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REGISTERED NUMBER: SC397613 (Scotland)












Financial Statements

for the Year Ended 31 January 2024

for

TMS Holdings (Scotland) Limited

TMS Holdings (Scotland) Limited (Registered number: SC397613)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TMS Holdings (Scotland) Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: T McKeown
Mrs M McKeown
S McKeown





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC397613 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

TMS Holdings (Scotland) Limited (Registered number: SC397613)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,606,881 1,644,116
Investments 5 295,103 34,011
Investment property 6 585,000 585,000
2,486,984 2,263,127

CURRENT ASSETS
Debtors 7 34,457 33,840
Cash at bank 6,904 5,826
41,361 39,666
CREDITORS
Amounts falling due within one year 8 460,066 172,595
NET CURRENT LIABILITIES (418,705 ) (132,929 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,068,279

2,130,198

CREDITORS
Amounts falling due after more than one year 9 (1,200 ) (1,350 )

PROVISIONS FOR LIABILITIES (159,025 ) (116,605 )
NET ASSETS 1,908,054 2,012,243

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 11 341,126 341,126
Other reserves 201,725 201,725
Retained earnings 1,365,003 1,469,192
SHAREHOLDERS' FUNDS 1,908,054 2,012,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TMS Holdings (Scotland) Limited (Registered number: SC397613)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





S McKeown - Director


TMS Holdings (Scotland) Limited (Registered number: SC397613)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

TMS Holdings (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.

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.

TMS Holdings (Scotland) Limited (Registered number: SC397613)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 1,400,000 311,888 30,914 1,742,802
DEPRECIATION
At 1 February 2023 56,000 31,748 10,938 98,686
Charge for year 28,000 6,238 2,997 37,235
At 31 January 2024 84,000 37,986 13,935 135,921
NET BOOK VALUE
At 31 January 2024 1,316,000 273,902 16,979 1,606,881
At 31 January 2023 1,344,000 280,140 19,976 1,644,116

Cost or valuation at 31 January 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
Valuation in 2018 223,317 - - 223,317
Valuation in 2021 68,577 - - 68,577
Cost 1,108,106 311,888 30,914 1,450,908
1,400,000 311,888 30,914 1,742,802

TMS Holdings (Scotland) Limited (Registered number: SC397613)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,108,106 1,108,106
Aggregate depreciation 158,931 158,931

Freehold property was valued on an open market basis on 1 December 2020 by Whyte & Barrie Chartered Surveyors .

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 200 33,811 34,011
Additions - 368,701 368,701
Disposals - (119,850 ) (119,850 )
Share of profit/(loss) - 2,561 2,561
Revaluations - 9,680 9,680
At 31 January 2024 200 294,903 295,103
NET BOOK VALUE
At 31 January 2024 200 294,903 295,103
At 31 January 2023 200 33,811 34,011

Cost or valuation at 31 January 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2021 - 5,507 5,507
Valuation in 2022 - 6,472 6,472
Valuation in 2023 - (11,852 ) (11,852 )
Valuation in 2024 - 9,680 9,680
Cost 200 285,096 285,296
200 294,903 295,103

TMS Holdings (Scotland) Limited (Registered number: SC397613)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 585,000
NET BOOK VALUE
At 31 January 2024 585,000
At 31 January 2023 585,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2021 164,500
Cost 420,500
585,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,327 9,780
Other debtors 25,130 24,060
34,457 33,840

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,023 6,023
Trade creditors 7,466 38,554
Taxation and social security 71,746 42,768
Other creditors 374,831 85,250
460,066 172,595

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 1,200 1,350

10. SECURED DEBTS

The Clydesdale Bank holds a floating charge over the assets and undertakings of the company.

The Clydesdale Bank has a legal first charge over the property at Moorfield Drive, Moorfield Industrial Estate, Altham, Lancashire.

TMS Holdings (Scotland) Limited (Registered number: SC397613)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 341,126