Company Registration No. SC279746 (Scotland)
Tayside Solicitors Property Centre Limited
financial statements
for the year ended 30 June 2021
Pages for filing with Registrar
Tayside Solicitors Property Centre Limited
Balance sheet
as at 30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,500
20,627
Current assets
Debtors
5
37,655
40,802
Cash at bank and in hand
553,987
316,417
591,642
357,219
Creditors: amounts falling due within one year
6
(162,107)
(99,282)
Net current assets
429,535
257,937
Total assets less current liabilities
444,035
278,564
Provisions for liabilities
(3,184)
(2,065)
Net assets
440,851
276,499
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
440,850
276,498
Total equity
440,851
276,499
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 June 2022 and are signed on its behalf by:
HD McKay
Director
Company Registration No. SC279746
Tayside Solicitors Property Centre Limited
Notes to the financial statements
for the year ended 30 June 2021
- 2 -
1
Accounting policies
Company information
Tayside Solicitors Property Centre Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
11 Whitehall Crescent, Dundee, DD1 4AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that
despite the COVID-19 pandemic,
the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is derived from the company's principal activity and is stated net of value added tax.
Turnover is recognised when the fee is raised for the property insertion.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line basis
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
33 1/3% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Tayside Solicitors Property Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2021
1
Accounting policies (continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Tayside Solicitors Property Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2021
1
Accounting policies (continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tayside Solicitors Property Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2021
1
Accounting policies (continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
14
14
3
Directors' remuneration
2021
2020
£
£
Remuneration paid to directors
25,800
31,000
Tayside Solicitors Property Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2021
- 6 -
4
Tangible fixed assets
Land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 July 2020
57,518
61,666
119,184
Additions
1,258
1,258
At 30 June 2021
57,518
62,924
120,442
Depreciation and impairment
At 1 July 2020
57,363
41,194
98,557
Depreciation charged in the year
17
7,368
7,385
At 30 June 2021
57,380
48,562
105,942
Carrying amount
At 30 June 2021
138
14,362
14,500
At 30 June 2020
155
20,472
20,627
A floating charge has been pledged over the assets of the whole company as security for future bank liabilities.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
28,214
7,394
Other debtors
9,441
33,408
37,655
40,802
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
45,533
7,021
Amounts owed to group undertakings
74,827
60,563
Corporation tax
13,288
Other taxation and social security
14,402
13,231
Other creditors
14,057
18,467
162,107
99,282
Tayside Solicitors Property Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2021
- 7 -
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
8
Profit and loss reserves
Profit and loss reserves include all current and prior period retained profits and losses.
9
Audit report information
As the
profit and loss account
has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was David Taylor.
The auditor was Henderson Loggie LLP.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
92,586
127,644
Tayside Solicitors Property Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2021
- 8 -
11
Related party transactions
Transactions with related parties
During the year ended 30 June 20
21
, the company
paid
TSPC Holdings Limited for property rental charges of £
30,862
(20
20
- £
29,715
) and interest charges of £
1,006
(20
20
- £
1,542
) relating to the balance outstanding during the year. These transactions were on an arms length basis.
As at 30 June 20
21
the company
owed
£
74,827
to TSPC Holdings Limited (20
20
- £
60,563
).
During the year
fees for
secretarial services
, trademarks, and legal advice
were provided to Tayside Solicitors Property Centre Limited from
a firm in which one of the directors is a member
amounting to
£1,928 (2020 - £1,993). Tayside Solicitors Property Centre also paid membership fees of £475 (2020 - £Nil) and contributions of £Nil (2020 - £2,722) to the website of SPC Scotland Limited, a company with a common director. No guarantees have been given or received.
During the year to 30 June 2021, Tayside Solicitors Property Centre Limited made advances to Perthshire Solicitors Property Centre Limited of £13,000 (2020 - £58,000) and paid costs on behalf of Perthshire Solicitors Property Centre Limited totalling £13,941 (2020 - £25,481) for rent, IT, marketing and legal fees.
As at 30 June 2021, the company was due £26,941 from Perthshire Solicitors Property Centre Limited (2020 - £83,481). This loan balance was written off by the company and as such, the balance as at 30 June 2021 is £Nil (2020 - £Nil).
12
Parent company
The company is wholly owned by TSPC Holdings Limited, a company registered in Scotland. The registered office is 11 Whitehall Crescent, Dundee, Scotland, DD1 4AR. No one individual has overall control of TSPC Holdings Limited.