TSL Scotland Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC448053

TSL SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

11,489

13,736

CURRENT ASSETS

Debtors

5

271,789

223,601

Cash at bank

280,125

306,799

551,914

530,400

CREDITORS

Amounts falling due within one year

6

61,915

77,375

NET CURRENT ASSETS

489,999

453,025

TOTAL ASSETS LESS CURRENT LIABILITIES

501,488

466,761

PROVISIONS FOR LIABILITIES

2,086

2,086

NET ASSETS

499,402

464,675

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

499,302

464,575

SHAREHOLDERS' FUNDS

499,402

464,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

W G Gallagher - Director

1.	STATUTORY INFORMATION

TSL Scotland Limited is a private company, limited by shares, registered in Scotland. The company's registered

office is 21 Glasgow Road, Kilmarnock, KA3 1TJ.

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. There were no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

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 directors consider there are no such significant judgements.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. The company's policy is to

recognise a sale when substantively all risks and rewards in connection with the services have been passed to the

customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33.3% on cost, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property 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.

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.

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.

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 directors consider 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 and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Foreign currency transactions

Monetary assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at rates ruling on the date of the

transaction. Exchange differences are taken into account in arriving at operating profit.

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 3 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

25,356

Additions

10,327

Disposals

(11,450

)

At 31 March 2019

24,233

DEPRECIATION

At 1 April 2018

11,620

Charge for year

4,301

Eliminated on disposal

(3,177

)

At 31 March 2019

12,744

NET BOOK VALUE

At 31 March 2019

11,489

At 31 March 2018

13,736

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

164,199

Other debtors

271,789

59,402

271,789

223,601

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

11,457

29,088

Taxation and social security

45,646

40,154

Other creditors

4,812

8,133

61,915

77,375

7.	RELATED PARTY DISCLOSURES