Tingwall Livestock Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC285843 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Tingwall Livestock Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R H Eunson

Mrs K A Roberts

SECRETARY:

C R H Eunson

REGISTERED OFFICE:

Griesta

Tingwall

Shetland

ZE2 9SB

REGISTERED NUMBER:

SC285843 (Scotland)

ACCOUNTANTS:

Bon Accord Accountancy Limited

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Tangible assets

4

29,946

45,559

Investments

5

166

166

30,112

45,725

CURRENT ASSETS

Stocks

6

652,246

515,771

Debtors

7

5,026

29,347

657,272

545,118

CREDITORS

Amounts falling due within one year

8

469,366

326,596

NET CURRENT ASSETS

187,906

218,522

TOTAL ASSETS LESS CURRENT LIABILITIES

218,018

264,247

CREDITORS

Amounts falling due after more than one year

9

19,933

30,708

NET ASSETS

198,085

233,539

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

198,075

233,529

SHAREHOLDERS' FUNDS

198,085

233,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:

C R H Eunson - Director

Mrs K A Roberts - Director

1.	STATUTORY INFORMATION

Tingwall Livestock 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance and 12.5% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks 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 stocks to their present location and condition.

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

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 3 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2022

75,915

26,498

505

102,918

Additions

1,248

-

-

1,248

Disposals

(10,710

)

(4,350

)

(505

)

(15,565

)

At 30 June 2023

66,453

22,148

-

88,601

DEPRECIATION

At 1 July 2022

41,226

15,628

505

57,359

Charge for year

7,095

2,718

-

9,813

Eliminated on disposal

(6,109

)

(1,903

)

(505

)

(8,517

)

At 30 June 2023

42,212

16,443

-

58,655

NET BOOK VALUE

At 30 June 2023

24,241

5,705

-

29,946

At 30 June 2022

34,689

10,870

-

45,559

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 July 2022

and 30 June 2023

22,148

DEPRECIATION

At 1 July 2022

14,541

Charge for year

1,902

At 30 June 2023

16,443

NET BOOK VALUE

At 30 June 2023

5,705

At 30 June 2022

7,607

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2022

and 30 June 2023

166

NET BOOK VALUE

At 30 June 2023

166

At 30 June 2022

166

6.

STOCKS

30.6.23

30.6.22

£

£

Valuation

6,485

6,015

Stocks

3,000

3,000

Work-in-progress

642,761

506,756

652,246

515,771

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

552

6,042

Other debtors

4,474

23,305

5,026

29,347

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts

51,008

44,555

Hire purchase contracts

1,433

4,300

Trade creditors

55,753

16,991

Taxation and social security

43,432

36,017

Other creditors

317,740

224,733

469,366

326,596

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans

19,933

29,633

Hire purchase contracts

-

1,075

19,933

30,708