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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Scott - Law Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Scott - Law Limited |
Scott - Law Limited (Registered number: 03230122) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Scott - Law Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
Scott - Law Limited (Registered number: 03230122) |
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Balance Sheet |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Scott - Law Limited (Registered number: 03230122) |
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Balance Sheet - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Scott - Law Limited (Registered number: 03230122) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Scott - Law Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Plant and machinery etc | - |
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Government grants |
Government grants are included within other operating income and are recognised where there is entitlement, when receipt is considered probable and the amount can be measured with sufficient reliability. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Scott - Law Limited (Registered number: 03230122) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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The company also contributes to the director's personal pension plans. |
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Rental income |
Rental income is recognised on a straight-line basis over the term of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Leasehold | machinery |
improvements | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
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Disposals |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Scott - Law Limited (Registered number: 03230122) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | - | 452 |
Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 12 | - |
Deferred income |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loan | 46,452 | - |
Hire purchase contracts (see note 8) |
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Included within bank loans is a loan facility under the BBLS provisions taken out a result of the Covid-19 pandemic. This loan, which includes a 12 month interest and capital repayment holiday, carries interest at a fixed rate of 2.5% and is repayable in 60 monthly instalments from June 2021. The loan is repayable by May 2026 but the directors intend to fully repay this loan by May 2021. |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Scott - Law Limited (Registered number: 03230122) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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8. | LEASING AGREEMENTS - continued |
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Non-cancellable operating | leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year the director's paid £464 into the company (2019: £455 was advanced by the company) and at the balance sheet date the directors were owed £12 by the company (2019: £452 was owed to the company). |
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10. | DONATIONS |
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The donations expense shown in the accounts is £140 (2019: £2,687). |
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During the year credits for recycled toners to the value of £100 (2019: £542) were received and used for donations. |