Turnbull & Scott (Engineers) Limited - Accounts to registrar (filleted) - small 18.2
Turnbull & Scott (Engineers) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2021 |
| for |
| Turnbull & Scott (Engineers) Limited |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Turnbull & Scott (Engineers) Limited |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANT: |
| St Dunstans House |
| High Street |
| Melrose |
| Borders |
| TD6 9RU |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Statement of Financial Position |
| 31 December 2021 |
| 31/12/21 | 31/12/20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Property, plant and equipment | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Inventories | 7 |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Statement of Financial Position - continued |
| 31 December 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Turnbull & Scott (Engineers) Limited is a |
| 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. |
| Going Concern |
| The company has reported a loss for the year. |
| The directors are confident that the business will be able to continue to trade and are actively managing the business on a day to day basis, with an emphasis on controlling costs and taking into account all changes in market conditions. |
| Based on the forecasts and along with prudent decision making, the directors are confident the company will continue in operational existence for the foreseeable future and believe it remains appropriate to continue to prepare the financial statements on a going concern basis. |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2008, was fully written off in 2008. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to |
| the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, are recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| AMORTISATION |
| At 1 January 2021 |
| and 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| Disposals |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 5. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | (134,851 | ) | - | - | (134,851 | ) |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | (119,101 | ) | - | - | (119,101 | ) |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 7. | INVENTORIES |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Stocks |
| Work-in-progress |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| Prepayments |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 11) |
| Trade creditors |
| Social security and other taxes |
| VAT | 32,488 | 55,798 |
| Other creditors |
| Accruals & deferred income |
| Turnbull & Scott (Engineers) Limited (Registered number: SC334633) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Bank loans - 1-2 years |
| Other loans - 2-5 years |
| Hire purchase contracts (see note 11) |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Within one year |
| Between one and five years |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31/12/21 | 31/12/20 |
| £ | £ |
| Bank loans |
| The Company has granted a bond and floating charge over its assets in favour of HSBC plc, the Company's bankers. |