Company Registration No. SC249683 (Scotland)
THISTLE (TRAINING & DEVELOPMENT) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2014
THISTLE (TRAINING & DEVELOPMENT) LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
THISTLE (TRAINING & DEVELOPMENT) LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THISTLE (TRAINING & DEVELOPMENT) LTD FOR THE YEAR ENDED 31 OCTOBER 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thistle (Training & Development) Ltd for the year ended 31 October 2014 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.
This report is made solely to the Board of Directors of Thistle (Training & Development) Ltd, as a body, in accordance with the terms of our engagement letter dated 11 February 2004. Our work has been undertaken solely to prepare for your approval the financial statements of Thistle (Training & Development) Ltd and state those matters that we have agreed to state to the Board of Directors of Thistle (Training & Development) Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thistle (Training & Development) Ltd and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Thistle (Training & Development) 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 of Thistle (Training & Development) Ltd. You consider that Thistle (Training & Development) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thistle (Training & Development) 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.
Hogg & Thorburn
27 July 2015
Chartered Accountants
Moat House
14 Gala Park
GALASHIELS
Scottish Borders
TD1 1EX
THISTLE (TRAINING & DEVELOPMENT) LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2014
31 October 2014
- 2 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
805
729
Current assets
Debtors
10,394
19,209
Cash at bank and in hand
77,198
31,969
87,592
51,178
Creditors: amounts falling due within one year
(20,458)
(17,421)
Net current assets
67,134
33,757
Total assets less current liabilities
67,939
34,486
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
66,939
33,486
Shareholders' funds
67,939
34,486
For the financial year ended 31 October 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 July 2015
Michael Gallagher
Director
Company Registration No. SC249683
THISTLE (TRAINING & DEVELOPMENT) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014
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1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents invoiced fees for services provided net of Value Added Tax.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% straight line
Fixtures, fittings & equipment
15% reducing balance
1.5
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2013
3,243
Additions
447
At 31 October 2014
3,690
Depreciation
At 1 November 2013
2,514
Charge for the year
371
At 31 October 2014
2,885
Net book value
At 31 October 2014
805
At 31 October 2013
729
THISTLE (TRAINING & DEVELOPMENT) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2014
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3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
4
Related party relationships and transactions
Loans to directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Michael Gallagher - Loan
-
(1,886)
11,374
-
8,930
558
(1,886)
11,374
-
8,930
558
This loan will be repaid in full by 31 July 2015.
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