Torridon Developments Limited Filleted accounts for Companies House (small and micro)

TORRIDON DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC485894

Torridon Developments Limited

Filleted Unaudited Financial Statements

31 March 2018

Torridon Developments Limited

Statement of Financial Position

31 March 2018

	31 Mar 18		30 Sep 16
Note	£	£	£

Fixed assets

Tangible assets	5		1,000,000	1,000,000

Current assets

Debtors	6	328,727	353,610
Cash at bank and in hand		41,483	5,308
		---------	---------
		370,210	358,918

Creditors: amounts falling due within one year	7	137,863		78,971
		---------		---------
Net current assets			232,347	279,947
			------------	------------
Total assets less current liabilities			1,232,347	1,279,947

Creditors: amounts falling due after more than one year	8		379,956	466,638

Provisions

Taxation including deferred tax	127,532	129,534
	------------	------------
Net assets	724,859	683,775
	------------	------------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	568,607	566,605
Profit and loss account	156,250	117,168
	---------	---------
Shareholders funds	724,859	683,775
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

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

Torridon Developments Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 19 December 2018 , and are signed on behalf of the board by:

Mr J. Gibson

Director

Company registration number: SC485894

Torridon Developments Limited

Notes to the Financial Statements

Period from 1 October 2016 to 31 March 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 56 Torridon Road, Broughty Ferry, Dundee, DD5 3JH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

4. Tax on profit

Major components of tax expense

	Period from
	1 Oct 16 to	Year to
	31 Mar 18	30 Sep 16
	£	£

Current tax:

UK current tax expense	9,367	10,717
	-------	--------
Tax on profit	9,367	10,717
	-------	--------

5. Tangible assets

	Land and buildings
	£
Cost
At 1 October 2016 and 31 March 2018	1,000,000
	------------
Depreciation
At 1 October 2016 and 31 March 2018	–
	------------
Carrying amount
At 31 March 2018	1,000,000
	------------
At 30 September 2016	1,000,000
	------------

The property was revalued to the market value by the company directors in the previous financial period. The directors believe that there is no material change in value in the current period .

6. Debtors

	31 Mar 18	30 Sep 16
	£	£
Other debtors	328,727	353,610
	---------	---------

7. Creditors: amounts falling due within one year

	31 Mar 18	30 Sep 16
	£	£
Bank loans and overdrafts	65,022	43,363
Corporation tax	9,402	10,751
Social security and other taxes	5,019	3,826
Other creditors	58,420	21,031
	---------	--------
	137,863	78,971
	---------	--------

8. Creditors: amounts falling due after more than one year

	31 Mar 18	30 Sep 16
	£	£
Bank loans and overdrafts	379,956	466,638
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £119,867 (2016: £293,186) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Related party transactions

The company was under the control of the directors throughout the current period.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

Reconciliation of equity

	1 October 2015			30 September 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	–	–	–	1,000,000	–	1,000,000
Current assets	315,241	–	315,241	358,918	–	358,918
Creditors: amounts falling due within one year	( 240,940)	–	( 240,940)	( 78,971)	–	( 78,971)
	---------	----	---------	------------	----	------------
Net current assets	74,301	–	74,301	279,947	–	279,947
	---------	----	---------	------------	----	------------
Total assets less current liabilities	74,301	–	74,301	1,279,947	–	1,279,947

Creditors: amounts falling due after more than one year	–	–	–	( 466,638)	–	( 466,638)
Provisions	–	( 131,689)	( 131,689)	–	( 129,534)	( 129,534)
	---------	---------	---------	------------	---------	------------
Net assets	74,301	( 131,689)	( 57,388)	813,309	( 129,534)	683,775
	---------	---------	---------	------------	---------	------------

	---------	---------	---------	------------	---------	------------
Capital and reserves	74,301	( 131,689)	( 57,388)	813,309	( 129,534)	683,775
	---------	---------	---------	------------	---------	------------

FRS 102 requires that deferred tax on the potential chargeable gain, after available allowances, is provided in the financial statements for any revalued properties. This has resulted in deferred tax charge of £131,389 being recognised at the transition date, and a deferred tax credit of £1,155 at 30 September 2016 in order to restate the comparative figures in accordance with FRS 102.