TSL Scotland Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC448053

TSL SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

13,615

17,105

Investments

5

100

-

13,715

17,105

CURRENT ASSETS

Debtors

6

216,958

390,335

Cash at bank and in hand

314,250

279,137

531,208

669,472

CREDITORS

Amounts falling due within one year

7

69,866

119,496

NET CURRENT ASSETS

461,342

549,976

TOTAL ASSETS LESS CURRENT LIABILITIES

475,057

567,081

PROVISIONS FOR LIABILITIES

2,587

3,518

NET ASSETS

472,470

563,563

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

472,370

563,463

SHAREHOLDERS' FUNDS

472,470

563,563

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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2022 and were signed on its behalf by:

W G Gallagher - Director

1.	STATUTORY INFORMATION

TSL Scotland Ltd is a private company, limited by shares, registered in Scotland. The company's registered office is 21 Glasgow Road, Kilmarnock, KA3 1TJ.

The presentation currency of the financial statements is 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about TSL Scotland Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. The company's policy is to recognise a sale when substantively all risks and rewards in connection with the services have been passed to the customer.

Management charges are shown as other income and relate to specific projects or assignments.

Tangible fixed assets

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

Plant and machinery etc

-

33.3% on cost, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and impairment.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants

Government grants are recognised using the accruals model. Grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in the income in the period in which it becomes receivable.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank loans and loans to and from related parties.

Debt instruments like loans and other accounts receivable 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, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of 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 directors consider 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.

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.

Foreign currency transactions

Monetary assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at rates ruling on the date of the transaction. Exchange differences are taken into account in arriving at operating profit.

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 6 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 April 2020

and 31 March 2021

35,041

Depreciation

At 1 April 2020

17,936

Charge for year

3,490

At 31 March 2021

21,426

Net book value

At 31 March 2021

13,615

At 31 March 2020

17,105

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

Cost

Additions

100

At 31 March 2021

100

Net book value

At 31 March 2021

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Energy Savings (Scotland) Ltd

Registered office: 89 Seaward Street, Glasgow G41 1HJ

Nature of business: Direct sales

%

Class of shares:

holding

Ordinary

100.00

2021

31/10/19

£

£

Aggregate capital and reserves

(4,164

)

100

Loss for the period/year

(4,264

)

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

240

204,864

Other debtors

216,718

185,471

216,958

390,335

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

2,009

Trade creditors

4,044

33,438

Taxation and social security

3,313

79,252

Other creditors

62,509

4,797

69,866

119,496

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

6,854

-

TSL Scotland Ltd informally novates a lease to its subsidiary undertaking, Energy Savings (Scotland) Ltd.

The commitment still lies with TSL Scotland although the lease expired post year end.

9.	DIRECTORS' 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

£

£

W G Gallagher

Balance outstanding at start of year

35,305

19,472

Amounts advanced

160,046

225,940

Amounts repaid

(257,860

)

(210,107

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(62,509

)

35,305

This amount is interest free, unsecured and carries no fixed repayment terms.