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 2020

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:

The Loan

Wallyford

East Lothian

EH21 8BU

REGISTERED NUMBER:

SC195782 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

FIXED ASSETS

Tangible assets

4

23,437

4,882

CURRENT ASSETS

Stock and work in progress

4,500

4,500

Debtors

195,312

249,631

Cash at bank

250,992

59,758

450,804

313,889

CREDITORS

Amounts falling due within one year

137,168

138,317

NET CURRENT ASSETS

313,636

175,572

TOTAL ASSETS LESS CURRENT LIABILITIES

337,073

180,454

CREDITORS

Amounts falling due after more than one year

5

(150,000

)

-

PROVISIONS FOR LIABILITIES

7

(3,253

)

-

NET ASSETS

183,820

180,454

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

183,720

180,354

SHAREHOLDERS' FUNDS

183,820

180,454

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 2020 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 11 March 2021 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.

Government grants

A grant that becomes receivable as compensation for expenses or losses already incurred ot the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

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 Income Statement.

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 11 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

50,544

Additions

28,110

At 31 August 2020

78,654

DEPRECIATION

At 1 September 2019

45,662

Charge for year

9,555

At 31 August 2020

55,217

NET BOOK VALUE

At 31 August 2020

23,437

At 31 August 2019

4,882

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

Totals

£

COST

Additions

21,200

At 31 August 2020

21,200

DEPRECIATION

Charge for year

4,240

At 31 August 2020

4,240

NET BOOK VALUE

At 31 August 2020

16,960

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.8.20

31.8.19

£

£

Repayable by instalments

Bank loans more 5 yr by instal

30,000

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.20

31.8.19

£

£

Hire purchase contracts

10,427

-

A bond and floating charge over the whole assets of the company is held by the bank.

7.	PROVISIONS FOR LIABILITIES

31.8.20

31.8.19

£

£

Deferred tax

3,253

-

Deferred

tax

£

Provided during year

3,253

Balance at 31 August 2020

3,253

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2020 and 31 August 2019:

31.8.20

31.8.19

£

£

D D M Grubb

Balance outstanding at start of year

(322

)

(24

)

Amounts advanced

25,211

74,693

Amounts repaid

(25,664

)

(74,991

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(775

)

(322

)

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £14,000 (2019 - £21,000) were paid to the directors .