Scan Com Distribution Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03430476 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Scan Com Distribution Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C B Kotecha

K B Kotecha

REGISTERED OFFICE:

18a Meridian East

Meridian Business Park

Leicester

LE19 1WZ

REGISTERED NUMBER:

03430476 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

176,234

62,280

CURRENT ASSETS

Stocks

226,167

14,237

Debtors

5

1,066,646

840,790

Cash at bank and in hand

10,053,042

1,615,123

11,345,855

2,470,150

CREDITORS

Amounts falling due within one year

6

(9,935,249

)

(997,904

)

NET CURRENT ASSETS

1,410,606

1,472,246

TOTAL ASSETS LESS CURRENT LIABILITIES

1,586,840

1,534,526

CREDITORS

Amounts falling due after more than one year

7

(78,201

)

(80,882

)

PROVISIONS FOR LIABILITIES

(44,058

)

(11,833

)

NET ASSETS

1,464,581

1,441,811

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

1,414,581

1,391,811

1,464,581

1,441,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:

C B Kotecha - Director

1.	STATUTORY INFORMATION

Scan Com Distribution 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.

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.

Improvements to property

-

20% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33 1/3% on cost

Stocks

Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Government grants

Government grants received in relation to expenditure are credited when the expenditure is incurred to the profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

5,736

2,021

291,002

Additions

-

278

21,354

At 31 December 2022

5,736

2,299

312,356

DEPRECIATION

At 1 January 2022

5,311

284

282,052

Charge for year

175

352

4,537

At 31 December 2022

5,486

636

286,589

NET BOOK VALUE

At 31 December 2022

250

1,663

25,767

At 31 December 2021

425

1,737

8,950

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

75,359

14,994

389,112

Additions

105,529

18,300

145,461

At 31 December 2022

180,888

33,294

534,573

DEPRECIATION

At 1 January 2022

33,630

5,555

326,832

Charge for year

18,986

7,457

31,507

At 31 December 2022

52,616

13,012

358,339

NET BOOK VALUE

At 31 December 2022

128,272

20,282

176,234

At 31 December 2021

41,729

9,439

62,280

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

82,060

61,828

Other debtors

984,586

778,962

1,066,646

840,790

Other debtors includes prepayments and accrued income of £38,741 (2021 - £25,997).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

-

39,173

Hire purchase contracts

48,400

8,548

Trade creditors

650,692

137,462

Taxation and social security

1,002,294

75,125

Other creditors

8,233,863

737,596

9,935,249

997,904

Other creditors includes accruals and deferred income of £7,580,395 (2021 - £320,175).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

-

40,833

Hire purchase contracts

78,201

40,049

78,201

80,882

31.12.22

31.12.21

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

833

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank overdraft

-

30,006

Hire purchase contracts

126,601

48,597

126,601

78,603

Hire purchase liabilities are secured on the individual assets being so acquired.

9.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £142,270 (2021 - £193,992)

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

C B Kotecha

Balance outstanding at start of year

9,855

-

Amounts advanced

19,068

95,220

Amounts repaid

(28,923

)

(85,365

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

9,855

K B Kotecha

Balance outstanding at start of year

9,855

-

Amounts advanced

3,936

52,427

Amounts repaid

(13,791

)

(42,572

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

9,855

The loan has interest charged at the HMRC official rate of interest and is repayable on demand.