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Registration number: SC508935

TJ Alloa Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

TJ Alloa Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

TJ Alloa Limited

Company Information

Directors

Mr D Thomson

Mr J R Johnston

Registered office

 

Unit 5
Beancross Road
Grangemouth
FK3 8WX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

TJ Alloa Limited

(Registration number: SC508935)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

31,931

36,285

Tangible assets

5

12,161

10,617

 

44,092

46,902

Current assets

 

Stocks

6

10,179

8,797

Debtors

7

288,925

173,659

Cash at bank and in hand

 

12,355

16,095

 

311,459

198,551

Creditors: Amounts falling due within one year

8

(42,451)

(56,156)

Net current assets

 

269,008

142,395

Total assets less current liabilities

 

313,100

189,297

Provisions for liabilities

(2,311)

(2,383)

Net assets

 

310,789

186,914

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

310,689

186,814

Total equity

 

310,789

186,914

For the financial year ending 28 February 2018 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 Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

 

TJ Alloa Limited

(Registration number: SC508935)
Balance Sheet as at 28 February 2018

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 8 November 2018 and signed on its behalf by:
 

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

Mr J R Johnston
Director

 

TJ Alloa Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

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

The address of its registered office is:
Unit 5
Beancross Road
Grangemouth
FK3 8WX

These financial statements were authorised for issue by the Board on 8 November 2018.

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 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. There were no material departures from that standard.

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the preparation and sale of butchery products. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

TJ Alloa Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

TJ Alloa Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including the directors) during the year was 19 (2017 - 16).

 

TJ Alloa Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2017

43,542

43,542

At 28 February 2018

43,542

43,542

Amortisation

At 1 March 2017

7,257

7,257

Amortisation charge

4,354

4,354

At 28 February 2018

11,611

11,611

Carrying amount

At 28 February 2018

31,931

31,931

At 28 February 2017

36,285

36,285

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2017

14,867

14,867

Additions

7,014

7,014

At 28 February 2018

21,881

21,881

Depreciation

At 1 March 2017

4,250

4,250

Charge for the year

5,470

5,470

At 28 February 2018

9,720

9,720

Carrying amount

At 28 February 2018

12,161

12,161

At 28 February 2017

10,617

10,617

 

TJ Alloa Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

6

Stocks

2018
£

2017
£

Other inventories

10,179

8,797

7

Debtors

Note

2018
£

2017
£

Trade debtors

 

273

388

Amounts owed by group undertakings and undertakings in which the company has a participating interest

281,388

168,882

Other debtors

 

7,264

4,389

 

288,925

173,659

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

3,691

20,966

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7,245

4,747

Taxation and social security

 

29,864

28,103

Other creditors

 

1,651

2,340

 

42,451

56,156

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

TJ Alloa Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mr J R Johnston & Mr G D Johnston.