REGISTERED NUMBER: |
TURRIFF DC LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
REGISTERED NUMBER: |
TURRIFF DC LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the director and authorised for issue on |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Turriff DC Limited is a private company, limited by shares, registered in Scotland. The company's registered address is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ. |
The presentation currency of the financial statements is Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements that require to be individually disclosed. |
Turnover |
Turnover comprises the invoiced cost of goods and services sold during the year. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the customer. |
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. |
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of 10 years. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill, plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to and from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Pension costs |
The company pays contributions on behalf of certain employees to a defined contribution national scheme operated by the National Health Service. Contributions payable to this scheme are charged to the profit and loss account in the period to which they relate. |
Hire purchase and operating leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Included above is plant and machinery with a carrying value of £48,286 (2023: £60,358) which the company has pledged as security. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 17,440 | 1,000 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 114,666 | 126,582 |
TURRIFF DC LIMITED (REGISTERED NUMBER: SC477050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 20,180 | 45,651 |
The bank borrowings are secured by a bond and floating charge over all of the company's assets and a guarantee from the director. |
Hire purchase obligations are secured over the assets to which the contracts relate. |
10. | OTHER FINANCIAL COMMITMENTS |
The company has future operating lease commitments of £200,000 (2023: £210,000). |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date, there was an amount due to the director of £254 (2023: £66,024 ). This loan is interest free, unsecured and no repayment terms have been established. |