A E SCOTT & CO LIMITED - Accounts

A E SCOTT & CO LIMITED - Accounts

A E SCOTT & CO LIMITED - Company Information

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Registered Number: 08424991
England and Wales

 

 

 

A E SCOTT & CO LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2019

End date: 31 March 2020

A E SCOTT & CO LIMITED
Contents Page
For the year ended 31 March 2020
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2020 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
A E Scott & Co
31 March 2020



....................................................
A E Scott & Co
89 High Street
Yarm
TS15 9BG
19 May 2020
1
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 2 6,410    8,291 
6,410    8,291 
Current assets      
Debtors: amounts falling due within one year 80,847    65,868 
Cash at bank and in hand 10,151    (3,490)
90,998    62,378 
Creditors: amount falling due within one year (56,232)   (41,897)
Net current assets 34,766    20,481 
 
Total assets less current liabilities 41,176    28,772 
Net assets 41,176    28,772 
 

Capital and reserves 		     
Called up share capital 3 10    10 
Profit and loss account 41,166    28,762 
Shareholders funds 41,176    28,772 
 


For the year ended 31 March 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 19 May 2020 and were signed by:


--------------------------------
Andrea Scott
Director
2
General Information
A E SCOTT & CO LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08424991, registration address 89 High Street, Yarm, , TS15 9BG.
1.

Accounting Policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position 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 20 Straight Line
Fixtures and Fittings 20 Straight Line
Computer Equipment 20 Straight Line
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.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Tangible fixed assets

Cost Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2019 2,028    8,419    9,538    19,985 
Additions -    -    -    - 
Disposals -    -    -    - 
At 31 March 2020 2,028    8,419    9,538    19,985 
Depreciation
At 01 April 2019 2,047    6,535    9,322    17,904 
Charge for year (19)   (1,488)   (2,822)   (4,329)
On disposals -    -    -    - 
At 31 March 2020 2,028    5,047    6,500    13,575 
Net book values
Closing balance as at 31 March 2020 -    3,372    3,038    6,410 
Opening balance as at 01 April 2019 20    4,409    3,862    8,291 


3.

Share Capital

Authorised
10 Class A shares of £1.00 each
Allotted
2020
£		   2019
£
10 Class A shares of £1.00 each 10    10 
10    10 

3