Tartanbay Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC242358

TARTANBAY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investment property

4

120,000

120,000

CURRENT ASSETS

Debtors

5

877

877

Cash at bank

17,397

34,970

18,274

35,847

CREDITORS

Amounts falling due within one year

6

27,031

51,808

NET CURRENT LIABILITIES

(8,757

)

(15,961

)

TOTAL ASSETS LESS CURRENT LIABILITIES

111,243

104,039

PROVISIONS FOR LIABILITIES

13,298

14,247

NET ASSETS

97,945

89,792

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

73,071

72,122

Retained earnings

24,872

17,668

SHAREHOLDERS' FUNDS

97,945

89,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 director on 27 October 2017 and were signed by:

H S Fields - Director

1.	STATUTORY INFORMATION

Tartanbay Limited is a private company, limited by shares, registered in Scotland. The registered office is

Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in 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 modified to include the revaluation of

investment property.

Turnover

Turnover represents income receivable under operating leases.

The company's policy is to recognise income in accordance with the terms of the lease agreements.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as

follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable

expenditure.

(ii)Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be

measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account

for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the

revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable

reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recognised at transaction value and subsequently at their settlement value.

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 director considers 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2016

and 31 January 2017

120,000

NET BOOK VALUE

At 31 January 2017

120,000

At 31 January 2016

120,000

The fair value of the investment property at 31 January 2017, has been arrived at on the basis of a valuation

carried out at that date by the company director, who is not a professionally qualified valuer. The valuation,

which does not differ from the valuation at the end of the previous reporting period, was arrived at by reference

to market evidence of transaction prices for similar properties in their location and takes into account the current

state of the rental market in the area where the properties are situated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

877

877

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

23,175

48,175

Taxation and social security

1,801

1,707

Other creditors

2,055

1,926

27,031

51,808

7.	FIRST YEAR ADOPTION

As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of

transition, 1 February 2015, and the prior year end, 31 January 2016 need to be restated for the changes which

have occurred on transition to FRS 102.

In accordance with FRS102, investment property is included at fair value. Gains are recognised in the profit and

loss account and deferred tax is provided on these gains at the rate expected to apply when the property is sold.

As a result of these policy changes, the balance of the investment revaluation reserve has been reallocated to

profit and loss reserves. As this balance remains undistributable, it has been reclassified as a fair value reserve to

differentiate from the profit and loss reserves available for distribution.

Deferred tax of £14,375 relating to investment property, has been incorporated on transition and the provision

has been reduced by £128 in the comparative year ended 31 January 2016. The above transitional adjustments

have resulted in Capital and Reserves at 31 January 2016, previously stated at £104,039 being restated to

£89,792 No further restatement of the Profit and Loss Account or Balance Sheet and no further changes to

accounting policies have been required on transition.