REGISTERED NUMBER:
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SCOTT AND SCOTT (AYSTON) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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REGISTERED NUMBER:
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SCOTT AND SCOTT (AYSTON) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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SCOTT AND SCOTT (AYSTON) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 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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26 Park Road |
Melton Mowbray |
Leicestershire |
LE13 1TT |
SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve |
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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 AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 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 AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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1. | STATUTORY INFORMATION |
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Scott and Scott (Ayston) 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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Revenue |
Revenue 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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Intangible assets |
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends. |
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Property, plant and equipment |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Inventories |
The farm valuation has been prepared by independent professional valuers at the lower of cost and fair value less costs to complete and sell. |
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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 statement of financial position date. |
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 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 statement of financial position 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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Listed investments are stated at their market value at the statement of financial position date. Unrealised gains arising from the increase in the value of the investments are charged to profit or loss in the period to which they relate. |
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The Basic Payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance. |
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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. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 November 2019 |
and 31 October 2020 |
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AMORTISATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 November 2019 |
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Additions |
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Disposals |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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Prepayments |
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7. | CURRENT ASSET INVESTMENTS |
2020 | 2019 |
£ | £ |
Investments |
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Current asset investments are revalued at market value at the year end. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Corporation tax |
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Directors' current accounts |
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Accrued expenses |
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Deferred government grants |
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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'A' Ordinary | £1 | 148,825 | 148,825 |
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'B' Ordinary | £1 | 148,825 | 148,825 |
297,650 | 297,650 |
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The 'B' Ordinary shares do not entitle the holders to participate in profits. The shares rank equally in all other respects. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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Loans to directors are interest free and repayable on demand. |