T. S. Anderson Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC020561 (Scotland)

T. S. ANDERSON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

Chartered Accountants' Report

11

DIRECTORS:

Thomas Somerville Anderson

Alison Mitchell

W Stewart Ferguson

Kevin Thompson

SECRETARY:

Alison Mitchell

REGISTERED OFFICE:

15 Ashton Road

Glasgow

G12 8SP

REGISTERED NUMBER:

SC020561 (Scotland)

ACCOUNTANTS:

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

BANKERS:

Royal Bank of Scotland plc

10 Gordon Street

Glasgow

G1 3PL

SOLICITORS:

Holmes Mackillop LLP

109 Douglas Street

Glasgow

G2 4HB

FIXED ASSETS

Tangible assets

4

2,951

3,935

Investment property

5

3,597,000

3,929,107

3,599,951

3,933,042

CURRENT ASSETS

Debtors

6

10,590

18,830

Investments

7

306,209

233,468

316,799

252,298

CREDITORS

Amounts falling due within one year

8

444,730

444,255

NET CURRENT LIABILITIES

(127,931

)

(191,957

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,472,020

3,741,085

CREDITORS

Amounts falling due after more than one year

9

(462,981

)

(451,799

)

PROVISIONS FOR LIABILITIES

11

(192,977

)

(209,852

)

NET ASSETS

2,816,062

3,079,434

CAPITAL AND RESERVES

Called up share capital

12

3,750

3,750

Revaluation reserve

13

1,781,516

2,094,192

Fair value reserve

13

106,803

64,568

Retained earnings

923,993

916,924

SHAREHOLDERS' FUNDS

2,816,062

3,079,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:

Thomas Somerville Anderson - Director

1.	STATUTORY INFORMATION

T.S. Anderson Limited is a private company, limited by shares, registered in Scotland. The company's registration number is SC020561 and registered office address is 15 Ashton Road, Glasgow, G12 8SP.

The nature of the Company's operations and its principal activities are that of renting of its properties and dealing in investments.

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 as modified by the revaluation of certain assets.

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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Turnover

This represents the proceeds of investments sold and rents received in the year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Investment property

The company owns properties that are held to earn long term rental income and for capital appreciation. Investment properties are initially recognised at cost. Investment properties whose fair value can be measured reliably are measured at fair value. Changes in fair value are recognised in the profit and loss account. Where the fair value of the property cannot be determined without undue cost or effort it is held at cost less accumulated depreciation and impairment.

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Other financial assets

Other financial assets include investments which are not investments in subsidiaries, associates or joint ventures. Investments are initially measured at fair value which usually equates to the transaction price and subsequently at fair value where investments are listed on an active market or where non listed investments can be reliably measured. Movements in fair value are measured in the profit and loss.W hen fair value cannot be measured reliably or can no longer be measured reliably, investments are measured at cost less impairment.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

and 31 March 2023

80,252

DEPRECIATION

At 1 April 2022

76,317

Charge for year

984

At 31 March 2023

77,301

NET BOOK VALUE

At 31 March 2023

2,951

At 31 March 2022

3,935

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

3,929,107

Revaluations

(332,107

)

At 31 March 2023

3,597,000

NET BOOK VALUE

At 31 March 2023

3,597,000

At 31 March 2022

3,929,107

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

3,597,000

If investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

1,652,839

1,652,839

Investment property was valued on an open market basis on 31 March 2023 by T S Anderson, a director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

10,590

18,830

7.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Listed investments

306,209

233,468

Market value of listed investments at 31 March 2023 - £ 306,209 (2022 - £ 233,468 ).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

44,084

79,439

Other loans

75,000

75,000

Tax

4,129

-

Social security and other taxes

3,484

2,629

Other creditors

267,427

238,829

Directors' current accounts

39,661

38,413

Accrued expenses

10,945

9,945

444,730

444,255

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

21,445

50,532

Bank loans - 2-5 years

77,191

181,596

Bank loans over 5 years

364,345

219,671

462,981

451,799

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

364,345

219,671

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

24,782

31,307

Bank loans

482,283

499,931

507,065

531,238

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Corporation tax relating to revaluation surpluses - current year

192,977

209,852

Deferred

tax

£

Balance at 1 April 2022

209,852

Provided during year

(16,875

)

Balance at 31 March 2023

192,977

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

3,750

Ordinary

£1

3,750

3,750

13.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 April 2022

2,094,192

64,568

2,158,760

Deferred tax movement

19,431

-

19,431

Transfer movement on unrealised (gains)/losses on investments

(332,107

)

42,235

(289,872

)

At 31 March 2023

1,781,516

106,803

1,888,319

The revaluation reserve represents the cumulative balance of unrealised gains on investment properties.

The fair value reserve represents the cumulative balance of unrealised gains and losses on current asset investments.

14.	CONTINGENT LIABILITIES

The company has provided guarantees to the Royal Bank of Scotland plc in respect of sums due to them by James Plenderleith Limited. As at 31 March 2022 James Plenderleith Limited owed the Bank £76,238 (2022: £54,831).

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Thomas Somerville Anderson.

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 Statement of Comprehensive Income 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 T. S. Anderson Limited for the year ended 31 March 2023 which comprise the Profit and loss, 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 T. S. Anderson 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 T. S. Anderson Limited and state those matters that we have agreed to state to the Board of Directors of T. S. Anderson 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 T. S. Anderson 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 T. S. Anderson Limited. You consider that T. S. Anderson 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 T. S. Anderson 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.

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

27 September 2023