes. Turnover is attributable to the company's principal activity of the design,

installation and testing of fall arrest systems and equipment.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly

attributable to bringing the asset to its present location and into its present condition. After initial recognition, the

assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of

revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over

its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Land is

not depreciated.

Office equipment - 10% on cost

Motor vehicles - 20% on cost

Plant and machinery - 10% on cost

Depreciation and impairment losses are charged to the Statement of Comprehensive Income within

administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each

reporting period. The effect of any change is accounted for prospectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based

on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced

to its selling price less costs to complete and sell. The loss is recognised immediately in the Statement of

Comprehensive Income.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Income Statement.. If there is a decrease in the impairment loss arising from an event occurring after the

impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been had the impairment not previously been recognised.

The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire

or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to

another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities

are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,

cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 Statement of Financial Position date

Deferred tax

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

Statement of Financial Position 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 year end and that are expected to apply to the reversal

of the timing difference.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial

Position as substantially all of the risks and rewards incidental to ownership have been transferred from the

leasing company.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income Statement over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the Income Statement on a straight line basis over the period of

the lease.

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 Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

and 31 August 2019

50,544

DEPRECIATION

At 1 September 2018

41,039

Charge for year

4,623

At 31 August 2019

45,662

NET BOOK VALUE

At 31 August 2019

4,882

At 31 August 2018

9,505

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 September 2018

22,690

Transfer to ownership

(22,690

)

At 31 August 2019

-

DEPRECIATION

At 1 September 2018

13,614

Transfer to ownership

(13,614

)

At 31 August 2019

-

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

9,076

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Hire purchase contracts

-

391

6.	PROVISIONS FOR LIABILITIES

31.8.19

31.8.18

£

£

Deferred tax

-

431

Deferred

tax

£

Balance at 1 September 2018

431

Provided during year

(431

)

Balance at 31 August 2019

-

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2019 and

31 August 2018:

31.8.19

31.8.18

£

£

D D M Grubb

Balance outstanding at start of year

(24

)

(828

)

Amounts advanced

74,693

45,937

Amounts repaid

(74,991

)

(45,133

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(322

)

(24

)

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £21,000 (2018 - £39,000) were paid to the directors .