Tower Mains Studios Limited - Accounts to registrar (filleted) - small 17.3

Tower Mains Studios Limited - Accounts to registrar (filleted) - small 17.3

TOWER MAINS STUDIOS LIMITED - Company Information

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REGISTERED NUMBER: SC136812 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2017

for

Tower Mains Studios Limited
Tower Mains Studios Limited (Registered number: SC136812)






Contents of the Financial Statements
for the Year Ended 30 June 2017




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Tower Mains Studios Limited

Company Information
for the Year Ended 30 June 2017







DIRECTOR: W Drysdale





REGISTERED OFFICE: 18 Liberton Brae
Edinburgh
EH16 6AE





REGISTERED NUMBER: SC136812 (Scotland)





ACCOUNTANTS: Anderson Ballantine
Tower Mains Studios
18d Liberton Brae
Edinburgh
EH16 6AE
Page 1
Tower Mains Studios Limited (Registered number: SC136812)

Abridged Statement of Financial Position
30 June 2017

30.6.17 30.6.16
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 - 353
Investment property 4 875,000 875,000
875,000 875,353

CURRENT ASSETS
Debtors 122,358 121,597
Cash at bank 13,666 18,576
136,024 140,173
CREDITORS
Amounts falling due within one year 895,399 32,273
NET CURRENT (LIABILITIES)/ASSETS (759,375 ) 107,900
TOTAL ASSETS LESS CURRENT
LIABILITIES
115,625
983,253

CREDITORS
Amounts falling due after more than one
year
-
875,000
NET ASSETS 115,625 108,253

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 115,525 108,153
SHAREHOLDERS' FUNDS 115,625 108,253

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 notes form part of these financial statements

Page 2 continued...
Tower Mains Studios Limited (Registered number: SC136812)

Abridged Statement of Financial Position - continued
30 June 2017


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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 March 2018 and were signed by:





W Drysdale - Director


The notes form part of these financial statements

Page 3
Tower Mains Studios Limited (Registered number: SC136812)

Notes to the Financial Statements
for the Year Ended 30 June 2017

1. STATUTORY INFORMATION

Tower Mains Studios 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 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income received, excluding value added tax.

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 etc - 33% on cost

Investment property
On transition to FRS102 the market value of the investment property has been adopted as cost from 30 June
2016. The property was sold in September 2017 for the amount now adopted as cost and therefore no valuation
is required.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position 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.

Page 4 continued...
Tower Mains Studios Limited (Registered number: SC136812)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2017

3. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2016
and 30 June 2017 1,041
DEPRECIATION
At 1 July 2016 688
Charge for year 353
At 30 June 2017 1,041
NET BOOK VALUE
At 30 June 2017 -
At 30 June 2016 353

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2016
and 30 June 2017 875,000
NET BOOK VALUE
At 30 June 2017 875,000
At 30 June 2016 875,000


5. LOANS

The company sold its investment property in September 2017. The loan provider agreed to accept the proceeds
of this sale in full and final settlement of the loan outstanding to them.

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and
30 June 2016:

30.6.17 30.6.16
£    £   
C F Drysdale
Balance outstanding at start of year 120,847 117,327
Amounts advanced 1,510 3,520
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 122,357 120,847

Interest is charged at a commercial rate.

Page 5 continued...
Tower Mains Studios Limited (Registered number: SC136812)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2017

7. POST BALANCE SHEET EVENTS AND SECURITY GRANTED

The company sold its investment property in September 2017 for £875,000. The provider of the term loan
secured over the property agreed to accept this amount in full and final settlement of the loan agreement with
them and all charges over the company's property were released. Up until then the lender held a fixed charge
over the company's Heritable Property and a Bond and Floating charge over all other assets.

Page 6