Scott - Law Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03230122 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

Scott - Law Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T N Scott

Mrs C J G Scott

Mr M A Burrough

SECRETARY:

Mrs C J G Scott

REGISTERED OFFICE:

Scott-Law House

Lynch Road

BERKELEY

Gloucestershire

GL13 9TA

REGISTERED NUMBER:

03230122 (England and Wales)

ACCOUNTANTS:

A C Mole & Sons

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Tangible assets

4

83,245

136,314

CURRENT ASSETS

Stocks

71,232

55,101

Debtors

5

697,555

1,079,293

Cash at bank and in hand

901,271

312,960

1,670,058

1,447,354

CREDITORS

Amounts falling due within one year

6

618,693

569,526

NET CURRENT ASSETS

1,051,365

877,828

TOTAL ASSETS LESS CURRENT LIABILITIES

1,134,610

1,014,142

CREDITORS

Amounts falling due after more than one year

7

(56,386

)

(15,117

)

PROVISIONS FOR LIABILITIES

(6,498

)

(12,243

)

NET ASSETS

1,071,726

986,782

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

1,021,726

936,782

SHAREHOLDERS' FUNDS

1,071,726

986,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 16 April 2021 and were signed on its behalf by:

Mr T N Scott - Director

1.	STATUTORY INFORMATION

Scott - Law 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

Straight line over 10 years

Plant and machinery etc

-

33% on cost, 25% on reducing balance, between 10% and 25% on cost and 10% on reducing balance

Government grants

Government grants are included within other operating income and are recognised where there is entitlement, when receipt is considered probable and the amount can be measured with sufficient reliability.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

The company also contributes to the director's personal pension plans.

Rental income

Rental income is recognised on a straight-line basis over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2019 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Leasehold

machinery

improvements

etc

Totals

£

£

£

COST

At 1 October 2019

62,610

401,601

464,211

Disposals

-

(94,794

)

(94,794

)

At 30 September 2020

62,610

306,807

369,417

DEPRECIATION

At 1 October 2019

50,088

277,809

327,897

Charge for year

6,261

46,808

53,069

Eliminated on disposal

-

(94,794

)

(94,794

)

At 30 September 2020

56,349

229,823

286,172

NET BOOK VALUE

At 30 September 2020

6,261

76,984

83,245

At 30 September 2019

12,522

123,792

136,314

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

366,796

490,227

Other debtors

295,432

552,738

Directors' current accounts

-

452

Prepayments and accrued income

35,327

35,876

697,555

1,079,293

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,548

-

Hire purchase contracts (see note 8)

5,183

5,183

Trade creditors

353,501

361,949

Corporation tax

27,008

35,398

Social security and other taxes

128,533

75,603

Other creditors

25,921

12,279

Directors' current accounts

12

-

Deferred income

4,275

4,275

Accrued expenses

70,712

74,839

618,693

569,526

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loan

46,452

-

Hire purchase contracts (see note 8)

9,934

15,117

56,386

15,117

Included within bank loans is a loan facility under the BBLS provisions taken out a result of the Covid-19 pandemic. This loan, which includes a 12 month interest and capital repayment holiday, carries interest at a fixed rate of 2.5% and is repayable in 60 monthly instalments from June 2021. The loan is repayable by May 2026 but the directors intend to fully repay this loan by May 2021.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

5,183

5,183

Between one and five years

9,934

15,117

15,117

20,300

Non-cancellable operating

leases

2020

2019

£

£

Within one year

69,520

69,520

Between one and five years

233,200

263,120

In more than five years

-

39,600

302,720

372,240

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director's paid £464 into the company (2019: £455 was advanced by the company) and at the balance sheet date the directors were owed £12 by the company (2019: £452 was owed to the company).

10.

DONATIONS

The donations expense shown in the accounts is £140 (2019: £2,687).

During the year credits for recycled toners to the value of £100 (2019: £542) were received and used for donations.