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REGISTERED NUMBER: SC291277 (Scotland)











Unaudited Financial Statements for the Year Ended 31st October 2023

for

Twynholm Traction Services Limited

Twynholm Traction Services Limited (Registered number: SC291277)






Contents of the Financial Statements
for the Year Ended 31st October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


Twynholm Traction Services Limited

Company Information
for the Year Ended 31st October 2023







DIRECTORS: Ms J E MacDonald
W A Craig





SECRETARY: Ms J E MacDonald





REGISTERED OFFICE: Compstonend Cottage
Twynholm
Kirkcudbright
Dumfriesshire
DG6 4SD





REGISTERED NUMBER: SC291277 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Twynholm Traction Services Limited (Registered number: SC291277)

Balance Sheet
31st October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 84,685 72,785

CURRENT ASSETS
Stocks 24,941 24,793
Cash at bank 50,511 37,976
75,452 62,769
CREDITORS
Amounts falling due within one year 5 (81,690 ) (73,741 )
NET CURRENT LIABILITIES (6,238 ) (10,972 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,447

61,813

CREDITORS
Amounts falling due after more than one year 6 (7,818 ) -

PROVISIONS FOR LIABILITIES (16,707 ) (13,607 )
NET ASSETS 53,922 48,206

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 53,822 48,106
SHAREHOLDERS' FUNDS 53,922 48,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2024 and were signed on its behalf by:




Ms J E MacDonald - Director


Twynholm Traction Services Limited (Registered number: SC291277)

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

1. STATUTORY INFORMATION

Twynholm Traction Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 tax
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Twynholm Traction Services Limited (Registered number: SC291277)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022 245,712
Additions 31,144
Disposals (26,900 )
At 31st October 2023 249,956
DEPRECIATION
At 1st November 2022 172,927
Charge for year 11,554
Eliminated on disposal (19,210 )
At 31st October 2023 165,271
NET BOOK VALUE
At 31st October 2023 84,685
At 31st October 2022 72,785

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,826 -
Trade creditors 66 -
Taxation and social security 3,442 3,099
Other creditors 72,356 70,642
81,690 73,741

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,818 -

7. RELATED PARTY DISCLOSURES

At 31st October 2023 the company owed the directors the sum of £71,006 (2022 - £43,842) by way of interest free directors current accounts.