ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

TAYBLAST FIRE PROTECTION LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-01-01 SC134817 2017-01-01 2017-12-31 SC134817 2016-01-01 2016-12-31 SC134817 2017-12-31 SC134817 2016-12-31 SC134817 c:CompanySecretary1 2017-01-01 2017-12-31 SC134817 c:Director1 2017-01-01 2017-12-31 SC134817 c:Director2 2017-01-01 2017-12-31 SC134817 c:Director3 2017-01-01 2017-12-31 SC134817 c:RegisteredOffice 2017-01-01 2017-12-31 SC134817 c:Agent1 2017-01-01 2017-12-31 SC134817 d:FreeholdInvestmentProperty 2017-12-31 SC134817 d:FreeholdInvestmentProperty 2016-12-31 SC134817 d:CurrentFinancialInstruments 2017-12-31 SC134817 d:CurrentFinancialInstruments 2016-12-31 SC134817 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 SC134817 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 SC134817 d:UKTax 2017-01-01 2017-12-31 SC134817 d:UKTax 2016-01-01 2016-12-31 SC134817 d:ShareCapital 2017-12-31 SC134817 d:ShareCapital 2016-12-31 SC134817 d:RetainedEarningsAccumulatedLosses 2017-12-31 SC134817 d:RetainedEarningsAccumulatedLosses 2016-12-31 SC134817 c:OrdinaryShareClass1 2017-01-01 2017-12-31 SC134817 c:OrdinaryShareClass1 2017-12-31 SC134817 c:FRS102 2017-01-01 2017-12-31 SC134817 c:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 SC134817 c:FullAccounts 2017-01-01 2017-12-31 SC134817 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC134817









TAYBLAST FIRE PROTECTION LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017
 
TAYBLAST FIRE PROTECTION LTD
 
 
COMPANY INFORMATION


Directors
Allan Kennedy 
Tracey Stewart 
Graham Robinson 




Company secretary
Tracey Stewart



Registered number
SC134817



Registered office
Kirkton Enterprise Centre
Sir William Smith Road

Arbroath

Angus

DD11 3RD




Accountants
Findlays

Westway Enterprise Centre

Peasiehill Road

Arbroath

DD11 2NJ




Bankers
The Royal Bank of Scotland
Brothock Bridge

Arbroath

DD11 1UH




 
TAYBLAST FIRE PROTECTION LTD
 

CONTENTS



Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 7

 
TAYBLAST FIRE PROTECTION LTD
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TAYBLAST FIRE PROTECTION LTD
FOR THE YEAR ENDED 31 DECEMBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tayblast Fire Protection Ltd for the year ended 31 December 2017 which comprise  the Balance Sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.

This report is made solely to the Board of Directors of Tayblast Fire Protection Ltd, as a body, in accordance with the terms of our engagement letter dated 3 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Tayblast Fire Protection Ltd and state those matters that we have agreed to state to the Board of Directors of Tayblast Fire Protection Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tayblast Fire Protection Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Tayblast Fire Protection Ltd 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 profit or loss of Tayblast Fire Protection Ltd. You consider that Tayblast Fire Protection Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Tayblast Fire Protection Ltd. 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.

  



Findlays
Westway Enterprise Centre
Peasiehill Road
Arbroath
DD11 2NJ
27 April 2018
Page 1
 
TAYBLAST FIRE PROTECTION LTD
REGISTERED NUMBER: SC134817

BALANCE SHEET
AS AT 31 DECEMBER 2017

2017
2016
Note
£
£

Fixed assets
  

Investment property
 5 
50,028
50,028

  
50,028
50,028

Current assets
  

Debtors: amounts falling due within one year
 6 
3,125
1,250

Cash at bank and in hand
 7 
12,768
9,848

  
15,893
11,098

Creditors: amounts falling due within one year
 8 
(7,582)
(8,357)

Net current assets
  
 
 
8,311
 
 
2,741

Total assets less current liabilities
  
58,339
52,769

  

Net assets
  
58,339
52,769


Capital and reserves
  

Called up share capital 
 9 
3
3

Profit and loss account
  
58,336
52,766

  
58,339
52,769


Page 2
 
TAYBLAST FIRE PROTECTION LTD
REGISTERED NUMBER: SC134817
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2018.




Tracey Stewart
Director
The notes on pages 4 to 7 form part of these financial statements.

Page 3
 
TAYBLAST FIRE PROTECTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

1.


General information

Tayblast Fire Protection Limited is a private company limited by shares, incorporated in Scotland within the United Kingdom (company number SC134817). The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 4
 
TAYBLAST FIRE PROTECTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2016 - 3).


4.


Taxation


2017
2016
£
£

Corporation tax


Current tax on profits for the year
382
1,157

Adjustments in respect of previous periods
(12)
-


370
1,157


Total current tax
370
1,157








Page 5
 
TAYBLAST FIRE PROTECTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2017
50,028



At 31 December 2017
50,028

The 2017 valuations were made by the directors, on an open market value for existing use basis.

Graham and Sibbald are regulated by RICS and valued the property in the prior year.  The directors do not expect that current valuation will be materially different than the valuation carried out last year.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2017
2016
£
£


Historic cost
50,028
50,028

50,028
50,028

Page 6
 
TAYBLAST FIRE PROTECTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

6.


Debtors

2017
2016
£
£


Trade debtors
3,125
1,250

3,125
1,250



7.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
12,768
9,848

12,768
9,848



8.


Creditors: Amounts falling due within one year

2017
2016
£
£

Corporation tax
382
1,157

Other creditors
6,000
6,000

Accruals and deferred income
1,200
1,200

7,582
8,357



9.


Share capital

2017
2016
£
£
Allotted, called up and fully paid



3 Ordinary shares of £1 each
3
3

 
Page 7