Registration number:
Talo Property Management Ltd
for the Year Ended 31 March 2025
Talo Property Management Ltd
Contents
|
Company Information |
|
|
Accountants' Report |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
Talo Property Management Ltd
Company Information
|
Director |
S L Kemp |
|
Registered office |
|
|
Accountants |
|
DEANS
Chartered Accountants
Chartered
Accountants' Report to the
Director
on the Preparation of the Unaudited Statutory Accounts of
Talo Property Management Ltd
for the
Year
Ended
31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Talo Property Management Ltd for the year ended 31 March 2025 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.
This report is made solely to the Board of Directors of Talo Property Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Talo Property Management Ltd and state those matters that we have agreed to state to the Board of Directors of Talo Property Management Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Talo Property Management Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Talo Property Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Talo Property Management Ltd. You consider that Talo Property Management 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 accounts of Talo Property Management 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 accounts.
......................................
Hawick
Scottish Borders
TD9 9BD
Talo Property Management Ltd
(Registration number: SC578180)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
- |
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
- |
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
......................................... |
Talo Property Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
The principal place of business is:
21 Market Street
Galashiels
Scottish Borders
TD1 3AD
Scotland
These financial statements were authorised for issue by the
|
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.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included: |
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets. |
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. |
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.
Rental income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.
Talo Property Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises 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.
Depreciation
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
20% straight line |
|
Motor vehicles |
25% straight line |
|
Office furniture and equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Talo Property Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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 profit and loss account 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
Recognition and measurement
Impairment
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
|
Debtors |
|
Current |
2025 |
2024 |
|
Other debtors |
|
|
|
|
|
Talo Property Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Other creditors |
- |
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Talo Property Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
Summary of transactions with other related parties
ASM Developments Limited
(Director and shareholder of the company, SL Kemp is also a director and shareholder of ASM Developments Limited).
During the prior year Talo Property Management Limited borrowed money from ASM Developments Limited. At the balance sheet date the amount due to ASM Developments Limited was £nil (2024 - £9,414).
Waukrigg Development Company Limited
(Shareholder and director of the company, SL Kemp is also a shareholder and director of Waukrigg Development Company Limited).
During the year Talo Property Management Limited lent money to Waukrigg Development Company Limited. At the balance sheet date the amount due from Waukrigg Development Company Limited was £12,741 (2024- £13,015).
Talo Holdings Limited
(Shareholder and director of the company, SL Kemp is also a shareholder and director of Talo Holdings Limited).
During the year Talo Property Management Limited lent money to Talo Holdings Ltd. At the balance sheet date the amount due from Talo Holdings Limited was £100 (2024 - £12,909).