Company registration number SC706110 (Scotland)
TWEEDS ON THE LAKES LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2022
TWEEDS ON THE LAKES LTD
COMPANY INFORMATION
Director
R Singh
(Appointed 9 August 2021)
Company number
SC706110
Registered office
4 Lothian Street
Dalkeith
EH22 1DS
Accountants
Tang & Co Limited
41 Argyle Place
Edinburgh
EH9 1JT
Business address
4 Lothian Street
Dalkeith
EH22 1DS
TWEEDS ON THE LAKES LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
TWEEDS ON THE LAKES LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 AUGUST 2022
- 1 -

The director presents his annual report and financial statements for the period ended 31 August 2022.

Principal activities

The company was incorporated on 9 August 2021.

 

The principal activity of the company is the of the retailing of clothing and souvenir goods.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

R Singh
(Appointed 9 August 2021)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
R Singh
Director
13 October 2023
TWEEDS ON THE LAKES LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TWEEDS ON THE LAKES LTD
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tweeds on the Lakes Ltd for the period ended 31 August 2022 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Tweeds on the Lakes Ltd, as a body, in accordance with the terms of our engagement letter dated 15 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Tweeds on the Lakes Ltd and state those matters that we have agreed to state to the board of directors of Tweeds on the Lakes Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tweeds on the Lakes Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Tweeds on the Lakes Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tweeds on the Lakes Ltd. You consider that Tweeds on the Lakes Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Tweeds on the Lakes Ltd. 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 financial statements.

Tang & Co Limited
13 October 2023
Chartered Accountants
41 Argyle Place
Edinburgh
EH9 1JT
TWEEDS ON THE LAKES LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 AUGUST 2022
- 3 -
period
ended
31 August
2022
£
Turnover
307,842
Cost of sales
(140,084)
Gross profit
167,758
Administrative expenses
(243,429)
Loss before taxation
(75,671)
Tax on loss
-
0
Loss for the financial period
(75,671)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TWEEDS ON THE LAKES LTD
BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 4 -
2022
Notes
£
£
Current assets
Cash at bank and in hand
6,776
Creditors: amounts falling due within one year
4
(82,437)
Net current liabilities
(75,661)
Capital and reserves
Called up share capital
10
Profit and loss reserves
(75,671)
Total equity
(75,661)

For the financial period ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 October 2023
R Singh
Director
Company registration number SC706110 (Scotland)
TWEEDS ON THE LAKES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2022
- 5 -
1
Accounting policies
Company information

Tweeds on the Lakes Ltd is a private company limited by shares incorporated in Scotland. The registered office is 4 Lothian Street, Dalkeith, EH22 1DS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TWEEDS ON THE LAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TWEEDS ON THE LAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2022
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
5
4
Creditors: amounts falling due within one year
2022
£
Trade creditors
16,483
Taxation and social security
1,754
Other creditors
64,200
82,437
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