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COMPANY REGISTRATION NUMBER: SC220557
TA Millard (Scotland) Limited
Filleted Unaudited Financial Statements
31 October 2023
TA Millard (Scotland) Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
6
42,914
54,121
Current Assets
Stocks
147,451
306,585
Debtors
7
910,364
730,985
Cash at bank and in hand
240,293
107,857
------------
------------
1,298,108
1,145,427
Creditors: amounts falling due within one year
8
235,145
156,699
------------
------------
Net Current Assets
1,062,963
988,728
------------
------------
Total Assets Less Current Liabilities
1,105,877
1,042,849
Creditors: amounts falling due after more than one year
9
148,325
250,957
------------
------------
Net Assets
957,552
791,892
------------
------------
Capital and Reserves
Called up share capital
95,579
95,579
Share premium account
20,901
20,901
Profit and loss account
841,072
675,412
---------
---------
Shareholders Funds
957,552
791,892
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31st October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TA Millard (Scotland) Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr K Pirie
Director
Company registration number: SC220557
TA Millard (Scotland) Limited
Notes to the Financial Statements
Year Ended 31st October 2023
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Seabraes 18 Greenmarket, Dundee, DD1 4QB, Scotland.
2. Statement of Compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Tenants Improvements
-
25% straight line
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 23 ).
5. Intangible Assets
Goodwill
£
Cost
At 1st November 2022 and 31st October 2023
18,000
--------
Amortisation
At 1st November 2022 and 31st October 2023
18,000
--------
Carrying amount
At 31st October 2023
--------
At 31st October 2022
--------
6. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022
146,164
11,459
78,689
32,510
227,592
496,414
Additions
482
13,459
13,941
---------
--------
--------
--------
---------
---------
At 31 Oct 2023
146,164
11,941
78,689
32,510
241,051
510,355
---------
--------
--------
--------
---------
---------
Depreciation
At 1 Nov 2022
143,903
7,020
67,875
8,128
215,367
442,293
Charge for the year
754
1,600
3,605
8,127
11,062
25,148
---------
--------
--------
--------
---------
---------
At 31 Oct 2023
144,657
8,620
71,480
16,255
226,429
467,441
---------
--------
--------
--------
---------
---------
Carrying amount
At 31 Oct 2023
1,507
3,321
7,209
16,255
14,622
42,914
---------
--------
--------
--------
---------
---------
At 31 Oct 2022
2,261
4,439
10,814
24,382
12,225
54,121
---------
--------
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
328,923
223,589
Other debtors
581,441
507,396
---------
---------
910,364
730,985
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,000
8,334
Trade creditors
23,007
23,164
Social security and other taxes
149,042
113,549
Other creditors
13,096
11,652
---------
---------
235,145
156,699
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
133,333
233,333
Other creditors
14,992
17,624
---------
---------
148,325
250,957
---------
---------
10. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Pirie
3,000
7,000
10,000
Mr M Pirrie
30,000
( 20,000)
10,000
--------
--------
--------
33,000
( 13,000)
20,000
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Pirie
10,000
( 7,000)
3,000
Mr M Pirrie
25,000
5,000
30,000
--------
-------
--------
35,000
( 2,000)
33,000
--------
-------
--------
11. Related Party Transactions
As at 31st October 2022, the company was under the control of Seabraes Ltd. Mr Kenneth Pirie is the managing director of both TA Millard (Scotland) Limited and Seabraes Ltd. At the year end, TA Millard (Scotland) Limited was due to receive an amount of £506,844 (2022 - £434,227) from Seabraes Ltd, of which K Pirie and M Pirrie are directors, in relation to amounts advanced during the year. There is no interest accruing on this balance and no payment terms have been set. During the period, TA Millard (Scotland) Limited , paid management charges of £234,294 (2022 - £221,109) to Seabraes Ltd. At the year end, there is a balance of £nil (2021 - £Nil) included within trade creditors relating to amounts due to Seabraes Ltd.
12. Ultimate Parent Company
The ultimate parent undertaking is Seabraes Limited, a company incorporated in Scotland.