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

REGISTERED NUMBER: SC242358

TARTANBAY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investment property

4

120,000

120,000

CURRENT ASSETS

Cash at bank

17,606

9,817

CREDITORS

Amounts falling due within one year

5

3,996

3,884

NET CURRENT ASSETS

13,610

5,933

TOTAL ASSETS LESS CURRENT LIABILITIES

133,610

125,933

PROVISIONS FOR LIABILITIES

12,844

12,844

NET ASSETS

120,766

113,089

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

73,525

73,525

Retained earnings

47,239

39,562

SHAREHOLDERS' FUNDS

120,766

113,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 August 2020 and were signed by:

H S Fields - Director

1.	STATUTORY INFORMATION

Tartanbay Limited is a private company, limited by shares, registered in Scotland. The registered office is

Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in 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 modified to include the revaluation of

investment property.

Going Concern

The financial statements have been prepared on a going concern basis. The validity of this is dependent on the

financial performance of the company following the restrictions and other conditions placed throughout the UK

due to the Covid 19 pandemic, including the recoverability of debtors and the continued support of creditors.

After due consideration, the director considers it appropriate to prepare the financial statements on a going

concern basis.

Judgements

The company considers, on an annual basis, the judgements made by management when applying its significant

accounting policies which would have the most significant effect on amounts that are recognised in the financial

statements. The director considers there are no such significant judgements.

Turnover

Turnover represents income receivable under operating leases.

The company's policy is to recognise income in accordance with the terms of the lease agreements.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as

follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable

expenditure.

(ii)Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be

measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account

for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the

revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable

reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivables and payable and loans from related parties.

Debt instruments like loans and other accounts receivables 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, are measured initially and subsequently at the undiscounted amount of

the 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.

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 NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2019

and 31 January 2020

120,000

NET BOOK VALUE

At 31 January 2020

120,000

At 31 January 2019

120,000

The fair value of the investment property at 31 January 2020 has been arrived at on the basis of a valuation

carried out at that date by the company director, who is not a professionally qualified valuer. The valuation,

which does not differ from the valuation at the end of the previous reporting period, was arrived at by reference

to market evidence of transaction prices for similar properties in their location and takes into account the current

state of the rental market in the area where the properties are situated.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

257

257

Taxation and social security

1,801

1,689

Other creditors

1,938

1,938

3,996

3,884