Damian Scott Limited
|
Notes to the Accounts |
for the year ended 30 November 2018
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods . Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Equipment |
20% reducing balance |
|
|
Investments |
|
Listed investments are measured at fair value. Changes in fair value are included in the profit and loss account.
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price).
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price).
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
|
|
|
2 |
Employees |
2018 |
|
2017 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Equipment |
£ |
|
Cost |
|
At 1 December 2017 |
27,368 |
|
Additions |
957 |
|
At 30 November 2018 |
28,325 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2017 |
21,442 |
|
Charge for the year |
1,377 |
|
At 30 November 2018 |
22,819 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2018 |
5,506 |
|
At 30 November 2017 |
5,926 |
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 December 2017 |
101,088 |
|
Disposals |
(20,290) |
|
|
At 30 November 2018 |
80,798 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 December 2017 |
101,088 |
|
At 30 November 2018 |
80,798 |
|
|
|
|
|
|
|
|
|
|
|
5 |
Debtors |
2018 |
|
2017 |
£ |
£ |
|
|
Trade debtors |
4,992 |
|
2,518 |
|
Other debtors |
114,784 |
|
104,778 |
|
|
|
|
|
|
119,776 |
|
107,296 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
114,000 |
|
104,000 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
£ |
£ |
|
|
Bank loans and overdrafts |
70,102 |
|
78,686 |
|
Trade creditors |
1,325 |
|
4,689 |
|
Taxation and social security costs |
925 |
|
4,458 |
|
Other creditors |
7,514 |
|
11,134 |
|
|
|
|
|
|
79,866 |
|
98,967 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
Damian Scott is the director of the company and the amount due to him was £ Nil (2017-£5,624)
|
|
|
8 |
Controlling party |
|
|
The company is controlled by Damian Scott by virtue of his shareholding.
|
|
|
9 |
Other information |
|
|
Damian Scott Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
Glengar |
|
Penpoint |
|
Thornhill |
|
Dumfriesshire |
|
DG3 4NB |