Scotarms Limited 31/10/2021 iXBRL

Scotarms Limited 31/10/2021 iXBRL

SCOTARMS LIMITED - Company Information

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Company registration number: 04098491
Scotarms Limited
Unaudited filleted financial statements
31 October 2021
Scotarms Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Scotarms Limited
Directors and other information
Directors M R Scott
P Higham
Secretary P Higham
Company number 04098491
Registered office The White House
Primrose Hill
Besthorpe
Newark
NG23 7HR
Accountant David Wells
33 Purnells Way
Knowle
Solihull
West Midlands
B93 9JN
Scotarms Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Scotarms Limited
Year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Scotarms Limited for the year ended 31 October 2021 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Scotarms Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Scotarms Limited and state those matters that we have agreed to state to the board of directors of Scotarms Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Scotarms Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Scotarms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Scotarms Limited. You consider that Scotarms Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Scotarms Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
David Wells
Chartered Accountant
33 Purnells Way
Knowle
Solihull
West Midlands
B93 9JN
24 May 2022
Scotarms Limited
Statement of financial position
31 October 2021
2021 2020
Note £ £ £ £
Current assets
Debtors 5 29,559 36,560
Cash at bank and in hand 73 116,960
_______ _______
29,632 153,520
Creditors: amounts falling due
within one year 6 ( 43,892) ( 138,425)
_______ _______
Net current (liabilities)/assets ( 14,260) 15,095
_______ _______
Total assets less current liabilities ( 14,260) 15,095
Creditors: amounts falling due
after more than one year 7 ( 12,876) ( 14,667)
_______ _______
Net (liabilities)/assets ( 27,136) 428
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 27,236) 328
_______ _______
Shareholders (deficit)/funds ( 27,136) 428
_______ _______
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 May 2022 , and are signed on behalf of the board by:
M R Scott
Director
Company registration number: 04098491
Scotarms Limited
Notes to the financial statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The White House, Primrose Hill, Besthorpe, Newark, NG23 7HR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the going concern basis in the belief that the directors will continue to make funds available to finance the day to day operations of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, 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.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.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. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Debtors
2021 2020
£ £
Trade debtors 1,305 13,895
Other debtors 28,254 22,665
_______ _______
29,559 36,560
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 17,296 1,333
Trade creditors 8,109 115,242
Corporation tax - 6,200
Social security and other taxes 1,433 12,313
Other creditors 17,054 3,337
_______ _______
43,892 138,425
_______ _______
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 12,876 14,667
_______ _______
8. Related party transactions
During the year salaries of £1,200 (2020 £1,200) were re-charged to Besthorpe Cattle Company Limited, a company in which M R Scott is the majority shareholder. Also during the year rent of £1,800 (2020 £1,800) was charged from Besthorpe Cattle Company Limited. At the year-end the balance owed in other debtors was £21,800 (2020 £22,400).In other creditors is a balance of £14,554 (2020 £712) due to the director. This is interest free with no set terms for repayment.
9. Controlling party
The company is controlled by M R Scott who is the majority shareholder and a director of the company.