Company registration number SC483352 (Scotland)
TROON RETAIL MANAGEMENT CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TROON RETAIL MANAGEMENT CO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TROON RETAIL MANAGEMENT CO LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
877
1,169
Current assets
Debtors
4
18,000
Cash at bank and in hand
63,462
60,177
63,462
78,177
Creditors: amounts falling due within one year
5
(24,937)
(25,590)
Net current assets
38,525
52,587
Total assets less current liabilities
39,402
53,756
Provisions for liabilities
(28)
(29)
Net assets
39,374
53,727
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
39,274
53,627
Total equity
39,374
53,727
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 31 May 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.
The financial statements were approved by the board of directors and authorised for issue on 12 February 2025 and are signed on its behalf by:
Mr W S Laing
Director
Company Registration No. SC483352
TROON RETAIL MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Troon Retail Management Co Limited is a private company limited by shares incorporated in Scotland. The registered office is 70 Buchanan Street, GLASGOW, G1 3JE.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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
25% Reducing Balance
1.4
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.
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.
TROON RETAIL MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023 and 31 May 2024
9,543
Depreciation and impairment
At 1 June 2023
8,374
Depreciation charged in the year
292
At 31 May 2024
8,666
Carrying amount
At 31 May 2024
877
At 31 May 2023
1,169
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
18,976
17,416
Other taxation and social security
4,300
6,863
Other creditors
1,661
1,311
24,937
25,590
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
TROON RETAIL MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
7
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
53,627
59,414
Profit for the year
66,007
70,800
Dividends declared and paid in the year
(80,360)
(76,587)
At the end of the year
39,274
53,627
8
Related party transactions
Within other creditors is an amount of £611 (2023 - £312) owed to the Director, W S Laing, by the company.