Tenguns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC476667 (Scotland)

Tenguns Limited

Unaudited Financial Statements

for the Year Ended 31 May 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Nugent

REGISTERED OFFICE:

10 Avon Road

Edinburgh

Midlothian

EH4 6RD

REGISTERED NUMBER:

SC476667 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Barclays Bank PLC

10-15 Princes Street

Edinburgh

Midlothian

EH2 2AN

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,182,142

965,000

1,182,142

965,000

CURRENT ASSETS

Cash at bank

253,512

84,095

CREDITORS

Amounts falling due within one year

6

255,285

276,217

NET CURRENT LIABILITIES

(1,773

)

(192,122

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,369

772,878

CREDITORS

Amounts falling due after more than one year

7

(902,651

)

(507,799

)

PROVISIONS FOR LIABILITIES

(28,552

)

(28,552

)

NET ASSETS

249,166

236,527

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

9

158,615

158,615

Retained earnings

9

90,550

77,911

SHAREHOLDERS' FUNDS

249,166

236,527

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

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

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.

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 Income Statement has not been delivered.

The financial statements were approved by the director on 25 November 2019 and were signed by:

P J Nugent - Director

1.	STATUTORY INFORMATION

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

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents income from consultancy services. Revenue is recognised when the service

has been supplied to the client.

Rental income is recognised as per the lease agreement.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in

fair value are recognised in the profit and loss account for the year. A reduction in value due to the

fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the

property is sold and at the year-end is included in the fair value reserve with the relevant change in

fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet 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.

Going concern

The financial statements have been prepared on the going concern principal which assumes that the

company will continue to function in the foreseeable future. In order to do so the company will

require the continued support of its director. The director has indicated his willingness to do so.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 1 ).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2018

and 31 May 2019

2,265

DEPRECIATION

At 1 June 2018

and 31 May 2019

2,265

NET BOOK VALUE

At 31 May 2019

-

At 31 May 2018

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

965,000

Additions

217,142

At 31 May 2019

1,182,142

NET BOOK VALUE

At 31 May 2019

1,182,142

At 31 May 2018

965,000

The property was revalued on 31 May 2018 on an existing use basis by the director, who is not a

professional valuer.

Fair value at 31 May 2019 is represented by:

£

Valuation in 2017

56,026

Valuation in 2018

131,141

Cost

994,975

1,182,142

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as

restated

£

£

Tax

2,965

17,917

Director's current account

247,536

255,195

Accruals and deferred income

4,784

3,105

255,285

276,217

Included within other creditors there is a loan from the director, which is unsecured, interest free

and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

as

restated

£

£

Other loans more than 5 years

902,651

507,799

2019

2018

as

restated

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more than 5 years

902,651

507,799

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

as

restated

£

£

Other loans

902,651

507,799

Charter Court Financial Services Limited have standard securities over two of the company's

properties.

9.

RESERVES

Retained earnings

Fair value reserve

Total

£

£

£

Brought forward

(704,308

)

-

(704,308

)

Prior year adjustment

742,097

48,242

790,339

37,789

48,242

86,031

Profit for the year

150,495

150,495

Transfer

(110,373

)

110,373

-

Carried forward

77,911

158,615

236,526

The fair value reserve represents the net revaluation surplus that is not readily distributable as

realised earnings.