1 June 2022 false No description of principal activity Taxfiler 2023.9 SC505599business:PrivateLimitedCompanyLtd2022-06-012023-05-31 SC5055992022-05-31 SC5055992022-06-012023-05-31 SC505599business:AuditExemptWithAccountantsReport2022-06-012023-05-31 SC505599business:FilletedAccounts2022-06-012023-05-31 SC5055992023-05-31 SC505599business:Director12022-06-012023-05-31 SC505599business:RegisteredOffice2022-06-012023-05-31 SC5055992022-05-31 SC505599core:WithinOneYear2023-05-31 SC505599core:WithinOneYear2022-05-31 SC505599core:AfterOneYear2023-05-31 SC505599core:AfterOneYear2022-05-31 SC505599core:ShareCapitalcore:PreviouslyStatedAmount2023-05-31 SC505599core:ShareCapitalcore:PreviouslyStatedAmount2022-05-31 SC505599core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-05-31 SC505599core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-05-31 SC505599core:PreviouslyStatedAmount2023-05-31 SC505599core:PreviouslyStatedAmount2022-05-31 SC505599business:SmallEntities2022-06-012023-05-31 SC505599countries:Scotland2022-06-012023-05-31 SC505599core:LandBuildings2022-06-012023-05-31 SC505599core:PlantMachinery2022-06-012023-05-31 SC505599core:FurnitureFittings2022-06-012023-05-31 SC505599core:ComputerEquipment2022-06-012023-05-31 SC505599core:Goodwill2022-05-31 SC505599core:IntangibleAssetsOtherThanGoodwill2022-05-31 SC505599core:Goodwill2023-05-31 SC505599core:IntangibleAssetsOtherThanGoodwill2023-05-31 SC505599core:Goodwill2022-06-012023-05-31 SC505599core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-31 SC505599core:LandBuildings2022-05-31 SC505599core:PlantMachinery2022-05-31 SC505599core:MotorVehicles2022-05-31 SC505599core:FurnitureFittings2022-05-31 SC505599core:ComputerEquipment2022-05-31 SC505599core:MotorVehicles2022-06-012023-05-31 SC505599core:LandBuildings2023-05-31 SC505599core:PlantMachinery2023-05-31 SC505599core:MotorVehicles2023-05-31 SC505599core:FurnitureFittings2023-05-31 SC505599core:ComputerEquipment2023-05-31 SC505599core:WithinOneYear2022-06-012023-05-31 SC5055992021-06-012022-05-31 iso4217:GBP xbrli:pure
Company Registration No. SC505599 (Scotland)
TILLY TRADING LTD Unaudited accounts for the year ended 31 May 2023
TILLY TRADING LTD Unaudited accounts Contents
Page
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TILLY TRADING LTD Company Information for the year ended 31 May 2023
Director
Ms J Taylor
Company Number
SC505599 (Scotland)
Registered Office
62 Bridge Street Dollar Clackmannanshire FK14 7DG Scotland
Accountants
Bridge of Allan Enterprise Ltd "The Summerhouse" 29A Kenilworth Road, Bridge of Allan Stirling FK9 4EH
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TILLY TRADING LTD Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
116,751 
129,377 
Tangible assets
51,536 
19,112 
168,287 
148,489 
Current assets
Inventories
29,785 
24,000 
Debtors
29,329 
18,681 
Cash at bank and in hand
23,598 
44,361 
82,712 
87,042 
Creditors: amounts falling due within one year
(69,000)
(81,811)
Net current assets
13,712 
5,231 
Total assets less current liabilities
181,999 
153,720 
Creditors: amounts falling due after more than one year
(150,699)
(132,574)
Provisions for liabilities
Deferred tax
(9,702)
(3,812)
Net assets
21,598 
17,334 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
21,597 
17,333 
Shareholders' funds
21,598 
17,334 
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 September 2023 and were signed on its behalf by
Ms J Taylor Director Company Registration No. SC505599
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TILLY TRADING LTD Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
TILLY TRADING LTD is a private company, limited by shares, registered in Scotland, registration number SC505599. The registered office is 62 Bridge Street , Dollar, Clackmannanshire, FK14 7DG, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable in relation to sales of delicatessen goods, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of seventeen years
Intangible fixed 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. The Intangible asset being computer software is being amortised evenly over its estimated useful life of three years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line over 16 & 13 years
Plant & machinery
20% per annum on cost
Fixtures & fittings
20% per annum on cost
Computer equipment
33% per annum on cost
Inventories
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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TILLY TRADING LTD Notes to the Accounts for the year ended 31 May 2023
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. 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 & Leasing Commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
4
Intangible fixed assets
Goodwill 
Other 
Total 
£ 
£ 
£ 
Cost
At 1 June 2022
210,150 
2,825 
212,975 
At 31 May 2023
210,150 
2,825 
212,975 
Amortisation
At 1 June 2022
81,725 
1,873 
83,598 
Charge for the year
11,675 
951 
12,626 
At 31 May 2023
93,400 
2,824 
96,224 
Net book value
At 31 May 2023
116,750 
1 
116,751 
At 31 May 2022
128,425 
952 
129,377 
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TILLY TRADING LTD Notes to the Accounts for the year ended 31 May 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 June 2022
23,555 
10,883 
- 
5,364 
666 
40,468 
Additions
- 
- 
34,887 
12,132 
- 
47,019 
At 31 May 2023
23,555 
10,883 
34,887 
17,496 
666 
87,487 
Depreciation
At 1 June 2022
6,256 
10,108 
- 
4,552 
440 
21,356 
Charge for the year
1,639 
773 
8,722 
3,235 
226 
14,595 
At 31 May 2023
7,895 
10,881 
8,722 
7,787 
666 
35,951 
Net book value
At 31 May 2023
15,660 
2 
26,165 
9,709 
- 
51,536 
At 31 May 2022
17,299 
775 
- 
812 
226 
19,112 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
7,271 
7,681 
Other debtors
22,058 
11,000 
29,329 
18,681 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
7,500 
6,788 
VAT
3,248 
4,080 
Trade creditors
11,903 
11,644 
Taxes and social security
1,200 
13,210 
Loans from directors
41,044 
41,985 
Accruals
4,105 
4,104 
69,000 
81,811 
The Bank of Scotland loan is secured by a floating charge over the assets of the business.
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
18,125 
- 
Other creditors
132,574 
132,574 
150,699 
132,574 
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TILLY TRADING LTD Notes to the Accounts for the year ended 31 May 2023
9
Transactions with related parties
Included in "Other debtors " is a balance of £22000 (2022: £11000) due by EV Go Green Electrical Limited a company whose issued share capital is wholly owned by the director. This loan is interest free and no fixed terms of repayment have been agreed. Included in "Other creditors" is a balance of £ 50745 (2022: £41985 due to the director. This loan is interest free and no fixed terms of repayment have been agreed. Included in "Other creditors falling due after more than one year" is a balance of £132,574 (2022: £132,574) due to a close family member of the director. This loan is interest free and although there are no fixed terms of repayment it is anticipated that this will not be repaid until after more than one year and when cashflow permits.
10
Average number of employees
During the year the average number of employees was 11 (2022: 11).
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