Barrie Scott Limited 31/03/2020 iXBRL

Barrie Scott Limited 31/03/2020 iXBRL

BARRIE SCOTT LIMITED - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC424746 2019-04-01 2020-03-31 SC424746 2020-03-31 SC424746 2019-03-31 SC424746 2018-04-01 2019-03-31 SC424746 2019-03-31 SC424746 core:NetGoodwill 2019-04-01 2020-03-31 SC424746 bus:RegisteredOffice 2019-04-01 2020-03-31 SC424746 bus:Director1 2019-04-01 2020-03-31 SC424746 bus:Director2 2019-04-01 2020-03-31 SC424746 bus:Director3 2019-04-01 2020-03-31 SC424746 bus:Director4 2019-04-01 2020-03-31 SC424746 bus:Director5 2019-04-01 2020-03-31 SC424746 bus:Director6 2019-04-01 2020-03-31 SC424746 bus:CompanySecretary1 2019-04-01 2020-03-31 SC424746 core:NetGoodwill 2019-03-31 SC424746 core:NetGoodwill 2020-03-31 SC424746 core:PlantMachinery 2019-03-31 SC424746 core:FurnitureFittingsToolsEquipment 2019-03-31 SC424746 core:PlantMachinery 2020-03-31 SC424746 core:FurnitureFittingsToolsEquipment 2020-03-31 SC424746 core:WithinOneYear 2020-03-31 SC424746 core:WithinOneYear 2019-03-31 SC424746 core:AfterOneYear 2020-03-31 SC424746 core:AfterOneYear 2019-03-31 SC424746 core:ShareCapital 2020-03-31 SC424746 core:ShareCapital 2019-03-31 SC424746 core:CapitalRedemptionReserve 2020-03-31 SC424746 core:CapitalRedemptionReserve 2019-03-31 SC424746 core:RetainedEarningsAccumulatedLosses 2020-03-31 SC424746 core:RetainedEarningsAccumulatedLosses 2019-03-31 SC424746 core:BetweenOneFiveYears 2020-03-31 SC424746 core:BetweenOneFiveYears 2019-03-31 SC424746 core:MoreThanFiveYears 2019-03-31 SC424746 core:PlantMachinery 2019-04-01 2020-03-31 SC424746 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 SC424746 core:NetGoodwill 2019-03-31 SC424746 core:PlantMachinery 2019-03-31 SC424746 core:FurnitureFittingsToolsEquipment 2019-03-31 SC424746 bus:SmallEntities 2019-04-01 2020-03-31 SC424746 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 SC424746 bus:FullAccounts 2019-04-01 2020-03-31 SC424746 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 SC424746 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31
Company registration number: SC424746
Barrie Scott Limited
Trading as Barrie Scott & Co
Unaudited filleted financial statements
31 March 2020
Barrie Scott Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Barrie Scott Limited
Directors and other information
Directors Diane E Jack
Jillian M McEwan
George R Thomson
James A R Brown
Craig Allison
Fiona Deans
Secretary Jillian M McEwan
Company number SC424746
Registered office 16-18 Weir Street
Falkirk
FK1 1RA
Business address 16-18 Weir Street
Falkirk
FK1 1RA
Barrie Scott Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 500,000 600,000
Tangible assets 6 40,907 20,353
_______ _______
540,907 620,353
Current assets
Debtors 7 263,393 296,822
Cash at bank and in hand 169,587 155,153
_______ _______
432,980 451,975
Creditors: amounts falling due
within one year 8 ( 342,121) ( 387,768)
_______ _______
Net current assets 90,859 64,207
_______ _______
Total assets less current liabilities 631,766 684,560
Creditors: amounts falling due
after more than one year 9 ( 425,001) ( 500,000)
Provisions for liabilities ( 7,772) ( 3,867)
_______ _______
Net assets 198,993 180,693
_______ _______
Capital and reserves
Called up share capital 22,053 22,053
Capital redemption reserve 12,901 12,901
Profit and loss account 164,039 145,739
_______ _______
Shareholders funds 198,993 180,693
_______ _______
For the year ending 31 March 2020 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 09 October 2020 , and are signed on behalf of the board by:
Diane E Jack
Director
Company registration number: SC424746
Barrie Scott Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 16-18 Weir Street, Falkirk, FK1 1RA.
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'.
3. Accounting policies
Basis of preparation
These financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts are prepared on a Going Concern basis. The directors have reviewed the situation regarding the Coronavirus pandemic and they have a reasonable expectation that the company has adequate resources to continue for the foreseeable future.
Revenue recognition
Revenue represents the total invoice value, excluding value added tax, of accounting and taxation services provided during the year, with an adjustment for the recoverable value of incomplete work at the end of the year, together with commission earned.Revenue for completed work is recognised on completion.Revenue for on-going services is recognised by reference to the stage of completion, discounted for non recoverable amounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Straight line over 12 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 3 - 5 years Straight line
Fittings fixtures and equipment - 15% Reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2019: 19 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2019 and 31 March 2020 1,200,000 1,200,000
_______ _______
Amortisation
At 1 April 2019 600,000 600,000
Charge for the year 100,000 100,000
_______ _______
At 31 March 2020 700,000 700,000
_______ _______
Carrying amount
At 31 March 2020 500,000 500,000
_______ _______
At 31 March 2019 600,000 600,000
_______ _______
6. Tangible assets
Computer equipment Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2019 48,088 17,655 65,743
Additions 27,082 - 27,082
_______ _______ _______
At 31 March 2020 75,170 17,655 92,825
_______ _______ _______
Depreciation
At 1 April 2019 38,992 6,397 45,389
Charge for the year 4,250 2,279 6,529
_______ _______ _______
At 31 March 2020 43,242 8,676 51,918
_______ _______ _______
Carrying amount
At 31 March 2020 31,928 8,979 40,907
_______ _______ _______
At 31 March 2019 9,096 11,258 20,354
_______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 116,339 154,126
Other debtors 147,054 142,696
_______ _______
263,393 296,822
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Loans and overdrafts 208,333 225,000
Trade creditors 7,642 15,295
Corporation tax 51,834 45,445
Social security and other taxes 71,629 78,137
Other creditors 2,683 23,891
_______ _______
342,121 387,768
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 425,001 500,000
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2019 £ 100,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan is interest free and £100,000 is repayable annually.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 41,758 41,758
Later than 1 year and not later than 5 years 134,676 151,354
Later than 5 years - 25,080
_______ _______
176,434 218,192
_______ _______