Company Registration No. SC078161 (Scotland)
Tarrant Woodley Limited
Unaudited accounts
for the year ended 31 March 2020
Tarrant Woodley Limited
Unaudited accounts
Contents
Tarrant Woodley Limited
Company Information
for the year ended 31 March 2020
Directors
Robert Walter Handley
Sandra Simpson Handley
Secretary
Robert Walter Handley
Company Number
SC078161 (Scotland)
Registered Office
New Dickson House
Dickson Street
Dunfermline
Fife
KY12 7SL
Scotland
Accountants
Allsquare (Edinburgh) Ltd
Federation House
222-224 Queensferry Road
Edinburgh
EH4 2BN
Tarrant Woodley Limited
Statement of financial position
as at 31 March 2020
Tangible assets
3,965
4,801
Investment property
1,201,717
1,455,000
Cash at bank and in hand
131,727
115,338
Creditors: amounts falling due within one year
(89,075)
(125,182)
Net current assets
118,629
4,358
Total assets less current liabilities
1,324,311
1,464,159
Provisions for liabilities
Net assets
1,323,609
1,463,247
Called up share capital
30,000
30,000
Revaluation reserve
928,280
928,280
Profit and loss account
365,329
504,967
Shareholders' funds
1,323,609
1,463,247
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2021 and were signed on its behalf by
Robert Walter Handley
Director
Company Registration No. SC078161
Tarrant Woodley Limited
Notes to the Accounts
for the year ended 31 March 2020
Tarrant Woodley Limited is a private company, limited by shares, registered in Scotland, registration number SC078161. The registered office is New Dickson House, Dickson Street, Dunfermline, Fife, KY12 7SL, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover represents rents receivable exclusive of value added tax.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
20% straight line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The investment properties are not depreciated which is in accordance with the Financial Reporting Standard 102. Compliance with the FRS is a departure from the Companies Act 2006 necessary to give a true and fair view.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tarrant Woodley Limited
Notes to the Accounts
for the year ended 31 March 2020
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Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2019
1,506
4,800
6,306
At 31 March 2020
1,822
4,800
6,622
At 1 April 2019
545
960
1,505
Charge for the year
192
960
1,152
At 31 March 2020
737
1,920
2,657
At 31 March 2020
1,085
2,880
3,965
At 31 March 2019
961
3,840
4,801
Fair value at 1 April 2019
1,455,000
At 31 March 2020
1,201,717
Investment properties were valued on an open market basis on 31 March 2020 by the directors.
Trade debtors
10,081
9,165
Accrued income and prepayments
3,047
4,588
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Creditors: amounts falling due within one year
2020
2019
Taxes and social security
3,334
1,393
Other creditors
11,930
10,984
Loans from directors
55,750
93,750
Allotted, called up and fully paid:
30,000 Ordinary shares of £1 each
30,000
30,000
Tarrant Woodley Limited
Notes to the Accounts
for the year ended 31 March 2020
9
Transactions with related parties
Included in 'Loans from directors' is an amount of £55,750 due from (2019: £93,750 due to) the company to the directors, Robert Walter Handley and Sandra Simpson Handley. The loan is interest free and has no fixed terms for repayment.
Included in 'Other debtors' is an amount of £316 (2019: £316) due to the company from former shareholders, James Ligertwood and Mary Ligertwood. The loan is interest free and has no fixed terms for repayment.
Included in 'Other debtors' is an amount of £62,533 (2019: £133) due to the company from Kinloch Holdings Limited to the company. Robert Walter Handley and Sandra Simpson Handley are directors and shareholders of Kinloch Holdings Limited. The loan is interest free and has no fixed terms for repayment.
The company is under the control of the director, Robert Walter Handley, by virtue of a controlling interest (directly or indirectly) of the company's issued share capital.
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Average number of employees
During the year the average number of employees was 2 (2019: 2).
