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Company registration number: SC336876
TAS Building Supplies Limited
Trading as TAS Building Supplies Limited
Unaudited filleted financial statements
31 March 2024
TAS Building Supplies Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
TAS Building Supplies Limited
Directors and other information
Directors
Mr O Ansbro
Miss Jenna Ansbro
Company number SC336876
Registered office 123 Irish Street
Dumfries
DG1 2PE
Business address Station Yard Industrial Estate
Castle Douglas
DG7 1LA
Accountants Carson & Trotter
123 Irish Street
Dumfries
DG1 2PE
TAS Building Supplies Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of TAS Building Supplies Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TAS Building Supplies Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of TAS Building Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of TAS Building Supplies Limited and state those matters that we have agreed to state to the board of directors of TAS Building Supplies Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TAS Building Supplies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that TAS Building Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TAS Building Supplies Limited. You consider that TAS Building Supplies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of TAS Building Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carson & Trotter
Chartered Accountant
123 Irish Street
Dumfries
DG1 2PE
3 October 2024
TAS Building Supplies Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,308,039 607,739
_______ _______
1,308,039 607,739
Current assets
Stocks 183,000 268,000
Debtors 6 435,677 506,462
Cash at bank and in hand 428,512 460,532
_______ _______
1,047,189 1,234,994
Creditors: amounts falling due
within one year 7 ( 872,602) ( 1,081,245)
_______ _______
Net current assets 174,587 153,749
_______ _______
Total assets less current liabilities 1,482,626 761,488
Creditors: amounts falling due
after more than one year 8 - ( 7,953)
Provisions for liabilities ( 35,523) ( 21,370)
_______ _______
Net assets 1,447,103 732,165
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 1,447,003 732,065
_______ _______
Shareholder funds 1,447,103 732,165
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2024 , and are signed on behalf of the board by:
Mr O Ansbro
Director
Company registration number: SC336876
TAS Building Supplies Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 123 Irish Street, Dumfries, DG1 2PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
At the balance sheet date, the company had a strong net current asset position and the continuing support of its directors. At the time of signing these accounts, the directors have considered the effect of the current economic climate and other matters on the going concern position, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these accounts due to the resources available to it.On that basis, the directors have prepared these financial statements on a going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 10 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 in finance costs 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 21 (2023: 21 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost or valuation
At 1 April 2023 446,712 138,497 4,251 172,049 761,509
Additions - 5,300 3,234 64,821 73,355
Disposals - ( 1,635) - ( 13,950) ( 15,585)
Revaluation 684,113 - - - 684,113
_______ _______ _______ _______ _______
At 31 March 2024 1,130,825 142,162 7,485 222,920 1,503,392
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 51,008 1,067 101,698 153,773
Charge for the year - 13,917 1,606 31,182 46,705
Disposals - ( 1,634) - ( 3,488) ( 5,122)
_______ _______ _______ _______ _______
At 31 March 2024 - 63,291 2,673 129,392 195,356
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 1,130,825 78,871 4,812 93,528 1,308,036
_______ _______ _______ _______ _______
At 31 March 2023 446,712 87,489 3,184 70,351 607,736
_______ _______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 April 2023 115,887
Fair value adjustments 684,113
_______
At 31 March 2024 800,000
_______
The Fair Value of the investment property held by the company was considered at 31st March 2024 by the directors who have experience within the industry and taking in to consideration related valuations in the local area.
6. Debtors
2024 2023
£ £
Trade debtors 435,677 455,462
Other debtors - 51,000
_______ _______
435,677 506,462
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 134,634 189,170
Trade creditors 630,888 833,047
Corporation tax 38,394 43,678
Social security and other taxes 60,733 6,674
Other creditors 7,953 8,676
_______ _______
872,602 1,081,245
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 7,953
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Related party transactions
During the year the directors received dividends of £100,000.
11. Controlling party
The company is under the control of the directors.