TA Millard (Scotland) Limited Small abridged accounts

TA Millard (Scotland) Limited Small abridged accounts

TA MILLARD (SCOTLAND) LTD. - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of TA Millard (Scotland) Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31st October 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: SC220557
TA Millard (Scotland) Limited
Filleted Unaudited Abridged Financial Statements
31 October 2018
TA Millard (Scotland) Limited
Abridged Financial Statements
Year Ended 31st October 2018
Contents
Page
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements
1
Abridged Statement of Financial Position
2
Notes to the Abridged Financial Statements
4
TA Millard (Scotland) Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of TA Millard (Scotland) Limited
Year Ended 31st October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of TA Millard (Scotland) Limited for the year ended 31st October 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of TA Millard (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 5th February 2014. Our work has been undertaken solely to prepare for your approval the abridged financial statements of TA Millard (Scotland) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TA Millard (Scotland) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that TA Millard (Scotland) Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TA Millard (Scotland) Limited. You consider that TA Millard (Scotland) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of TA Millard (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
DC CONSULTING (WWW.DCCONSULT.CO.UK) Chartered accountant
23 July 2019
TA Millard (Scotland) Limited
Abridged Statement of Financial Position
31 October 2018
2018
2017
Note
£
£
£
Fixed Assets
Tangible assets
6
43,663
36,783
Current Assets
Stocks
159,221
164,839
Debtors
600,299
446,461
Cash at bank and in hand
85,828
200
---------
---------
845,348
611,500
Creditors: amounts falling due within one year
216,496
226,417
---------
---------
Net Current Assets
628,852
385,083
---------
---------
Total Assets Less Current Liabilities
672,515
421,866
Creditors: amounts falling due after more than one year
83,333
6,250
---------
---------
Net Assets
589,182
415,616
---------
---------
Capital and Reserves
Called up share capital
95,579
95,579
Share premium account
20,901
20,901
Profit and loss account
472,702
299,136
---------
---------
Shareholders Funds
589,182
415,616
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 31st October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
TA Millard (Scotland) Limited
Abridged Statement of Financial Position (continued)
31 October 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 23 July 2019 , and are signed on behalf of the board by:
Mr K Pirie
Director
Company registration number: SC220557
TA Millard (Scotland) Limited
Notes to the Abridged Financial Statements
Year Ended 31st October 2018
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Seabraes 18 Greenmarket, Dundee, DD1 4QB, Scotland.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants Improvements
-
25% straight line
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 25 (2017: 25 ).
5. Intangible Assets
£
Cost
At 1st November 2017 and 31st October 2018
18,000
--------
Amortisation
At 1st November 2017 and 31st October 2018
18,000
--------
Carrying amount
At 31st October 2018
–
--------
At 31st October 2017
–
--------
6. Tangible Assets
£
Cost
At 1st November 2017
332,333
Additions
38,777
---------
At 31st October 2018
371,110
---------
Depreciation
At 1st November 2017
295,550
Charge for the year
31,897
---------
At 31st October 2018
327,447
---------
Carrying amount
At 31st October 2018
43,663
---------
At 31st October 2017
36,783
---------
7. Related Party Transactions
As at 31st October 2018, the company was under the control of Seabraes Ltd. Mr Kenneth Pirie is the managing director of both TA Millard (Scotland) Limited and Seabraes Ltd. At the year end, TA Millard (Scotland) Limited was due to receive an amount of £252,803 (2017 - £123,978) from Seabraes Ltd, of which K Pirie and M Pirrie are directors, in relation to amounts advanced during the year. There is no interest accruing on this balance and no payment terms have been set. During the period, TA Millard (Scotland) Limited , paid management charges of £66,110 (2017 - £85,788) to Seabraes Ltd.
8. Ultimate Parent Company
The ultimate parent undertaking is Seabraes Limited, a company incorporated in Scotland.