TORERO,_ABECASSIS_EMPIS_A - Accounts


Company Registration No. SC412852 (Scotland)
TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,668
2,502
Current assets
Debtors
4
129,901
17,148
Investments
5
-
8,486
Cash at bank and in hand
162,703
20,123
292,604
45,757
Creditors: amounts falling due within one year
6
(108,047)
(12,636)
Net current assets
184,557
33,121
Total assets less current liabilities
186,225
35,623
Provisions for liabilities
-
(425)
Net assets
186,225
35,198
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
186,222
35,195
Total equity
186,225
35,198

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2019 and are signed on its behalf by:
Dr C A Emplis
Director
Company Registration No. SC412852
TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information

Torero, Abecassis Empis and Cowlard Ltd is a private company limited by shares incorporated in Scotland. The registered office is Dundas House, Westfield Park, Eskbank, Edinburgh, EH22 3FB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company made profits during the period and at the period end had a positive balance sheettrue. The directors consider that this will be the case for the foreseeable future and on this basis the accounts have been prepared as a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).

TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018 and 31 March 2019
4,734
Depreciation and impairment
At 1 April 2018
2,232
Depreciation charged in the year
834
At 31 March 2019
3,066
Carrying amount
At 31 March 2019
1,668
At 31 March 2018
2,502
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
129,901
17,148
5
Current asset investments
2019
2018
£
£
Other investments
-
8,486
6
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
35,217
-
Other taxation and social security
57,706
-
Other creditors
15,124
12,636
108,047
12,636
TORERO, ABECASSIS EMPIS AND COWLARD LTD
T/A TAEC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3Ordinary shares of £1 each
3
3
3
3
2019-03-312018-04-01falseCCH SoftwareCCH Accounts Production 2019.301No description of principal activityDr C A EmplisDr A J CowlardProfessor J L Torero CullenSC4128522018-04-012019-03-31SC4128522019-03-31SC4128522018-03-31SC412852core:OtherPropertyPlantEquipment2019-03-31SC412852core:OtherPropertyPlantEquipment2018-03-31SC412852core:CurrentFinancialInstruments2019-03-31SC412852core:CurrentFinancialInstruments2018-03-31SC412852core:ShareCapital2019-03-31SC412852core:ShareCapital2018-03-31SC412852core:RetainedEarningsAccumulatedLosses2019-03-31SC412852core:RetainedEarningsAccumulatedLosses2018-03-31SC412852core:ShareCapitalOrdinaryShares2019-03-31SC412852core:ShareCapitalOrdinaryShares2018-03-31SC412852bus:Director12018-04-012019-03-31SC412852core:ComputerEquipment2018-04-012019-03-31SC412852core:OtherPropertyPlantEquipment2018-03-31SC412852core:OtherPropertyPlantEquipment2018-04-012019-03-31SC412852bus:OrdinaryShareClass12018-04-012019-03-31SC412852bus:OrdinaryShareClass12019-03-31SC412852bus:PrivateLimitedCompanyLtd2018-04-012019-03-31SC412852bus:SmallCompaniesRegimeForAccounts2018-04-012019-03-31SC412852bus:FRS1022018-04-012019-03-31SC412852bus:AuditExemptWithAccountantsReport2018-04-012019-03-31SC412852bus:Director22018-04-012019-03-31SC412852bus:Director32018-04-012019-03-31SC412852bus:FullAccounts2018-04-012019-03-31xbrli:purexbrli:sharesiso4217:GBP