TLF Investments Limited
|
Registered number: |
05350882
|
Balance Sheet |
as at 31 December 2020
|
|
Notes |
|
|
2020 |
|
|
2019 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,812,494 |
|
|
2,386,525 |
Investments |
4 |
|
|
60 |
|
|
- |
|
|
|
|
2,812,554 |
|
|
2,386,525 |
|
Current assets |
Debtors |
5 |
|
747,350 |
|
|
451,917 |
Cash at bank and in hand |
|
|
164,314 |
|
|
698,049 |
|
|
|
911,664 |
|
|
1,149,966 |
|
Creditors: amounts falling due within one year |
6 |
|
(2,672,553) |
|
|
(2,754,551) |
|
Net current liabilities |
|
|
|
(1,760,889) |
|
|
(1,604,585) |
|
Total assets less current liabilities |
|
|
|
1,051,665 |
|
|
781,940 |
|
|
Provisions for liabilities |
|
|
|
(44,471) |
|
|
(11,081) |
|
|
Net assets |
|
|
|
1,007,194 |
|
|
770,859 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Fair value reserve |
7 |
|
|
392,329 |
|
|
227,370 |
Profit and loss account |
|
|
|
614,863 |
|
|
543,487 |
|
Shareholders' funds |
|
|
|
1,007,194 |
|
|
770,859 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
B Cecil |
Director |
Approved by the board on 2 August 2021
|
|
TLF Investments Limited
|
Notes to the Accounts |
for the year ended 31 December 2020
|
|
|
1 |
Accounting policies |
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|
Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
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Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover for rents and other charges are those receivable in the year. Turnover from the sale of development properties represents the gross amount receivable prior to costs relating to the sale of properties.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Fixtures, fittings, tools and equipment |
20% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the fair value reserve.
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|
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Investment properties |
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Investment properties are initially measured at cost and subsequently measured at fair value, where a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in the fair value reserve. |
|
|
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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|
2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Fixtures & fittings |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2020 |
2,386,211 |
|
5,776 |
|
2,391,987 |
|
Additions |
249,346 |
|
1,552 |
|
250,898 |
|
Surplus on revaluation |
175,444 |
|
- |
|
175,444 |
|
At 31 December 2020 |
2,811,001 |
|
7,328 |
|
2,818,329 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2020 |
- |
|
5,462 |
|
5,462 |
|
Charge for the year |
- |
|
373 |
|
373 |
|
At 31 December 2020 |
- |
|
5,835 |
|
5,835 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2020 |
2,811,001 |
|
1,493 |
|
2,812,494 |
|
At 31 December 2019 |
2,386,211 |
|
314 |
|
2,386,525 |
|
|
|
|
|
|
|
|
|
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If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows: |
|
|
Freehold land and buildings: |
2020 |
|
2019 |
£ |
£ |
|
Historical cost |
2,408,187 |
|
2,158,841 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
2,408,187 |
|
2,158,841 |
|
The valuation of the investment properties was reviewed by B Cecil, director, at 31 December 2020. Consideration was given to the size and condition of the properties and comparing them with similar properties bought and sold in the geographical area. |
|
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
Additions |
60 |
|
|
At 31 December 2020 |
60 |
|
|
5 |
Debtors |
2020 |
|
2019 |
£ |
£ |
|
|
Trade debtors |
22,142 |
|
6,107 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
634,455 |
|
- |
|
Other debtors |
90,753 |
|
445,810 |
|
|
|
|
|
|
747,350 |
|
451,917 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
£ |
£ |
|
|
Taxation and social security costs |
16,144 |
|
10,490 |
|
Other creditors |
2,656,409 |
|
2,744,061 |
|
|
|
|
|
|
2,672,553 |
|
2,754,551 |
|
|
|
|
|
|
|
|
|
|
7 |
Fair value reserve |
2020 |
|
2019 |
£ |
£ |
|
|
At 1 January 2020 |
227,370 |
|
227,370 |
|
Gain on revaluation of land and buildings |
175,444 |
|
- |
|
Deferred taxation arising on the revaluation of land and buildings |
(10,485) |
|
- |
|
|
At 31 December 2020 |
392,329 |
|
227,370 |
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
At the balance sheet date the company owed B Cecil, company director and shareholder, £2,648,501 (2019 £2,735,002). The loan is repayable on demand. At the balance sheet date the company was owed £634,455 (2019 £0) by an associated related party which is under common control by virtue of directorship and ownership.
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|
|
9 |
Controlling party |
|
|
The company is under the joint control of B Cecil & A Cecil.
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|
|
10 |
Other information |
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|
TLF Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
33 Delves Avenue |
|
Tunbridge Wells |
|
Kent |
|
TN2 5DP |