Company Registration No. 07983097 (England and Wales)
SCALLYWAGS (MEDWAY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
SCALLYWAGS (MEDWAY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SCALLYWAGS (MEDWAY) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
817,291
824,945
Current assets
Debtors
4
37,446
18,982
Cash at bank and in hand
15,496
7,269
52,942
26,251
Creditors: amounts falling due within one year
5
(119,129)
(150,592)
Net current liabilities
(66,187)
(124,341)
Total assets less current liabilities
751,104
700,604
Creditors: amounts falling due after more than one year
6
(333,014)
(382,958)
Provisions for liabilities
(52,790)
(53,540)
Net assets
365,300
264,106
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
365,298
264,104
Total equity
365,300
264,106
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SCALLYWAGS (MEDWAY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2020
29 February 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 February 2021 and are signed on its behalf by:
Mrs A E King
Mrs J L Watson
Director
Director
Company Registration No. 07983097
SCALLYWAGS (MEDWAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 3 -
1
Accounting policies
Company information
Scallywags (Medway) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Bogarde Drive, Wainscott, Rochester, Kent, ME3 8GR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised in the period to which the service relates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
1% straight line on buildings
Fixtures, fittings & equipment
5% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SCALLYWAGS (MEDWAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
43
49
SCALLYWAGS (MEDWAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2019
553,470
354,141
907,611
Additions
-
10,457
10,457
At 29 February 2020
553,470
364,598
918,068
Depreciation and impairment
At 1 March 2019
10,318
72,348
82,666
Depreciation charged in the year
3,785
14,326
18,111
At 29 February 2020
14,103
86,674
100,777
Carrying amount
At 29 February 2020
539,367
277,924
817,291
At 28 February 2019
543,152
281,793
824,945
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
6,281
12,202
Other debtors
31,165
6,780
37,446
18,982
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
40,802
50,500
Trade creditors
14,818
10,158
Taxation and social security
43,582
31,254
Other creditors
19,927
58,680
119,129
150,592
SCALLYWAGS (MEDWAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 6 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
333,014
382,958
The long term bank loan is secured by a charge over the freehold property of the company.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
173,333
213,333