Task Office Interiors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC272136 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

TASK OFFICE INTERIORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

R McLaughlin

Ms E McGrath

REGISTERED OFFICE:

Unit 1 Shawbridge Industrial Estate

239 Shawbridge Street

Pollokshaws

Glasgow

G43 1QN

REGISTERED NUMBER:

SC272136 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

FIXED ASSETS

Tangible assets

4

457

650

CURRENT ASSETS

Stocks

2,000

1,000

Debtors

5

160,712

72,251

Cash at bank and in hand

82,484

76,047

245,196

149,298

CREDITORS

Amounts falling due within one year

6

85,277

26,311

NET CURRENT ASSETS

159,919

122,987

TOTAL ASSETS LESS CURRENT LIABILITIES

160,376

123,637

CREDITORS

Amounts falling due after more than one year

7

(49,999

)

-

PROVISIONS FOR LIABILITIES

8

(89

)

(114

)

NET ASSETS

110,288

123,523

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

9

110,285

123,520

SHAREHOLDERS' FUNDS

110,288

123,523

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 17 January 2022 and were signed on its behalf by:

R McLaughlin - Director

1.	STATUTORY INFORMATION

Task Office Interiors 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.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Computer equipment

-

33.33% on cost or valuation

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 September 2020

4,199

3,766

7,965

Additions

-

472

472

Disposals

-

(1,960

)

(1,960

)

At 31 August 2021

4,199

2,278

6,477

DEPRECIATION

At 1 September 2020

4,199

3,116

7,315

Charge for year

-

375

375

Eliminated on disposal

-

(1,670

)

(1,670

)

At 31 August 2021

4,199

1,821

6,020

NET BOOK VALUE

At 31 August 2021

-

457

457

At 31 August 2020

-

650

650

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

131,110

42,624

Other debtors

7,649

7,649

Income tax recoverable

6,500

6,500

Directors' loan accounts

15,222

15,222

Prepayments and accrued income

231

256

160,712

72,251

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade creditors

55,038

15,310

Tax

2,141

-

Social security and other taxes

1,189

119

VAT

11,897

6,231

Other creditors

288

451

Accrued expenses

14,724

4,200

85,277

26,311

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans - 1-2 years

8,333

-

Bank loans - 2-5 years

33,333

-

Bank loans more 5 yr by instal

8,333

-

49,999

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

8,333

-

8.	PROVISIONS FOR LIABILITIES

31.8.21

31.8.20

£

£

Deferred tax

89

114

Deferred

tax

£

Balance at 1 September 2020

114

Utilised during year

(25

)

Balance at 31 August 2021

89

9.

RESERVES

Retained

earnings

£

At 1 September 2020

123,520

Profit for the year

35,785

Dividends

(49,020

)

At 31 August 2021

110,285

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2021 and 31 August 2020:

31.8.21

31.8.20

£

£

R McLaughlin

Balance outstanding at start of year

7,649

7,649

Amounts advanced

-

2,627

Amounts repaid

-

(2,627

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,649

7,649

Ms E McGrath

Balance outstanding at start of year

7,573

7,573

Amounts advanced

-

3,810

Amounts repaid

-

(3,810

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,573

7,573

The following reproduces the text of the report prepared for the directors 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 Income Statement and certain other primary statements and the Report of the Directors 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 Task Office Interiors Limited for the year ended 31 August 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Task Office Interiors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Task Office Interiors Limited and state those matters that we have agreed to state to the Board of Directors of Task Office Interiors Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Task Office Interiors 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 profit of Task Office Interiors Limited. You consider that Task Office Interiors 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 Task Office Interiors 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.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

17 January 2022