Year Ended
Registration number:
Twentieth Century Investments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Twentieth Century Investments Limited
Company Information
Directors |
E W Parkhurst J S Payne |
Company secretary |
J S Payne |
Registered office |
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Accountants |
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Page 1 |
Twentieth Century Investments Limited
Balance Sheet
31 August 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Twentieth Century Investments Limited
Balance Sheet
31 August 2017
For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00304514
Page 3 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 September 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance in given in note 15.
Group accounts not prepared
Revenue recognition
Turnover comprises amounts receivable in respect of rent and service charges.
Page 4 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance basis |
Computer equipment |
33.3% straight line basis |
Investment property
Investments
Investments in subsidiaries are stated at historical cost less any provision for diminution in value.
Page 5 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2016 |
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At 31 August 2017 |
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Depreciation |
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At 1 September 2016 |
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Charge for the year |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Investment properties |
2017 |
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At 1 September 2016 |
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Additions |
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Fair value adjustments |
( |
At 31 August 2017 |
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The properties have been valued by the directors in the year.
Page 7 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2016 |
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Provision |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
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UK |
Ordinary |
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UK |
Ordinary |
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UK |
Ordinary |
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The principal activity of Tunbridge Commercial Investments Limited is |
The principal activity of Javsford Investments Limited is |
The principal activity of TCI Ltd. is |
The registered office of all the above is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW
Page 8 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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Corporation tax |
132,857 |
50,193 |
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Social security and other taxes |
- |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Page 9 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Loans and borrowings |
2017 |
2016 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Creditors include bank loans repayable by instalments of £1,562,916 (2016 - £1,699,933) due after more than five years.
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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The bank loans and overdrafts are secured against the property held by the company.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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2,000.00 |
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2,000.00 |
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Reserves |
Included in the profit and loss reserves is £4,444,624 (2016: £4,623,782) of non-distributable reserves.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 10 |
Twentieth Century Investments Limited
Notes to the Financial Statements
Year Ended 31 August 2017
Related party transactions |
Summary of transactions with subsidiaries
Summary of transactions with associates
The company paid management fees of £64,000 (2017: £76,000) to its associated companies.
Summary of transactions with directors
J S Payne
During the year payments were made to the director for website hire of £6,000 (2016: £6,000) and rent of £18,000 (2016: £18,000). Dividends of £50,000 (2016: £48,000) were payable to J S Payne. At the balance sheet date the company was owed £14,060 (2016: £nil) from the director.
E W Parkhurst
At the balance sheet date the amount due to the director from the company was £1,598,311 (2016: £1,718,343).
Transition to FRS 102 |
The surplus on revaluation of investment properties is now disclosed within the retained profit and loss account and this has resulted in a transfer between the revaluation reserve and retained profit and loss reserves of £5,000,900.
Deferred tax is now provided on all investment properties. This has resulted in an additional deferred tax provision of £392,942 as at 1 September 2015 and £377,118 as at 31 August 2016.
The only change to the profit and loss account was the movement of deferred tax on the above.
Page 11 |