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Company registration number: SC219473
Tantallon Systems Ltd
Unaudited filleted financial statements
31 May 2024
Tantallon Systems Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position and notes to the financial statements
Tantallon Systems Ltd
Directors and other information
Directors Mr Martin Jones
Mrs Fiona Jones
Secretary Mrs Fiona Jones
Company number SC219473
Registered office 38 Kings Road
Longniddry
East Lothian
Scotland
EH32 0NN
Accountant Sam Vann & Co
31 Lee View
Enfield
EN2 0HL
Bankers Starling Bank plc
5th Floor
Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
Tantallon Systems Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Tantallon Systems Ltd
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Tantallon Systems Ltd for the year ended 31 May 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 me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Tantallon Systems Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Tantallon Systems Ltd and state those matters that we have agreed to state to the board of directors of Tantallon Systems Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Tantallon Systems Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Tantallon Systems 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 Tantallon Systems Ltd. You consider that Tantallon Systems Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Tantallon Systems Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Sam Vann & Co
Chartered Certified Accountants
31 Lee View
Enfield
EN2 0HL
13 November 2024
Tantallon Systems Ltd
Statement of financial position
31 May 2024
2024 2023
£ £
Fixed assets 1 1
_______ _______
Current assets 122 125
Creditors: amounts falling due within one year ( 789,308) ( 788,103)
_______ _______
Net current liabilities ( 789,186) ( 787,978)
_______ _______
Total assets less current liabilities ( 789,185) ( 787,977)
Accruals and deferred income ( 550) ( 550)
_______ _______
Net liabilities ( 789,735) ( 788,527)
_______ _______
Capital and reserves ( 789,735) ( 788,527)
_______ _______
Notes to the financial statements
Directors report 2023-2024Principal activitiesTantallon Systems has had a difficult recovery since the COVID-19 debacle where were forced to close our offices in Leith and unable to work in the normal way. We also, during that period, lost two of our key staff. The work continues to further the development of the EnergyFusion® product and significant moves forward have been achieved. We believe that we can complete during the 2024-2025 period although the task with reduced manpower has been a real challenge. Our goal will be to complete and install this product within one or two key installations to provide the springboard for gaining a foothold in the market. We still believe that there is still a strong and receptive market for the EnergyFusion® product. Our job is to fully realise a purchasable product, and if this can be achieved, the company has a strong economic outlook. This is the target for the company in the next year.As before, the company needs to attract external capital. This will be needed in order to fully launch our product to the market and to realize the benefits of the business plan.As before during financial year, 2024 2025, Tantallon will need to: " Recruit high calibre staff" Develop effective partnerships" Complete the product and install it within one or two 'flagship' sites" Develop sales revenue and fully enter the market" Attract external investment
Tantallon Systems Ltd
Year ended 31 May 2024
1. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Martin Jones ( 787,850) ( 1,420) ( 789,270)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Martin Jones ( 785,818) ( 2,031) (787,849)
_______ _______ _______
The director (who is also the equal majority shareholder) has made a loan to the business amounting to £749,410. The loan has no formal terms attached to it and as such under FRS 102 is regarded as being repayable on demand.
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.
Directors responsiblities:
- The members have not required the company to obtain an audit of its accounts 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 accounts.
The financial statements have been prepared in accordance with the micro-entity provisions and have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
Mr Martin Jones
Director
Company registration number: SC219473
The company is a private company limited by shares, registered in Scotland.