Company registration number 07983097 (England and Wales)
SCALLYWAGS (MEDWAY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
802,295
811,927
Current assets
Debtors
4
172,269
117,154
Cash at bank and in hand
180,199
202,430
352,468
319,584
Creditors: amounts falling due within one year
5
(216,860)
(244,464)
Net current assets
135,608
75,120
Total assets less current liabilities
937,903
887,047
Creditors: amounts falling due after more than one year
6
(385,359)
(423,334)
Provisions for liabilities
(68,570)
(52,790)
Net assets
483,974
410,923
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
483,972
410,921
Total equity
483,974
410,923
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 31 August 2022 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.
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.
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
31 AUGUST 2022
31 August 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 May 2023 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 31 AUGUST 2022
- 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
Reporting period
The comparatives represent an 18 month period, and therefore the comparatives are not entirely comparable. The previous reporting period was extended to align the company's reporting date with the operational year in the education sector in which it operates.
1.2
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
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.
1.4
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.
1.5
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.
1.6
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 31 AUGUST 2022
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
50
46
SCALLYWAGS (MEDWAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2021
553,470
386,301
939,771
Additions
10,357
10,357
At 31 August 2022
553,470
396,658
950,128
Depreciation and impairment
At 1 September 2021
19,779
108,065
127,844
Depreciation charged in the year
5,676
14,313
19,989
At 31 August 2022
25,455
122,378
147,833
Carrying amount
At 31 August 2022
528,015
274,280
802,295
At 31 August 2021
533,691
278,236
811,927
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
172,269
117,154
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
77,800
40,000
Trade creditors
26,428
21,968
Taxation and social security
63,732
122,823
Other creditors
48,900
59,673
216,860
244,464
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
385,359
423,334
The long term bank loan is secured by a charge over the freehold property of the company.
SCALLYWAGS (MEDWAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
94,162
113,333
7
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors Loan Account
2.00
83,139
19,640
1,859
104,638
83,139
19,640
1,859
104,638