Sceneset Limited Filleted accounts for Companies House (small and micro)

8 false false false false false false false false false true false false false false false false No description of principal activity 2020-03-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 04053945 2020-03-01 2021-02-28 04053945 2021-02-28 04053945 2020-02-29 04053945 2019-03-01 2020-02-29 04053945 2020-02-29 04053945 core:LandBuildings core:ShortLeaseholdAssets 2020-03-01 2021-02-28 04053945 core:PlantMachinery 2020-03-01 2021-02-28 04053945 core:FurnitureFittings 2020-03-01 2021-02-28 04053945 core:MotorVehicles 2020-03-01 2021-02-28 04053945 bus:RegisteredOffice 2020-03-01 2021-02-28 04053945 bus:LeadAgentIfApplicable 2020-03-01 2021-02-28 04053945 bus:Director2 2020-03-01 2021-02-28 04053945 bus:CompanySecretary1 2020-03-01 2021-02-28 04053945 core:WithinOneYear 2021-02-28 04053945 core:WithinOneYear 2020-02-29 04053945 core:LandBuildings 2020-02-29 04053945 core:PlantMachinery 2020-02-29 04053945 core:FurnitureFittings 2020-02-29 04053945 core:MotorVehicles 2020-02-29 04053945 core:LandBuildings 2021-02-28 04053945 core:PlantMachinery 2021-02-28 04053945 core:FurnitureFittings 2021-02-28 04053945 core:MotorVehicles 2021-02-28 04053945 core:AfterOneYear 2021-02-28 04053945 core:AfterOneYear 2020-02-29 04053945 bus:OrdinaryShareClass1 2019-03-01 2020-02-29 04053945 core:ShareCapital 2021-02-28 04053945 core:ShareCapital 2020-02-29 04053945 core:RetainedEarningsAccumulatedLosses 2021-02-28 04053945 core:RetainedEarningsAccumulatedLosses 2020-02-29 04053945 core:LandBuildings 2020-03-01 2021-02-28 04053945 core:LandBuildings 2020-02-29 04053945 core:PlantMachinery 2020-02-29 04053945 core:FurnitureFittings 2020-02-29 04053945 core:MotorVehicles 2020-02-29 04053945 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-02-28 04053945 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2021-02-28 04053945 core:LeasedAssetsHeldAsLessee 2021-02-28 04053945 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2020-02-29 04053945 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2020-02-29 04053945 core:LeasedAssetsHeldAsLessee 2020-02-29 04053945 bus:SmallEntities 2020-03-01 2021-02-28 04053945 bus:AuditExemptWithAccountantsReport 2020-03-01 2021-02-28 04053945 bus:AbridgedAccounts 2020-03-01 2021-02-28 04053945 bus:SmallCompaniesRegimeForAccounts 2020-03-01 2021-02-28 04053945 bus:PrivateLimitedCompanyLtd 2020-03-01 2021-02-28

COMPANY REGISTRATION NUMBER: 04053945

Sceneset Limited

Filleted Unaudited Abridged Financial Statements

28 February 2021

Sceneset Limited

Abridged Financial Statements

Year ended 28th February 2021

Contents	Page

Officers and professional advisers	1

Accountants report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Sceneset Limited

Officers and Professional Advisers

Director	Mr P. Chamberlain

Company Secretary	Mr P. Chamberlain

Registered Office	Unit 11, Kelvin Way Trading Estate
	Kelvin Way
	West Bromwich
	West Midlands
	B70 7TN

Accountants	WH Audit Limited
	Accountants
	The White House
	Station Road
	West Hagley
	Stourbridge
	West Midlands
	DY9 0NU

Bankers	National Westminster Bank Plc
	309 High Street
	West Bromwich
	West Midlands
	B70 8LX

Sceneset Limited

Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Sceneset Limited

Year ended 28th February 2021

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 28th February 2021, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

WH Audit Limited Accountants

The White House Station Road West Hagley Stourbridge West Midlands DY9 0NU

7 May 2021

Sceneset Limited

Abridged Statement of Financial Position

28 February 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		26,929	36,100

Current assets

Stocks		1,000	1,000
Debtors	7	75,927	91,526
Cash at bank and in hand		105,441	72,205
		---------	---------
		182,368	164,731

Creditors: amounts falling due within one year	8	64,280		150,967
		---------		---------
Net current assets			118,088	13,764
			---------	--------
Total assets less current liabilities			145,017	49,864

Creditors: amounts falling due after more than one year	9	191,244	37,562
		---------	--------
Net (liabilities)/assets		( 46,227)	12,302
		---------	--------

Sceneset Limited

Abridged Statement of Financial Position (continued)

28 February 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	110	110
Profit and loss account	( 46,337)	12,192
	--------	--------
Shareholders (deficit)/funds	( 46,227)	12,302
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 28th February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28th February 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 7 May 2021 , and are signed on behalf of the board by:

Mr P. Chamberlain
Director

Company registration number: 04053945

Sceneset Limited

Notes to the Abridged Financial Statements

Year ended 28th February 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11, Kelvin Way Trading Estate, Kelvin Way, West Bromwich, West Midlands, B70 7TN.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	10% straight line
Equipment	-	25% reducing balance
Fixtures and Computer Equipment	-	33% straight line
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2020: 9 ).

5. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2021	2020
	£	£
Equity dividends paid on ordinary A shares	–	50,000
	----	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st March 2020 and 28th February 2021	2,468	48,071	43,220	46,645	140,404
	-------	--------	--------	--------	---------
Depreciation
At 1st March 2020	2,073	36,405	42,563	23,263	104,304
Charge for the year	79	2,917	329	5,846	9,171
	-------	--------	--------	--------	---------
At 28th February 2021	2,152	39,322	42,892	29,109	113,475
	-------	--------	--------	--------	---------
Carrying amount
At 28th February 2021	316	8,749	328	17,536	26,929
	-------	--------	--------	--------	---------
At 29th February 2020	395	11,666	657	23,382	36,100
	-------	--------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 28th February 2021	2,287	15,342	17,629
	-------	--------	--------
At 29th February 2020	3,049	20,456	23,505
	-------	--------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	17,156	79,550
Corporation tax repayable	6,616	–
Other debtors	52,155	11,976
	--------	--------
	75,927	91,526
	--------	--------

Other debtors includes £7,402 in connection with the rent deposit, and a rent deposit deed was registered at Companies House on 16th August 2012.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	12,375
Trade creditors	4,354	63,039
Accruals and deferred income	3,000	3,000
Corporation tax	–	5,299
Social security and other taxes	36,527	44,405
Obligations under finance leases and hire purchase contracts	8,549	8,549
Director loan accounts	–	2,450
Other creditors	11,850	11,850
	--------	---------
	64,280	150,967
	--------	---------

The National Westminster Bank plc borrowing is secured by a mortgage debenture dated 12th April 2001 giving a fixed and floating charge over the company's assets.

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	186,000	26,966
Obligations under finance leases and hire purchase contracts	5,244	10,596
	---------	--------
	191,244	37,562
	---------	--------

The National Westminster Bank plc borrowing is secured by a mortgage debenture dated 12th April 2001 giving a fixed and floating charge over the company's assets.

10. Director's advances, credits and guarantees

The director's loan account was £40,447 overdrawn (£2,450 in credit - 2020) at the year end.