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Unaudited Financial Statements for the Year Ended 31 May 2021 |
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TSI Properties Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2021 |
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for |
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TSI Properties Ltd |
TSI Properties Ltd (Registered number: 03787946) |
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Contents of the Financial Statements |
for the year ended 31 May 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 9 |
TSI Properties Ltd |
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Company Information |
for the year ended 31 May 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Hornbeam House |
Bidwell Road |
Rackheath |
Norwich |
Norfolk |
NR13 6PT |
TSI Properties Ltd (Registered number: 03787946) |
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Balance Sheet |
31 May 2021 |
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31.5.21 | 31.5.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TSI Properties Ltd (Registered number: 03787946) |
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Balance Sheet - continued |
31 May 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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TSI Properties Ltd (Registered number: 03787946) |
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Notes to the Financial Statements |
for the year ended 31 May 2021 |
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1. | STATUTORY INFORMATION |
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TSI Properties Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to excise judgment in applying the Company's accounting policies. |
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The Financial statements are presented in Sterling (£). |
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The following principal accounting policies have been applied. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets under the cost model, other than freehold property, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its residual value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. |
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Depreciation is provided on the following basis: |
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Freehold Property | -2% straight line |
Plant & machinery | - 20% on cost |
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Investment property |
Investment property, which is held to earn rentals and/or capital appreciation, including property under construction for such purposes, is measured initially at its cost, including transaction cost. Subsequent to initial recognition, investment property is measured at fair value determined annually by the directors, with reference to external valuations which are derived from the current market rents and investment property yields for comparable real estate if necessary for any difference in the nature, location or condition of the specific asset. The properties were revalued by Messrs Roche Chartered surveyors on 25 May 2021, the directors consider the value at the balance sheet date to represent fair value. |
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Changes in the fair value of investment property are recognised in the profit or loss for the period in which they arise and transferred to a fair value reserve. |
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TSI Properties Ltd (Registered number: 03787946) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Revaluation of tangible fixed assets |
Individual long leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using the fair value at the Statement of financial position date. |
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Fair value are determined from market based evidence normally undertaken by professionally qualified valuers. |
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Revaluation gains and losses are recognised in the profit and loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 -
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4. | TANGIBLE FIXED ASSETS |
Long | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2020 |
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Revaluations |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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TSI Properties Ltd (Registered number: 03787946) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 May 2021 is represented by: |
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Long | Plant and |
leasehold | machinery | Totals |
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Valuation in 2018 | 269,500 | - | 269,500 |
Valuation in 2021 | 172,000 | - | 172,000 |
Cost | 138,731 | 115,308 | 254,039 |
580,231 | 115,308 | 695,539 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2020 |
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Revaluations | 303,549 |
At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 | 162,935 |
Charge for year | 21,800 |
At 31 May 2021 | 184,735 |
NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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Fair value at 31 May 2021 is represented by: |
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Valuation in 2010 | 92,593 |
Valuation in 2012 | 43,873 |
Valuation in 2015 | 266,351 |
Valuation in 2018 | 273,451 |
Valuation in 2021 | 303,549 |
Cost | 1,200,183 |
2,180,000 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Amounts owed by associates |
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TSI Properties Ltd (Registered number: 03787946) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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Taxation and social security |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 47,772 | 58,219 |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.5.21 | 31.5.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 47,772 | 58,219 |
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10. | PROVISIONS FOR LIABILITIES |
31.5.21 | 31.5.20 |
£ | £ |
Deferred tax | 195,137 | 114,966 |
TSI Properties Ltd (Registered number: 03787946) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 June 2020 |
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Provided during year |
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Balance at 31 May 2021 |
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Deferred tax arises on the fair value increase in Investment Properties |
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11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2020 |
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Investment Property | 475,549 |
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At 31 May 2021 |
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12. | RELATED PARTY DISCLOSURES |
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Entities over which the entity has control,joint control or significant influence: |
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Purchases from
Related Party |
Sales to
related party |
Amount owed by
related party |
Amount owed to
related party |
2021 | £249,600 | - |
2020 | £228,000 | - |
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Sales and purchases between related parties are made at normal market prices. The company rents Properties and Equipment to a company under common control at market rates subject to 3 year reviews. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
TSI Properties Ltd |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TSI Properties Ltd for the year ended 31 May 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of TSI Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TSI Properties Ltd and state those matters that we have agreed to state to the Board of Directors of TSI Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TSI Properties Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that TSI Properties 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 TSI Properties Ltd. You consider that TSI Properties Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of TSI Properties 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. |
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Chartered Accountants |
Hornbeam House |
Bidwell Road |
Rackheath |
Norwich |
Norfolk |
NR13 6PT |
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