Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Alexander Cochrane 31/10/2011 Alice Cochrane 05/11/2004 08 September 2024 The principal activity of the Company during the financial year was the letting and management of residential properties. SC275383 2023-12-31 SC275383 bus:Director1 2023-12-31 SC275383 bus:Director2 2023-12-31 SC275383 2022-12-31 SC275383 core:CurrentFinancialInstruments 2023-12-31 SC275383 core:CurrentFinancialInstruments 2022-12-31 SC275383 core:ShareCapital 2023-12-31 SC275383 core:ShareCapital 2022-12-31 SC275383 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC275383 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC275383 core:Goodwill 2022-12-31 SC275383 core:Goodwill 2023-12-31 SC275383 core:OfficeEquipment 2022-12-31 SC275383 core:ComputerEquipment 2022-12-31 SC275383 core:OfficeEquipment 2023-12-31 SC275383 core:ComputerEquipment 2023-12-31 SC275383 2021-12-31 SC275383 bus:OrdinaryShareClass1 2023-12-31 SC275383 2023-01-01 2023-12-31 SC275383 bus:FilletedAccounts 2023-01-01 2023-12-31 SC275383 bus:SmallEntities 2023-01-01 2023-12-31 SC275383 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC275383 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC275383 bus:Director1 2023-01-01 2023-12-31 SC275383 bus:Director2 2023-01-01 2023-12-31 SC275383 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC275383 core:OfficeEquipment 2023-01-01 2023-12-31 SC275383 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC275383 2022-01-01 2022-12-31 SC275383 core:Goodwill 2023-01-01 2023-12-31 SC275383 core:ComputerEquipment 2023-01-01 2023-12-31 SC275383 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC275383 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC275383 (Scotland)

TUGHAN & COCHRANE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

TUGHAN & COCHRANE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

TUGHAN & COCHRANE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
TUGHAN & COCHRANE LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 4,400 6,600
Tangible assets 4 8,386 4,973
12,786 11,573
Current assets
Debtors 5 42,980 61,433
Cash at bank and in hand 460,174 83,553
503,154 144,986
Creditors: amounts falling due within one year 6 ( 463,102) ( 71,915)
Net current assets 40,052 73,071
Total assets less current liabilities 52,838 84,644
Provision for liabilities 7, 8 ( 1,782) ( 1,174)
Net assets 51,056 83,470
Capital and reserves
Called-up share capital 9 25 25
Profit and loss account 51,031 83,445
Total shareholders' funds 51,056 83,470

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tughan & Cochrane Limited (registered number: SC275383) were approved and authorised for issue by the Board of Directors on 08 September 2024. They were signed on its behalf by:

Alexander Cochrane
Director
TUGHAN & COCHRANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
TUGHAN & COCHRANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tughan & Cochrane Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Marr House, Beechwood Business Park, Inverness, IV2 3BW, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 33 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

At the year end, the company held discrete bank accounts totalling £49,869 (2022 - £40,696), in respect of the company's clients. The balances, ultimately due to clients, over which the company has no control, net off to zero and have therefore not been disclosed separately within current assets and current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 216,020 216,020
At 31 December 2023 216,020 216,020
Accumulated amortisation
At 01 January 2023 209,420 209,420
Charge for the financial year 2,200 2,200
At 31 December 2023 211,620 211,620
Net book value
At 31 December 2023 4,400 4,400
At 31 December 2022 6,600 6,600

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 January 2023 89,588 21,087 110,675
Additions 5,805 447 6,252
At 31 December 2023 95,393 21,534 116,927
Accumulated depreciation
At 01 January 2023 84,941 20,761 105,702
Charge for the financial year 2,417 422 2,839
At 31 December 2023 87,358 21,183 108,541
Net book value
At 31 December 2023 8,035 351 8,386
At 31 December 2022 4,647 326 4,973

5. Debtors

2023 2022
£ £
Trade debtors 30,610 41,106
Other debtors 12,370 20,327
42,980 61,433

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,908 0
Corporation tax 30,740 29,459
Other taxation and social security 34,076 30,030
Other creditors 396,378 12,426
463,102 71,915

7. Provision for liabilities

2023 2022
£ £
Deferred tax 1,782 1,174

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 1,174) ( 2,663)
(Charged)/credited to the Statement of Income and Retained Earnings ( 608) 1,489
At the end of financial year ( 1,782) ( 1,174)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
25 Ordinary shares of £ 1.00 each 25 25

10. Financial commitments

Other financial commitments

2023 2022
£ £
Outstanding commitments under non-cancellable operating leases 184,564 8,966

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors Loan Account - Opening Balance (Positive figure = debtor, negative = creditor) 11,024 (170)
Amounts advanced 3,490 101,194
Amounts repaid (10,000) (90,000)
Directors Loan Account - Closing Balance (Positive figure = debtor, negative = creditor) 4,514 11,024

The above loans are unsecured, interest free and have no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Non director shareholder loan (380,000) 0

The above transaction is interest free.