Company Registration No. SC505599 (Scotland)
TILLY TRADING LTD
Unaudited accounts
for the year ended 31 May 2024
TILLY TRADING LTD
Unaudited accounts
Contents
TILLY TRADING LTD
Company Information
for the year ended 31 May 2024
Company Number
SC505599 (Scotland)
Registered Office
62 Bridge Street
Dollar
Clackmannanshire
FK14 7DG
Scotland
Accountants
Bridge of Allan Enterprise Ltd
"The Summerhouse"
29A Kenilworth Road, Bridge of Allan
Stirling
FK9 4EH
TILLY TRADING LTD
Statement of financial position
as at 31 May 2024
Intangible assets
105,075
116,751
Tangible assets
38,745
51,536
Cash at bank and in hand
24,450
23,598
Creditors: amounts falling due within one year
(73,890)
(69,000)
Net current assets
20,053
13,712
Total assets less current liabilities
163,873
181,999
Creditors: amounts falling due after more than one year
(144,396)
(150,699)
Provisions for liabilities
Deferred tax
(7,361)
(9,702)
Called up share capital
1
1
Profit and loss account
12,115
21,597
Shareholders' funds
12,116
21,598
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 September 2024 and were signed on its behalf by
Ms J Taylor
Director
Company Registration No. SC505599
TILLY TRADING LTD
Notes to the Accounts
for the year ended 31 May 2024
TILLY TRADING LTD is a private company, limited by shares, registered in Scotland, registration number SC505599. The registered office is 62 Bridge Street , Dollar, Clackmannanshire, FK14 7DG, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable in relation to sales of delicatessen goods, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of seventeen years
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The Intangible asset being computer software is being amortised evenly over its estimated useful life of three years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line over 16 & 13 years
Plant & machinery
20% per annum on cost
Fixtures & fittings
20% per annum on cost
Computer equipment
33% per annum on cost
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
TILLY TRADING LTD
Notes to the Accounts
for the year ended 31 May 2024
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 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.
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.
Hire Purchase & Leasing Commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 June 2023
210,150
2,825
212,975
Disposals
-
(2,825)
(2,825)
At 31 May 2024
210,150
-
210,150
At 1 June 2023
93,400
2,824
96,224
On disposals
-
(2,824)
(2,824)
Charge for the year
11,675
-
11,675
At 31 May 2024
105,075
-
105,075
At 31 May 2024
105,075
-
105,075
At 31 May 2023
116,750
1
116,751
TILLY TRADING LTD
Notes to the Accounts
for the year ended 31 May 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2023
23,555
10,883
34,887
17,496
86,821
At 31 May 2024
23,555
10,883
34,887
17,496
86,821
At 1 June 2023
7,895
10,881
8,722
7,787
35,285
Charge for the year
1,639
2
8,722
2,428
12,791
At 31 May 2024
9,534
10,883
17,444
10,215
48,076
At 31 May 2024
14,021
-
17,443
7,281
38,745
At 31 May 2023
15,660
2
26,165
9,709
51,536
Amounts falling due within one year
Accrued income and prepayments
11,908
7,271
Other debtors
27,800
22,058
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,500
7,500
Trade creditors
15,214
11,903
Taxes and social security
10,162
1,200
Loans from directors
32,331
41,044
The Bank of Scotland loan is secured by a floating charge over the assets of the business.
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
132,574
132,574
TILLY TRADING LTD
Notes to the Accounts
for the year ended 31 May 2024
9
Transactions with related parties
Included in "Other debtors " is a balance of £27800 (2023: £22000) due by EV Go Green Electrical Limited a company whose issued share capital is wholly owned by the director. This loan is interest free and no fixed terms of repayment have been agreed.
Included in "Other creditors" is a balance of £ 32331 (2023: £41044 due to the director. This loan is interest free and no fixed terms of repayment have been agreed.
Included in "Other creditors falling due after more than one year" is a balance of £132,574 (2023: £132,574) originally thought to be a loan from the parents of the director. This loan was however a gift to the director. This loan is interest free and as there are no fixed terms of repayment it is anticipated that this will not be repaid until after more than one year and therefore the director regards this element of her loan account to be long term in nature.
10
Average number of employees
During the year the average number of employees was 11 (2023: 11).