Company registration number SC348030 (Scotland)
TT CONSTRUCTION (EDINBURGH) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
TT CONSTRUCTION (EDINBURGH) LTD
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 9
TT CONSTRUCTION (EDINBURGH) LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TT CONSTRUCTION (EDINBURGH) LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TT Construction (Edinburgh) Ltd for the year ended 30 June 2023 which comprise, the statement of financial position 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 TT Construction (Edinburgh) Ltd, as a body, in accordance with the terms of our engagement letter dated 26 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of TT Construction (Edinburgh) Ltd and state those matters that we have agreed to state to the Board of Directors of TT Construction (Edinburgh) 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 TT Construction (Edinburgh) Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that TT Construction (Edinburgh) 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 profit of TT Construction (Edinburgh) Ltd. You consider that TT Construction (Edinburgh) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of TT Construction (Edinburgh) 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.

Condie & Co Limited
8 March 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
TT CONSTRUCTION (EDINBURGH) LTD
Statement Of Financial Position
As At 30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
109,550
61,291
Investments
6
294,254
-
0
403,804
61,291
Current assets
Stocks
8
187,764
155,368
Debtors
9
143,288
61,811
Cash at bank and in hand
380,096
712,131
711,148
929,310
Creditors: amounts falling due within one year
10
(154,802)
(189,391)
Net current assets
556,346
739,919
Total assets less current liabilities
960,150
801,210
Provisions for liabilities
11
(20,284)
(7,995)
Net assets
939,866
793,215
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
939,766
793,115
Total equity
939,866
793,215

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
Mr G D Thomson
Director
Company Registration No. SC348030
TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements
For The Year Ended 30 June 2023
- 3 -
1
Accounting policies
Company information

TT Construction (Edinburgh) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 1a Blackford Avenue, Edinburgh, Midlothian, EH9 2ET.

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. 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.

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
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Plant and machinery
15% reducing balance
Equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Fixed Asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated losses.

 

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. UK quoted securities are valued at mid-market price quoted on the London Stock Exchange.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Work in progress
Work in progress is valued based on the company's performance of contracts undertaken and its subsequent right to consideration. Profit can be recognised on contracts which were not invoiced at the year end based on the stage of completion of the individual contracts, where the profit can be ascertained with reasonable certainty.
TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2023
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

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.

1.9
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 statement of financial position 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.

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.

 

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.

1.10
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2023
- 7 -
3
Employees

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

2023
2022
Number
Number
Total
7
7
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
150,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
150,000
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
26,830
7,927
5,507
50,860
91,124
Additions
-
0
-
0
-
0
64,691
64,691
Disposals
-
0
-
0
-
0
(7,130)
(7,130)
At 30 June 2023
26,830
7,927
5,507
108,421
148,685
Depreciation and impairment
At 1 July 2022
-
0
7,112
4,508
18,213
29,833
Depreciation charged in the year
-
0
172
509
12,241
12,922
Eliminated in respect of disposals
-
0
-
0
-
0
(3,620)
(3,620)
At 30 June 2023
-
0
7,284
5,017
26,834
39,135
Carrying amount
At 30 June 2023
26,830
643
490
81,587
109,550
At 30 June 2022
26,830
815
999
32,647
61,291

Tangible fixed assets with a carrying amount of £109,550 (2022 - £61,291) have been pledged as security in favour of the Royal Bank of Scotland Plc.

TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
294,254
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2022
-
Additions
300,020
Valuation changes
(5,766)
At 30 June 2023
294,254
Carrying amount
At 30 June 2023
294,254
At 30 June 2022
-
7
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
294,254
-
8
Stocks
2023
2022
£
£
Stocks
187,764
155,368
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
38,059
29,016
Other debtors
103,862
31,449
Prepayments and accrued income
1,367
1,346
143,288
61,811
TT CONSTRUCTION (EDINBURGH) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2023
- 9 -
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
36,720
52,422
Corporation tax
29,225
44,965
Other taxation and social security
57,234
74,255
Other creditors
20,059
6,658
Accruals and deferred income
11,564
11,091
154,802
189,391

The Royal Bank of Scotland Plc hold a floating charge dated 25th November 2008 over all undertakings, property and assets of the company, both present and future.

11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
20,284
7,995
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
100
100
100
100
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
13
Related party transactions

The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.

14
Directors' transactions

The balance due from the directors, which is included in other debtors, is repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr G D Thomson & Mrs
J W B Thomson
2.00
4,234
96,002
649
(43,530)
57,355
4,234
96,002
649
(43,530)
57,355
2023-06-302022-07-01false08 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr G D ThomsonMrs J W B ThomsonMrs J W B ThomsonfalseSC3480302022-07-012023-06-30SC3480302023-06-30SC3480302022-06-30SC348030core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-30SC348030core:PlantMachinery2023-06-30SC348030core:ComputerEquipment2023-06-30SC348030core:MotorVehicles2023-06-30SC348030core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-30SC348030core:PlantMachinery2022-06-30SC348030core:ComputerEquipment2022-06-30SC348030core:MotorVehicles2022-06-30SC348030core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC348030core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-30SC348030core:CurrentFinancialInstruments2023-06-30SC348030core:CurrentFinancialInstruments2022-06-30SC348030core:ShareCapital2023-06-30SC348030core:ShareCapital2022-06-30SC348030core:RetainedEarningsAccumulatedLosses2023-06-30SC348030core:RetainedEarningsAccumulatedLosses2022-06-30SC348030bus:Director12022-07-012023-06-30SC348030core:Goodwill2022-07-012023-06-30SC348030core:PlantMachinery2022-07-012023-06-30SC348030core:ComputerEquipment2022-07-012023-06-30SC348030core:MotorVehicles2022-07-012023-06-30SC3480302021-07-012022-06-30SC348030core:Goodwill2022-06-30SC348030core:Goodwill2023-06-30SC348030core:Goodwill2022-06-30SC348030core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-30SC348030core:PlantMachinery2022-06-30SC348030core:ComputerEquipment2022-06-30SC348030core:MotorVehicles2022-06-30SC3480302022-06-30SC348030core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-012023-06-30SC348030bus:PrivateLimitedCompanyLtd2022-07-012023-06-30SC348030bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30SC348030bus:FRS1022022-07-012023-06-30SC348030bus:AuditExemptWithAccountantsReport2022-07-012023-06-30SC348030bus:Director22022-07-012023-06-30SC348030bus:CompanySecretary12022-07-012023-06-30SC348030bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP