Company registration number 00639371 (England and Wales)
TANFIELD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
TANFIELD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TANFIELD PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
320,000
320,000
Current assets
Debtors
5
877
Cash at bank and in hand
278,972
422,237
278,972
423,114
Creditors: amounts falling due within one year
6
(5,132)
(4,799)
Net current assets
273,840
418,315
Total assets less current liabilities
593,840
738,315
Provisions for liabilities
(41,397)
(41,397)
Net assets
552,443
696,918
Capital and reserves
Called up share capital
500
500
Fair value reserve
221,552
221,552
Profit and loss reserves
330,391
474,866
Total equity
552,443
696,918
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 2023 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.
The 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)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2024 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 2023
- 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. 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 at 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 2023
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:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2022 and 30 June 2023
2,941
Depreciation and impairment
At 1 July 2022 and 30 June 2023
2,941
Carrying amount
At 30 June 2023
At 30 June 2022
4
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
320,000
TANFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Investment property
(Continued)
- 5 -
Investment property is shown at fair value as required by FRS102. The valuation has been determined by the directors who believe that £320,000 (2022: £320,000) represents the fair value of the investment property 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. No depreciation has been charged on the properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
877
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
1,530
1,642
Other creditors
3,602
3,157
5,132
4,799