General Information
Scott Construction (Somerset) Limited is a private company, limited by shares, registered in England and Wales, registration number 09412640, registration address Unit 6 Combe Buildings, Whatley, Frome, Somerset, BA11 3JU.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
15% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Computer Equipment |
25% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 8 (2022 : 9).
|
| 3. |
Intangible fixed assets
| Cost |
Other |
|
Total |
| |
£ |
|
£ |
| At 01 April 2022 |
50,000 |
|
50,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2023 |
50,000 |
|
50,000 |
| Amortisation |
| At 01 April 2022 |
10,000 |
|
10,000 |
| Charge for year |
10,000 |
|
10,000 |
| On disposals |
- |
|
- |
| At 31 March 2023 |
20,000 |
|
20,000 |
| Net book values |
| At 31 March 2023 |
30,000 |
|
30,000 |
| At 31 March 2022 |
40,000 |
|
40,000 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2022 |
120,017 |
|
34,650 |
|
4,295 |
|
158,962 |
| Additions |
32,499 |
|
41,800 |
|
- |
|
74,299 |
| Disposals |
(79,429) |
|
(22,000) |
|
- |
|
(101,429) |
| At 31 March 2023 |
73,087 |
|
54,450 |
|
4,295 |
|
131,832 |
| Depreciation |
| At 01 April 2022 |
70,521 |
|
23,329 |
|
3,076 |
|
96,926 |
| Charge for year |
7,522 |
|
11,540 |
|
305 |
|
19,367 |
| On disposals |
(47,562) |
|
(15,039) |
|
- |
|
(62,601) |
| At 31 March 2023 |
30,481 |
|
19,830 |
|
3,381 |
|
53,692 |
| Net book values |
| Closing balance as at 31 March 2023 |
42,606 |
|
34,620 |
|
914 |
|
78,140 |
| Opening balance as at 01 April 2022 |
49,496 |
|
11,321 |
|
1,219 |
|
62,036 |
|
| 5. |
Stocks
|
2023
£ |
|
2022
£ |
| Work in Progress |
11,900 |
|
6,900 |
|
11,900 |
|
6,900 |
|
| 6. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Debtors |
26,067 |
|
106,382 |
|
26,067 |
|
106,382 |
|
| 7. |
Creditors: amount falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Creditors |
35,179 |
|
59,141 |
| Bank Loans & Overdrafts |
0 |
|
29,935 |
| Corporation Tax |
19,239 |
|
19,094 |
| PAYE & Social Security |
4,051 |
|
2,322 |
| Accrued Expenses |
40,346 |
|
53,565 |
| Director: Mr J Y Scott |
2,000 |
|
14,525 |
| Director: Mr S J Lawson |
10,300 |
|
5,616 |
| Director: Mr R G Welch |
7,700 |
|
3,700 |
| VAT |
21,089 |
|
13,314 |
|
139,904 |
|
201,212 |
|
| 8. |
Provisions for liabilities
|
2023
£ |
|
2022
£ |
| Deferred Tax |
14,847 |
|
11,787 |
|
14,847 |
|
11,787 |
|
| 9. |
Share Capital
Allotted, called up and fully paid
|
2023
£ |
|
2022
£ |
|
320
Class A shares of £1.00 each |
320 |
|
480 |
|
240
Class B shares of £1.00 each |
240 |
|
240 |
|
240
Class C shares of £1.00 each |
240 |
|
240 |
|
40
Class D shares of £1.00 each |
40 |
|
40 |
|
840 |
|
1,000 |
|
| 10. |
Capital Redemption Reserve
|
2023
£ |
|
2022
£ |
| Purchase of Own Shares (Nominal Value) |
160 |
|
0 |
|
160 |
|
0 |
|
| 11. |
Operating lease commitments
At the reporting end date the company, as Lessee, had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £6,201 (2022 - £11,327).
|
2
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