TUC FW Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC266805 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

TUC FW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Finlay Donald Finlayson

Mrs Lorna Helen O'Neill Finlayson

SECRETARY:

Andrew Ross Carr

REGISTERED OFFICE:

Marine Walk

FORT WILLIAM

Inverness-shire

PH33 6FF

REGISTERED NUMBER:

SC266805 (Scotland)

ACCOUNTANTS:

R A Clement Associates

Chartered Accountants

Argyll Square

Oban

Argyll

PA34 4AZ

SOLICITORS:

Twin Deer Law

Ben Nevis Auction Mart

Torlumdy

Fort William

PH33 6SW

FIXED ASSETS

Intangible assets

4

-

61,485

Tangible assets

5

1,819,975

1,939,125

Investments

6

-

100

1,819,975

2,000,710

CURRENT ASSETS

Debtors

7

54,334

223,690

Cash at bank and in hand

3,684

173,959

58,018

397,649

CREDITORS

Amounts falling due within one year

8

643,930

2,032,765

NET CURRENT LIABILITIES

(585,912

)

(1,635,116

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,234,063

365,594

CREDITORS

Amounts falling due after more than one year

9

(335,000

)

(1,054,167

)

ACCRUALS AND DEFERRED INCOME

-

(227,594

)

NET ASSETS/(LIABILITIES)

899,063

(916,167

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

898,063

(917,167

)

SHAREHOLDERS' FUNDS

899,063

(916,167

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 September 2019 and were signed on its behalf by:

Finlay Donald Finlayson - Director

1.	STATUTORY INFORMATION

TUC FW Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in Sterling (£).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible fixed assets

Computer software is amortised at 25% reducing balance per annum.

Tangible fixed assets

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

Heritable property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Government grants

Capital grants receivable are amortised over the useful economic life of the asset they fund. The balance of

remaining grants are shown as deferred government grants.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2017 - 58 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2018

162,277

Disposals

(162,277

)

At 31 December 2018

-

AMORTISATION

At 1 January 2018

100,792

Eliminated on disposal

(100,792

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

61,485

5.	TANGIBLE FIXED ASSETS

Improvements

Heritable

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2018

2,149,534

325,036

2,327,163

Additions

-

-

4,850

Disposals

-

-

(2,332,013

)

At 31 December 2018

2,149,534

325,036

-

DEPRECIATION

At 1 January 2018

555,602

49,521

2,327,163

Charge for year

42,971

6,501

-

Eliminated on disposal

-

-

(2,327,163

)

At 31 December 2018

598,573

56,022

-

NET BOOK VALUE

At 31 December 2018

1,550,961

269,014

-

At 31 December 2017

1,593,932

275,515

-

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2018

217,460

21,145

438,340

5,478,678

Additions

-

546

-

5,396

Disposals

(217,460

)

(21,691

)

(438,340

)

(3,009,504

)

At 31 December 2018

-

-

-

2,474,570

DEPRECIATION

At 1 January 2018

217,460

17,800

372,007

3,539,553

Charge for year

-

-

-

49,472

Eliminated on disposal

(217,460

)

(17,800

)

(372,007

)

(2,934,430

)

At 31 December 2018

-

-

-

654,595

NET BOOK VALUE

At 31 December 2018

-

-

-

1,819,975

At 31 December 2017

-

3,345

66,333

1,939,125

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

100

Disposals

(100

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

194,887

Other debtors

54,334

28,803

54,334

223,690

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

60,000

200,833

Trade creditors

2,340

250,757

Amounts owed to group undertakings

114,296

165,389

Taxation and social security

-

64,464

Other creditors

467,294

1,351,322

643,930

2,032,765

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

335,000

1,054,167

Amounts falling due in more than five years:

Repayable by instalments

Bank and other loans

95,000

534,167

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

395,000

1,255,000

The company's bankers, the Bank of Scotland PLC, hold a bond and floating charge over the whole assets of the

company and a standard security over the heritable property.

11.	RELATED PARTY DISCLOSURES

Two of the directors obtained personal loans which were paid into the company in previous years. Two of these

loans are secured on assets owned by the directors personally and by two of their relatives. One of the lenders

of the personal loans was also a director of the company for part of the year.

Companies owned by one of the directors charged consultancy fees and expenses totalling £467. The net amount

outstanding at 31 December 2018 was £nil.

12.	SHARE INCENTIVES

The company set up an Enterprise Management Incentive Scheme for two of the directors and for senior

employees. Three options each of 60 shares at £2,000 per share were issued on 20 April 2012. The directors

concerned included Mr Ham. The grants were exercisable upon the sale of 51% or more of the company's share

capital. The option for the other director lapsed when he left the company in 2017. The options for Mr Ham and

another employee lapsed during the year when the requirements of the scheme were no longer met.