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REGISTERED NUMBER: SC355514 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

TPS Scotland Ltd

TPS Scotland Ltd (Registered number: SC355514)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Income Statement 2

Statement of Financial Position 3

Notes to the Financial Statements 5

Report of the Accountants 8

TPS Scotland Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: G Murphy
Mrs C Murphy
Mrs E Holmes





SECRETARY: G Murphy





REGISTERED OFFICE: 26 Kelvin Avenue
Hillington Park
Glasgow
G52 4LT





REGISTERED NUMBER: SC355514 (Scotland)





ACCOUNTANTS: William Watson & Co Accountants Ltd
51 Lynnhurst
Uddingston
G71 6SA

TPS Scotland Ltd (Registered number: SC355514)

Income Statement
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   

TURNOVER 1,460,560 1,614,772

Cost of sales 1,153,643 1,428,498
GROSS PROFIT 306,917 186,274

Distribution costs 112,719 89,022
Administrative expenses 137,299 101,600
250,018 190,622
56,899 (4,348 )

Other operating income - 1,000
OPERATING PROFIT/(LOSS) 4 56,899 (3,348 )


Interest payable and similar expenses 1,850 777
PROFIT/(LOSS) BEFORE TAXATION 55,049 (4,125 )

Tax on profit/(loss) 11,996 -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

43,053

(4,125

)

TPS Scotland Ltd (Registered number: SC355514)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 6,000 7,000
Tangible assets 6 3,842 4,468
9,842 11,468

CURRENT ASSETS
Stocks 71,675 49,000
Debtors 7 195,272 158,587
Cash at bank and in hand 23,178 54,987
290,125 262,574
CREDITORS
Amounts falling due within one year 8 276,907 250,467
NET CURRENT ASSETS 13,218 12,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,060

23,575

CREDITORS
Amounts falling due after more than one year 9 11,908 17,000
NET ASSETS 11,152 6,575

CAPITAL AND RESERVES
Called up share capital 105 100
Retained earnings 10 11,047 6,475
SHAREHOLDERS' FUNDS 11,152 6,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

TPS Scotland Ltd (Registered number: SC355514)

Statement of Financial Position - continued
29 February 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





G Murphy - Director


TPS Scotland Ltd (Registered number: SC355514)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

TPS Scotland Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

TPS Scotland Ltd (Registered number: SC355514)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

29.2.24 28.2.23
£    £   
Depreciation - owned assets 750 789
Goodwill amortisation 1,000 1,000

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 20,000
AMORTISATION
At 1 March 2023 13,000
Amortisation for year 1,000
At 29 February 2024 14,000
NET BOOK VALUE
At 29 February 2024 6,000
At 28 February 2023 7,000

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 13,479
Additions 124
At 29 February 2024 13,603
DEPRECIATION
At 1 March 2023 9,011
Charge for year 750
At 29 February 2024 9,761
NET BOOK VALUE
At 29 February 2024 3,842
At 28 February 2023 4,468

TPS Scotland Ltd (Registered number: SC355514)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 178,707 151,547
VAT 13,239 3,714
Prepayments 3,326 3,326
195,272 158,587

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 222,799 155,537
Tax 11,996 12,879
Social security and other taxes 9,526 16,598
Other creditors 3,621 18,588
Directors' current accounts 6,202 15
Accruals and deferred income 12,162 40,991
Accrued expenses 7,595 3,556
Company credit card 3,006 2,303
276,907 250,467

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bounce back loan 11,908 17,000

10. RESERVES
Retained
earnings
£   

At 1 March 2023 6,475
Profit for the year 43,053
Dividends (38,481 )
At 29 February 2024 11,047

11. DONATIONS

The company sponsors a local football team Hillwood and makes charitable donations to Maggies a cancer charity. These amount to £1,225.

TPS Scotland Ltd

Report of the Accountants to the Directors of
TPS Scotland Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 29 February 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






William Watson & Co Accountants Ltd
51 Lynnhurst
Uddingston
G71 6SA


22 October 2024