Company registration number SC633394 (Scotland)
TLC (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
TLC (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TLC (SCOTLAND) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,013
30,346
Current assets
Debtors
5
403,716
321,929
Cash at bank and in hand
2,021
28,007
405,737
349,936
Creditors: amounts falling due within one year
6
(210,259)
(182,636)
Net current assets
195,478
167,300
Total assets less current liabilities
220,491
197,646
Creditors: amounts falling due after more than one year
7
(11,061)
(13,789)
Provisions for liabilities
(4,753)
(6,000)
Net assets
204,677
177,857
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
194,677
167,857
Total equity
204,677
177,857
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
TLC (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 June 2024
Ms J Kelly
Director
Company Registration No. SC633394
TLC (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
TLC (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 172a Main Street, PRESTWICK, Ayrshire, KA9 1PG.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.
1.3
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.
Leasehold land and buildings
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
1.4
Cash and cash equivalents
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.
1.5
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 profit and loss account 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.
TLC (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reserved 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 law that have been enacted or substantively enacted by the period 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
106
62
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
11,771
23,375
Deferred tax
Origination and reversal of timing differences
(1,247)
Total tax charge
10,524
23,375
TLC (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2022
4,321
17,994
29,089
51,404
Additions
809
1,756
2,565
At 31 July 2023
4,321
18,803
30,845
53,969
Depreciation and impairment
At 1 August 2022
1,890
7,428
11,740
21,058
Depreciation charged in the year
608
2,675
4,615
7,898
At 31 July 2023
2,498
10,103
16,355
28,956
Carrying amount
At 31 July 2023
1,823
8,700
14,490
25,013
At 31 July 2022
2,431
10,566
17,349
30,346
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
131,341
98,938
Corporation tax recoverable
68,500
55,198
Other debtors
203,875
167,793
403,716
321,929
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,980
5,000
Other borrowings
1,847
Trade creditors
400
3,955
Corporation tax
105,552
78,562
Other taxation and social security
73,367
73,297
Other creditors
22,960
19,975
Accruals and deferred income
3,000
210,259
182,636
TLC (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
11,061
13,789
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £2 each
10,000
10,000
10,000
10,000