D. & T. Scenic's Limited
D. & T. Scenic's Limited
Registered number: 01169825
Financial Statements
For The Year Ended
29 February 2020
H B Mistry & Co Ltd
Chartered accountants
Tudor House Mill Lane
Calcot
Reading
RG31 7RS
D. & T. Scenic's Limited
Financial Statements
For The Year Ended
29 February 2020
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—8 |
D. & T. Scenic's Limited
Balance Sheet
As at
29 February 2020
Balance Sheet
Registered number:
01169825
For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 10 |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES | |||||
Called up share capital | 12 |
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Revaluation reserve | 14 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 654,609 | (34,806) | |||
Page 1
D. & T. Scenic's Limited
Balance Sheet (continued)
As at
29 February 2020
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
D. & T. Scenic's Limited
Notes to the Financial Statements
For The Year Ended
29 February 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabiliteis and investment properties measured at fair value through profit or loss.
These financial statments have been prepared in compliance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. It is anticipated that the trading difficulties arising due to the impact of Covid 19 pandemic is likely to be shortlived. The company's boats have been revalued to demonstrate a strong reserves postion.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Property |
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Leasehold Property |
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Boats |
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Motor Vehicles |
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Fixtures & Fittings |
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Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
D. & T. Scenic's Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 12 (2019: 11)
Page 4
D. & T. Scenic's Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
3.
Tangible Assets
Land & Property | ||||
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Freehold Property | Leasehold Property | Boats | Motor Vehicles | |
£ | £ | £ | £ | |
Cost or Valuation | ||||
As at
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Additions |
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Revaluation | - | - |
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As at
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Depreciation | ||||
As at
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Provided during the period |
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Disposals |
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As at
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Net Book Value | ||||
As at
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Fixtures & Fittings | Equipment | Total | |
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£ | £ | £ | |
Cost or Valuation | |||
As at
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Additions |
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Revaluation |
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As at
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Depreciation | |||
As at
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Provided during the period |
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Disposals |
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As at
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Net Book Value | |||
As at
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As at
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Boats are stated at director's valuation at 29th February 2020.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
At 29th February 2020, The total tangible cost of fixed assets is £704,784 (2019 £700,954) less depreciation of £612,938 (2019 £612,077) leaving a net book value of £91,846. (2019 £88,877)
Page 5
D. & T. Scenic's Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2020 | 2019 | ||
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£ | £ | ||
Motor Vehicles |
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4.
Stocks
2020 | 2019 | ||
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£ | £ | ||
Stock - materials |
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5.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT |
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6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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PAYE and NIC |
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Payments received on account |
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Accruals and deferred income |
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Director's loan account |
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Bank loan and overdraft includes funding circle loan £20,728 (2019 £25,015).
Page 6
D. & T. Scenic's Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
7.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Funding Circle Loan > 1 Yr |
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Loan Bridget French 10% PA |
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Other creditors |
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8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
2020 | 2019 | ||
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£ | £ | ||
Bank loans and overdrafts | 18,873 | 29,527 |
9.
Obligations Under Finance Leases and Hire Purchase
2020 | 2019 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
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Between one and five years |
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10.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2020 | 2019 | ||
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£ | £ | ||
Other deferred tax |
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11.
Provisions for Liabilities
Additions comprise of Deferred tax provision on revaluation of £148797 less Deferred tax asset of £34346.
Deferred tax asset is recognised on trading loss available for carry forward against future profits of £180769
Page 7
D. & T. Scenic's Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
13.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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£ | £ | £ | £ | £ | |
Mr Timothy Deaton |
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The above loan is unsecured, interest free and repayable on demand.
The director has personally guaranteed the loan due to Funding Circle which amounted to £20,728(2019 £43,008).
14.
Reserves
Revaluation Reserve | |
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£ | |
As at
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Surplus on revaluation |
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Deficit on revaluation | (114,451) |
As at
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15.
General Information
D. & T. Scenic's Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01169825
. The registered office is Pipers Island, Bridge Street, Caversham Bridge, Reading,Berks, RG4 8AA.
Page 8