TAS Building Supplies Limited 31/03/2019 iXBRL

TAS Building Supplies Limited 31/03/2019 iXBRL

TAS BUILDING SUPPLIES LIMITED - Company Information

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Company registration number: SC336876
TAS Building Supplies Limited
Trading as TAS Building Supplies Limited
Unaudited filleted financial statements
31 March 2019
TAS Building Supplies Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
TAS Building Supplies Limited
Directors and other information
Directors Mr P Ansbro
Mr O Ansbro (Appointed 30 October 2019)
Secretary Susan Ansbro
Company number SC336876
Registered office 123 Irish Street
Dumfries
DG1 2PE
Business address Station Yard Industrial Estate
Castle Douglas
DG7 1LA
Accountants Carson & Trotter
123 Irish Street
Dumfries
DG1 2PE
TAS Building Supplies Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of TAS Building Supplies Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TAS Building Supplies Limited for the year ended 31 March 2019 which comprise the statement of financial position and 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 TAS Building Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of TAS Building Supplies Limited and state those matters that we have agreed to state to the board of directors of TAS Building Supplies Limited 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 TAS Building Supplies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that TAS Building Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TAS Building Supplies Limited. You consider that TAS Building Supplies 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 financial statements of TAS Building Supplies 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 financial statements.
Carson & Trotter
Chartered Accountant
123 Irish Street
Dumfries
DG1 2PE
10 December 2019
TAS Building Supplies Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 77,468 65,285
_______ _______
77,468 65,285
Current assets
Stocks 352,000 401,252
Debtors 6 296,512 353,866
Cash at bank and in hand 196,635 359,876
_______ _______
845,147 1,114,994
Creditors: amounts falling due
within one year 7 ( 698,020) ( 1,008,001)
_______ _______
Net current assets 147,127 106,993
_______ _______
Total assets less current liabilities 224,595 172,278
Creditors: amounts falling due
after more than one year 8 ( 7,115) ( 6,176)
Provisions for liabilities ( 11,306) ( 10,881)
_______ _______
Net assets 206,174 155,221
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 206,074 155,121
_______ _______
Shareholder funds 206,174 155,221
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 December 2019 , and are signed on behalf of the board by:
Mr P Ansbro
Director
Company registration number: SC336876
TAS Building Supplies Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 123 Irish Street, Dumfries, DG1 2PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 10 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2018: 15 ).
5. Tangible assets
Plant and machinery Motor vehicles Tenant's improvements Total
£ £ £ £
Cost
At 1 April 2018 41,132 87,776 6,920 135,828
Additions - 30,251 11,990 42,241
Disposals ( 5,800) ( 18,995) - ( 24,795)
_______ _______ _______ _______
At 31 March 2019 35,332 99,032 18,910 153,274
_______ _______ _______ _______
Depreciation
At 1 April 2018 21,260 49,283 - 70,543
Charge for the year 3,144 15,684 - 18,828
Disposals ( 580) ( 12,985) - ( 13,565)
_______ _______ _______ _______
At 31 March 2019 23,824 51,982 - 75,806
_______ _______ _______ _______
Carrying amount
At 31 March 2019 11,508 47,050 18,910 77,468
_______ _______ _______ _______
At 31 March 2018 19,872 38,493 6,920 65,285
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 296,512 353,866
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 508,207 489,675
Corporation tax 14,095 7,225
Social security and other taxes 20,334 33,738
Other creditors 155,384 477,363
_______ _______
698,020 1,008,001
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 7,115 6,176
_______ _______
9. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Related party transactions
There was an amount due to the director at the yearend of £136,857 (2018 - 435,789), there are no fixed repayment terms and no interest is being accrued.During the year the director received dividends of £10,000.
11. Controlling party
The company is under the control of the director .