Troon Tug Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC338592 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Troon Tug Company Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Robin David Taylor

REGISTERED OFFICE:

Westburn Business Centre

Prestwick

Ayrshire

KA9 2PB

REGISTERED NUMBER:

SC338592 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Troon Tug Company Limited for the year ended 31 March 2021 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Troon Tug Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Troon Tug Company Limited and state those matters that we have agreed to state to the director of Troon Tug Company Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Troon Tug Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Troon Tug Company Limited. You consider that Troon Tug Company Limited 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 financial statements of Troon Tug Company Limited. 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 financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

20 May 2021

FIXED ASSETS

Tangible assets

4

708,773

781,035

CURRENT ASSETS

Debtors

5

133,006

100,075

Cash in hand

-

100

133,006

100,175

CREDITORS

Amounts falling due within one year

6

356,382

359,481

NET CURRENT LIABILITIES

(223,376

)

(259,306

)

TOTAL ASSETS LESS CURRENT LIABILITIES

485,397

521,729

CREDITORS

Amounts falling due after more than one year

7

127,228

118,453

NET ASSETS

358,169

403,276

CAPITAL AND RESERVES

Called up share capital

9

3

3

Retained earnings

358,166

403,273

SHAREHOLDERS' FUNDS

358,169

403,276

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 May 2021 and were signed by:

Robin David Taylor - Director

1.	STATUTORY INFORMATION

Troon Tug Company 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.

The presentation currency of the financial statements is the Pound 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. The financial statements have been prepared under the historical cost convention.

Going Concern

Bank Loan and overdraft facilities are renewed annually and this process is currently taking place. The renewal of this finance together with that provided by the director are essential components of the company's working capital requirements . The director monitors cash flow on a regular basis to ensure the company has sufficient resources to meet commitments as they fall due. Taking account of all of these factors the director has prepared these accounts on a going concern basis. .

Covid 19

At the date of signing these financial statements the Coronavirus Pandemic is still having a Global impact. The company continues to operate in a restricted way during this period. Whilst the overall impact still remains uncertain for the UK economy the Director believes that with the steps which have been taken, ongoing Government support and the commitment of all staff and the loyalty of customers, that the business will be in a position to come through this period and continue in operation for the next year and beyond.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, taking account of estimated residual values.

Boats and equipment - 10% on reducing balance

Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Government grants

The director believes that revenue grants received during COVID-19 should be offset against the costs incurred and as such have been accounted for in that manner.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company/group and short term bank deposits with and original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Boats and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 April 2020

1,380,110

18,950

1,399,060

Additions

1,533

-

1,533

At 31 March 2021

1,381,643

18,950

1,400,593

DEPRECIATION

At 1 April 2020

611,250

6,775

618,025

Charge for year

70,985

2,810

73,795

At 31 March 2021

682,235

9,585

691,820

NET BOOK VALUE

At 31 March 2021

699,408

9,365

708,773

At 31 March 2020

768,860

12,175

781,035

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

111,150

83,449

Other debtors

3,267

7,793

Deferred tax asset

12,486

1,906

Prepayments and accrued income

6,103

6,927

133,006

100,075

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

215,295

213,722

Trade creditors

20,845

24,620

Social security and other taxes

9,489

9,592

Director's current account

105,359

106,703

Accruals and deferred income

5,394

4,844

356,382

359,481

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

49,000

39,000

Bank loans - 2-5 years

78,228

79,453

127,228

118,453

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

167,032

177,722

Bank loans

175,491

154,453

342,523

332,175

The bank loans and overdraft are secured by way of a fixed and floating charge over the whole assets of the company in favour of the Clydesdale Bank PLC.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

3

Ordinary A

1

3

3

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

Robin David Taylor

Balance outstanding at start of year

106,703

108,947

Amounts repaid

(1,344

)

(2,244

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

105,359

106,703

The amount shown as due on the director's loan account is interest free and repayable to the director on demand.

11.	CONTROLLING PARTY

The controlling party is Robin David Taylor.