Company Registration No. 00639371 (England and Wales)
TANFIELD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
TANFIELD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TANFIELD PROPERTIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
295,000
853,000
Current assets
Debtors
5
1,780
Cash at bank and in hand
555,601
133,137
555,601
134,917
Creditors: amounts falling due within one year
6
(124,287)
(71,507)
Net current assets
431,314
63,410
Total assets less current liabilities
726,314
916,410
Provisions for liabilities
(36,647)
(107,701)
Net assets
689,667
808,709
Capital and reserves
Called up share capital
500
500
Fair value reserve
201,302
589,094
Profit and loss reserves
487,865
219,115
Total equity
689,667
808,709
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TANFIELD PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2022 and are signed on its behalf by:
Mr A W Reed
Director
Company Registration No. 00639371
TANFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
Tanfield Properties Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Armidale, Devon Road, Salcombe, Devon, England, TQ8 8HQ.
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
Turnover
Turnover represents income receivable in the form of rent due from investment properties.
1.3
Tangible fixed assets
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:
Fixtures and fittings
25% Reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
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.
TANFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2020 and 30 June 2021
2,941
Depreciation and impairment
At 1 July 2020 and 30 June 2021
2,941
Carrying amount
At 30 June 2021
At 30 June 2020
TANFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
4
Investment property
2021
£
Fair value
At 1 July 2020
853,000
Disposals
(558,000)
At 30 June 2021
295,000
Investment properties are shown at fair value as required by FRS102. The valuation has been determined by the directors who believe that £295,000 (2020: £853,000) represents the fair value of the investment properties held at the Balance Sheet date.
On a historical cost basis the investment properties would have been included at an original cost of £57,051 (2020: £156,205). No depreciation has been charged on the properties.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,780
6
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
71,189
3,257
Other creditors
53,098
68,250
124,287
71,507