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COMPANY REGISTRATION NUMBER: SC273367
Tay Communications Limited
Filleted Unaudited Abridged Financial Statements
31 October 2023
Tay Communications Limited
Abridged Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
4,000
6,000
Tangible assets
6
2,050
2,508
-------
-------
6,050
8,508
Current assets
Stocks
1,828
10,204
Debtors
3,709
7,036
Cash at bank and in hand
9,052
6,380
--------
--------
14,589
23,620
Creditors: amounts falling due within one year
19,026
31,606
--------
--------
Net current liabilities
4,437
7,986
-------
-------
Total assets less current liabilities
1,613
522
-------
----
Net assets
1,613
522
-------
----
Tay Communications Limited
Abridged Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
3
3
Profit and loss account
1,610
519
-------
----
Shareholders funds
1,613
522
-------
----
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr J.D. Hebenton
Director
Company registration number: SC273367
Tay Communications Limited
Notes to the Abridged Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Station Crescent, Invergowrie, Dundee, DD2 5DT, Scotland.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director is confident that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
£
Cost
At 1 November 2022 and 31 October 2023
40,000
--------
Amortisation
At 1 November 2022
34,000
Charge for the year
2,000
--------
At 31 October 2023
36,000
--------
Carrying amount
At 31 October 2023
4,000
--------
At 31 October 2022
6,000
--------
6. Tangible assets
£
Cost
At 1 November 2022
29,957
Additions
491
--------
At 31 October 2023
30,448
--------
Depreciation
At 1 November 2022
27,449
Charge for the year
949
--------
At 31 October 2023
28,398
--------
Carrying amount
At 31 October 2023
2,050
--------
At 31 October 2022
2,508
--------
7. Transactions with directors
The company is owned by one director, who is the ultimate controlling party. The director operates a loan account with the company and at the year end the company was due to pay him £4,910 (2022 - £13,331).