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Registration number: SC188416

Tay Textiles (1998) Limited


Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Tay Textiles (1998) Limited

 

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Tay Textiles (1998) Limited

 

(Registration number: SC188416)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

592

163

Current assets

 

Debtors

6

16,291

23,877

Cash at bank and in hand

 

922

3,354

 

17,213

27,231

Creditors: Amounts falling due within one year

7

(21,484)

(27,063)

Net current (liabilities)/assets

 

(4,271)

168

Net (liabilities)/assets

 

(3,679)

331

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(3,681)

329

Shareholders' (deficit)/funds

 

(3,679)

331

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

Tay Textiles (1998) Limited

 

(Registration number: SC188416)
Statement of Financial Position as at 31 October 2023

Approved and authorised by the director on 19 February 2024
 

.........................................
Mr Brian McIntyre
Director

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
40 Greenbourne Gardens
Monifieth
Angus
DD5 4EU

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Fixtures and Equipment

15% reducing balance

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either 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.
 

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

45,000

45,000

At 31 October 2023

45,000

45,000

Amortisation

At 1 November 2022

45,000

45,000

At 31 October 2023

45,000

45,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

930

930

Additions

535

535

At 31 October 2023

1,465

1,465

Depreciation

At 1 November 2022

767

767

Charge for the year

106

106

At 31 October 2023

873

873

Carrying amount

At 31 October 2023

592

592

At 31 October 2022

163

163

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

15,761

20,440

Other debtors

530

3,437

 

16,291

23,877

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

16,853

22,290

Taxation and social security

3,367

3,524

Accruals and deferred income

1,121

1,249

Other creditors

143

-

21,484

27,063

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2