Tummelbridge Construction Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC513430 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

TUMMELBRIDGE CONSTRUCTION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mark McConville

Lynne McConville

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

BUSINESS ADDRESS:

35 Dalrymple Drive

Coatbridge

ML5 4FG

REGISTERED NUMBER:

SC513430 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Clydesdale Bank plc

37 Main Street

Coatbridge

ML5 3AN

FIXED ASSETS

Intangible assets

4

17,600

19,800

Tangible assets

5

19,884

22,608

37,484

42,408

CURRENT ASSETS

Debtors

6

107,205

41,763

Cash at bank and in hand

84,006

50,806

191,211

92,569

CREDITORS

Amounts falling due within one year

7

196,682

132,260

NET CURRENT LIABILITIES

(5,471

)

(39,691

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,013

2,717

CREDITORS

Amounts falling due after more than one year

8

-

(2,150

)

PROVISIONS FOR LIABILITIES

(574

)

(409

)

NET ASSETS

31,439

158

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

31,437

156

31,439

158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 19 February 2018 and were signed on its behalf by:

Mark McConville - Director

1.	STATUTORY INFORMATION

Tummelbridge Construction 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of construction services, is recognised by

reference to the stage of completion of the service at the statement of financial position date.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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 statement of financial position date.

Deferred taxation

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

statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the

effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period

of the lease.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 3 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

22,000

AMORTISATION

At 1 September 2016

2,200

Amortisation for year

2,200

At 31 August 2017

4,400

NET BOOK VALUE

At 31 August 2017

17,600

At 31 August 2016

19,800

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2016

12,175

16,767

1,203

30,145

Additions

5,060

850

506

6,416

At 31 August 2017

17,235

17,617

1,709

36,561

DEPRECIATION

At 1 September 2016

3,044

4,192

301

7,537

Charge for year

4,309

4,404

427

9,140

At 31 August 2017

7,353

8,596

728

16,677

NET BOOK VALUE

At 31 August 2017

9,882

9,021

981

19,884

At 31 August 2016

9,131

12,575

902

22,608

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 September 2016

and 31 August 2017

12,700

DEPRECIATION

At 1 September 2016

3,175

Charge for year

3,175

At 31 August 2017

6,350

NET BOOK VALUE

At 31 August 2017

6,350

At 31 August 2016

9,525

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

68,801

28,625

Other debtors

22,468

8,749

VAT

15,936

4,389

107,205

41,763

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

2,151

2,867

Trade creditors

51,045

41,789

Corporation tax

27,503

9,272

PAYE and NIC

14,492

-

Other creditors

1,801

5,433

Directors' loan

95,988

71,899

Accrued charges

3,702

1,000

196,682

132,260

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

-

2,150

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Hire purchase contracts

2,151

5,017

Hire purchase contracts are secured on the assets to which they relate.

10.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the directors amounting to £95,988 (2016 :

£71,899)