Company registration number SC569050 (Scotland)
TKC Engineering Ltd
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with registrar
TKC Engineering Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of TKC Engineering Ltd
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TKC Engineering Ltd for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of TKC Engineering Ltd, as a body, in accordance with the terms of our engagement letter dated 5 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of TKC Engineering Ltd and state those matters that we have agreed to state to the board of directors of TKC Engineering Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TKC Engineering Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that TKC Engineering Ltd 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 loss of TKC Engineering Ltd. You consider that TKC Engineering Ltd 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 TKC Engineering Ltd. 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.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
4 November 2024
TKC Engineering Ltd
Balance sheet
as at 30 June 2024
30 June 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,044
2,434
Current assets
Debtors
1,610
1,656
Cash at bank and in hand
5,635
166,696
7,245
168,352
Creditors: amounts falling due within one year
(2,157)
(43,727)
Net current assets
5,088
124,625
Net assets
7,132
127,059
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
6,632
126,559
Total equity
7,132
127,059

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TKC Engineering Ltd
Balance sheet (continued)
as at 30 June 2024
30 June 2024
3
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
Steven Christie
Tatiana Christie
Director
Director
Company registration number SC569050 (Scotland)
TKC Engineering Ltd
Notes to the financial statements
for the year ended 30 June 2024
4
1
Accounting policies
Company information

TKC Engineering Ltd is a private company limited by shares incorporated in Scotland. The registered office is Rosewood, Raemoir Road, Banchory, AB31 4ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% straightline
Computers
15% reducing balance

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.

1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TKC Engineering Ltd
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Total
£
Cost
At 1 July 2023 and 30 June 2024
5,497
Depreciation and impairment
At 1 July 2023
3,063
Depreciation charged in the year
390
At 30 June 2024
3,453
Carrying amount
At 30 June 2024
2,044
At 30 June 2023
2,434
TKC Engineering Ltd
Notes to the financial statements (continued)
for the year ended 30 June 2024
6
4
Directors' transactions
Description
Opening credit balance
Amounts repaid
Closing credit balance
£
£
£
Steven Christie -
42,914
(42,500)
414
42,914
(42,500)
414
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