Tristan McGee Limited - Period Ending 2020-09-30

Tristan McGee Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 6

Tristan McGee Limited

Company Information

Directors

T P McGee S J McGee

Company secretary

S J McGee

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

HSBC Bank PLC Market Square Penrith Cumbria CA11 7SN

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tristan McGee Limited
for the Year Ended 30 September 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tristan McGee Limited for the year ended 30 September 2020 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Tristan McGee 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 accounts of Tristan McGee Limited and state those matters that we have agreed to state to the Board of Directors of Tristan McGee Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tristan McGee Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tristan McGee Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tristan McGee Limited. You consider that Tristan McGee 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 accounts of Tristan McGee 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 accounts.

............................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

29 March 2021

Tristan McGee Limited

(Registration number: 04558321)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Current assets
Debtors	5	-	1,494
Creditors: Amounts falling due within one year	6	(3,123)	(50,409)
Total assets less current liabilities		(3,123)	(48,915)
Creditors: Amounts falling due after more than one year	6	-	(60,000)
Net liabilities		(3,123)	(108,915)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(3,223)	(109,015)
Total equity		(3,123)	(108,915)

For the financial year ending 30 September 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 March 2021 and signed on its behalf by:
 

.........................................

S J McGee
Director

Tristan McGee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy since the balance sheet date. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.
At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders and the Government support schemes.
Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tristan McGee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Exceptional items

	2020 £	2019 £
Exceptional items	100,694	-

 

The above exceptional item of £100,694 (2019 - £Nil) is in respect of the write off of a loan balance for monies owed to an intercompany of £37,848 and monies owed to a director of £62,846.

5

Debtors

	2020 £	2019 £
Other debtors	-	1,494
	-	1,494

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Loans and borrowings	7	2,976	2,728
Trade creditors		-	2,313
Taxation and social security		147	2,544
Other creditors		-	42,824
		3,123	50,409

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Loans and borrowings	7	-	60,000

Tristan McGee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

7	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Other borrowings	-	60,000

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	2,976	2,728

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Related party transactions

Summary of transactions with other related parties

Directors of the company

At the balance sheet date amounts owed to directors amounted to £Nil (2019 - £67,376).