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Registration number: SC188416

Tay Textiles (1998) Limited


Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Tay Textiles (1998) Limited

 

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Tay Textiles (1998) Limited

 

(Registration number: SC188416)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

504

592

Current assets

 

Debtors

6

15,106

16,291

Cash at bank and in hand

 

-

922

 

15,106

17,213

Creditors: Amounts falling due within one year

7

(18,315)

(21,485)

Net current liabilities

 

(3,209)

(4,272)

Net liabilities

 

(2,705)

(3,680)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(2,707)

(3,682)

Shareholders' deficit

 

(2,705)

(3,680)

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

Tay Textiles (1998) Limited

 

(Registration number: SC188416)
Statement of Financial Position as at 31 October 2024

Approved and authorised by the director on 11 April 2025
 

.........................................
Mr Brian McIntyre
Director

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
40 Greenbourne Gardens
Monifieth
Angus
DD5 4EU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Equipment

15% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

45,000

45,000

At 31 October 2024

45,000

45,000

Amortisation

At 1 November 2023

45,000

45,000

At 31 October 2024

45,000

45,000

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

1,465

1,465

At 31 October 2024

1,465

1,465

Depreciation

At 1 November 2023

873

873

Charge for the year

88

88

At 31 October 2024

961

961

Carrying amount

At 31 October 2024

504

504

At 31 October 2023

592

592

 

Tay Textiles (1998) Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

7,337

15,761

Other debtors

7,769

530

 

15,106

16,291

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

331

-

Trade creditors

 

12,193

16,853

Taxation and social security

 

4,659

3,367

Accruals and deferred income

 

1,132

1,121

Other creditors

 

-

144

 

18,315

21,485

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

331

-