Scott & Foggon Ltd. - Accounts to registrar (filleted) - small 18.2
Scott & Foggon Ltd. - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Scott & Foggon Ltd. |
| Financial Statements |
| for the Year Ended 31st March 2021 |
| Scott & Foggon Ltd. (Registered number: SC228782) |
| Contents of the Financial Statements |
| for the year ended 31st March 2021 |
| Page |
| Company information | 1 |
| Balance sheet | 2 | to | 3 |
| Notes to the financial statements | 4 | to | 6 |
| Scott & Foggon Ltd. |
| Company Information |
| for the year ended 31st March 2021 |
| Directors: |
| Secretary: |
| Registered office: |
| Business address: |
| Registered number: |
| Accountants: |
| Academy House |
| Shedden Park Road |
| Kelso |
| Roxburghshire |
| TD5 7AL |
| Scott & Foggon Ltd. (Registered number: SC228782) |
| Balance Sheet |
| 31st March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Retained earnings |
| Shareholders' funds |
| Scott & Foggon Ltd. (Registered number: SC228782) |
| Balance Sheet - continued |
| 31st March 2021 |
| 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. |
| 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 |
| Scott & Foggon Ltd. (Registered number: SC228782) |
| Notes to the Financial Statements |
| for the year ended 31st March 2021 |
| 1. | Statutory information |
| Scott & Foggon Ltd. is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received and receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of value added tax. |
| Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
| Freehold property - Straight line over twenty five years |
| Plant and equipment - 15% Straight line |
| Fixtures and fittings - 15% Straight line |
| Motor vehicles - 25% Straight line |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion. |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - bank overdraft, trade debtors, trade creditors and accruals. |
| Bank overdraft, trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, and impairment loss is recognised in the Statement of Income and Retained Earnings. |
| 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. |
| Scott & Foggon Ltd. (Registered number: SC228782) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2021 |
| 2. | Accounting policies - continued |
| 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. |
| 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. |
| Long term contracts |
| Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account. |
| Provisions |
| Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material provisions are calculated on a discounted basis. |
| Employee Benefits |
| Short-term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
| Going concern |
| The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| Scott & Foggon Ltd. (Registered number: SC228782) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2021 |
| 4. | Tangible fixed assets |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | equipment | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1st April 2020 |
| Additions |
| At 31st March 2021 |
| Depreciation |
| At 1st April 2020 |
| Charge for year |
| At 31st March 2021 |
| Net book value |
| At 31st March 2021 |
| At 31st March 2020 |
| 5. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | Post balance sheet events |
| On 27th July 2021 an interim dividend of £5.00 per share was declared in respect of the year ended 31st March 2021. |