Indigoscott Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03803255 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

INDIGOSCOTT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Scott

S T Scott

SECRETARY:

S T Scott

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

03803255 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

8,270,000

8,290,000

8,270,000

8,290,000

CURRENT ASSETS

Debtors

6

757,519

-

Cash at bank

12,931

139,585

770,450

139,585

CREDITORS

Amounts falling due within one year

7

6,269,886

5,493,605

NET CURRENT LIABILITIES

(5,499,436

)

(5,354,020

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,770,564

2,935,980

PROVISIONS FOR LIABILITIES

9

581,740

547,954

NET ASSETS

2,188,824

2,388,026

CAPITAL AND RESERVES

Called up share capital

10

2

2

Unrealised retained earnings

11

4,470,078

4,490,078

Retained earnings

(2,281,256

)

(2,102,054

)

SHAREHOLDERS' FUNDS

2,188,824

2,388,026

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2020 and were signed on its behalf by:

J R Scott - Director

1.	STATUTORY INFORMATION

Indigoscott 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 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the Directors consider this basis of preparing the financial statements to be appropriate.

Turnover

Turnover represents rental income and service charges receivable, net of VAT.

Tangible fixed assets

Depreciation is provided on tangible fixed assets at rates calculated to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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 year 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.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

18,080

DEPRECIATION

At 1 January 2019

and 31 December 2019

18,080

NET BOOK VALUE

At 31 December 2019

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

8,290,000

Revaluations

(20,000

)

At 31 December 2019

8,270,000

NET BOOK VALUE

At 31 December 2019

8,270,000

At 31 December 2018

8,290,000

If the investment property were to be shown at cost then this value would have been been £2,952,404.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

5,962

-

Other debtors

751,557

-

757,519

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

6,217,555

5,423,424

Trade creditors

2,624

1,190

Other creditors & accruals

49,707

68,991

6,269,886

5,493,605

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

6,217,555

5,423,424

The bank loan is secured by a legal charge over the company's investment property.

9.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

581,740

547,954

Deferred

tax

£

Balance at 1 January 2019

547,954

Provided during year

33,786

Balance at 31 December 2019

581,740

Deferred tax provision relates to timing differences on accumulated surpluses on investment property and carried forward tax losses.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

2

Ordinary Shares

£1

2

2

11.

RESERVES

Unrealised

retained

earnings

£

At 1 January 2019

4,490,078

Investment revaluation reserve

(20,000

)

At 31 December 2019

4,470,078

12.	RELATED PARTY DISCLOSURES

Indigoscott Limited is related to IndigoScott Residential Property Limited and its group members (IndigoScott Group Limited, IndigoScott Developments Limited, IndigoScott Homes Limited, IndigoScott Properties Limited, Landplay Property Limited, and IndigoScott Developments Limited) by virtue of being under the common control and ownership of its directors, J R Scott and S T Scott.

During the year funding was provided between IndigoScott Limited and IndigoScott Group Limited and its group companies. As at the balance sheet date, the amount owed from Indigoscott Group Limited was £755,557 (2018: the amount owed to Indigoscott Group Limited was £29,621).

13.	ULTIMATE CONTROLLING PARTY

There is no individual ultimate controlling party.