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Unaudited Financial Statements |
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for the Year Ended 31 August 2018 |
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TFC Properties Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2018 |
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for |
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TFC Properties Limited |
TFC Properties Limited (Registered number: 06406960) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2018 |
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Page |
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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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TFC Properties Limited |
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Company Information |
for the Year Ended 31 August 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
1 Kingsway |
Leicester |
Leicestershire |
LE3 2JL |
TFC Properties Limited (Registered number: 06406960) |
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Balance Sheet |
31 August 2018 |
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31.8.18 | 31.8.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Fair value reserve | 11 |
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Retained earnings | 11 |
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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. |
TFC Properties Limited (Registered number: 06406960) |
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Balance Sheet - continued |
31 August 2018 |
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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 on
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TFC Properties Limited (Registered number: 06406960) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2018 |
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1. | STATUTORY INFORMATION |
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TFC Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2017 |
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Additions |
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Revaluations |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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TFC Properties Limited (Registered number: 06406960) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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4. | INVESTMENT PROPERTY - continued |
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Fair value at 31 August 2018 is represented by: |
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£ |
Valuation in 2016 | 963,437 |
Valuation in 2017 | (3,398 | ) |
Valuation in 2018 | 530,292 |
Cost | 4,249,669 |
5,740,000 |
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5. | DEBTORS |
31.8.18 | 31.8.17 |
£ | £ |
Amounts falling due within one year: |
MPH Estates Limited | - | 150,000 |
Victoria Road EN4 Developments Ltd | 20,000 | - |
Directors' current accounts | 39,415 | 294 |
Prepayments |
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Amounts falling due after more than one year: |
Amounts owed by participating interests | 200,000 | 200,000 |
Called up share capital not paid |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Bank loans - 2-5 years |
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Family loan |
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TFC Properties Limited (Registered number: 06406960) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.18 | 31.8.17 |
£ | £ |
Bank loans |
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National Westminster Bank Plc holds a debenture and legal charge over the assets of the company as security for |
the bank loans. |
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9. | PROVISIONS FOR LIABILITIES |
31.8.18 | 31.8.17 |
£ | £ |
Deferred tax on investment property gain | 204,558 | 114,201 |
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Deferred |
tax |
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Balance at 1 September 2017 |
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Charge to Income Statement during year |
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Balance at 31 August 2018 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.8.18 | 31.8.17 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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480 shares of £1 each have been paid up in full. 520 shares of £1 each are unpaid. |
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11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 September 2017 | ( |
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828,395 |
Profit for the year |
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Dividends | ( |
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Fair value reserve transfer | (439,935 | ) | 439,935 | - |
At 31 August 2018 |
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1,354,425 |
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The transfer to the Fair Value Reserve is made up of the £530,292 gain on revaluation of the investment property |
(last year £3,398 loss) less an increase in the deferred tax provision on the revaluation of the investment property |
of £90,357 (last year £39,607 reduction in provision). |
TFC Properties Limited (Registered number: 06406960) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 August 2018 and |
31 August 2017: |
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31.8.18 | 31.8.17 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loan was repaid in full on 21 May 2019. |