Registered number
SC583743
Colin Tomney Estate Agency Limited
Filleted Accounts
31 March 2023
Colin Tomney Estate Agency Limited
Registered number: SC583743
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,766 58,214
Current assets
Debtors 4 24,300 11,014
Cash at bank and in hand 71,305 49,620
95,605 60,634
Creditors: amounts falling due within one year 5 (50,263) (34,645)
Net current assets 45,342 25,989
Total assets less current liabilities 64,108 84,203
Creditors: amounts falling due after more than one year 6 (66,139) (84,068)
Net (liabilities)/assets (2,031) 135
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,131) 35
Shareholder's funds (2,031) 135
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Colin Tomney
Director
Approved by the board on 19 October 2023
Colin Tomney Estate Agency Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 3,500 66,141 69,641
Additions - 45,796 45,796
Disposals - (81,687) (81,687)
At 31 March 2023 3,500 30,250 33,750
Depreciation
At 1 April 2022 875 10,552 11,427
Charge for the year 875 5,672 6,547
On disposals - (2,990) (2,990)
At 31 March 2023 1,750 13,234 14,984
Net book value
At 31 March 2023 1,750 17,016 18,766
At 31 March 2022 2,625 55,589 58,214
4 Debtors 2023 2022
£ £
Trade debtors - 11,014
Other debtors 24,300 -
24,300 11,014
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,667 14,667
Obligations under finance lease and hire purchase contracts 6,400 6,400
Taxation and social security costs 20,561 11,580
Other creditors 8,635 1,998
50,263 34,645
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 48,790 59,001
Obligations under finance lease and hire purchase contracts 17,349 25,067
66,139 84,068
7 Other information
Colin Tomney Estate Agency Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
29 Stirling Street
Airdrie
ML6 0AH
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