Tayforth Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC510435 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2018

for

TAYFORTH PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

C R D van der Kuyl

P Burns

Secretary:

Blackadders LLP

Registered office:

Blackadders

30 & 34 Reform Street

Dundee

DD1 1RJ

Registered number:

SC510435 (Scotland)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Tangible assets

5

4,424

6,196

Investment property

6

189,567

189,567

193,991

195,763

Current assets

Stocks

1,501,218

-

Debtors

7

173,067

168,375

Cash at bank and in hand

127,329

1,780,546

1,801,614

1,948,921

Creditors

Amounts falling due within one year

8

2,250,260

2,240,497

Net current liabilities

(448,646

)

(291,576

)

Total assets less current liabilities

(254,655

)

(95,813

)

Capital and reserves

Called up share capital

9

2

2

Retained earnings

(254,657

)

(95,815

)

Shareholders' funds

(254,655

)

(95,813

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 30 July 2019 and were signed on its behalf by:

C R D van der Kuyl - Director

P Burns - Director

1.	Statutory information

Tayforth Properties Ltd is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Going concern

The financial statements have been prepared under the historical cost convention.

The company made a loss during the period to 31 October 2018 and had net liabilities of £448,646 at that date.

The company is dependent, in the absence of other funding, on the continued support of its directors. They have

confirmed their commitment to provide continued support to the company.

On this basis the directors consider it appropriate to prepare the financial statement on the going concern basis.

The financial statements do not include any adjustments that might be necessary if the directors were not to

provide further support.

Turnover

Turnover represents rent receivable and development income, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses.

Investment property

Although this accounting policy is in accordance with FRS102 it is a departure from the general requirement of

the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with

the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of

many factors reflected in the annual valuation and the amount of this which might otherwise have been charged

cannot be separately identified or quantified.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured

at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method

4.	Employees and directors

The average number of employees during the year was NIL (2017 - NIL).

5.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 November 2017

and 31 October 2018

7,087

Depreciation

At 1 November 2017

891

Charge for year

1,772

At 31 October 2018

2,663

Net book value

At 31 October 2018

4,424

At 31 October 2017

6,196

6.	Investment property

Total

£

Fair value

At 1 November 2017

and 31 October 2018

189,567

Net book value

At 31 October 2018

189,567

At 31 October 2017

189,567

Investment property was valued on an open market basis on 31 October 2017 by the Directors.

7.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

27,425

13,649

Other debtors

145,642

154,726

173,067

168,375

8.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

427,935

21,107

Other creditors

1,750,216

234,000

Directors' loan accounts

180

180

Accruals and deferred income

71,929

1,985,210

2,250,260

2,240,497

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

1

2

2