REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2023 |
for |
TFC Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2023 |
for |
TFC Properties Limited |
TFC Properties Limited (Registered number: 06406960) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TFC Properties Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
11 Ashton Drive |
Enderby |
Leicestershire |
LE19 4BA |
TFC Properties Limited (Registered number: 06406960) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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) |
Balance Sheet - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TFC Properties Limited (Registered number: 06406960) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
TFC Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
Additions |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
TFC Properties Limited (Registered number: 06406960) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2016 | 963,437 |
Valuation in 2017 | (3,398 | ) |
Valuation in 2018 | 530,292 |
Valuation in 2021 | (502,904 | ) |
Cost | 4,371,133 |
5,358,560 |
If the investment property had not been revalued it would have been included at the following historical cost: |
31.8.23 | 31.8.22 |
£ | £ |
Cost | 4,371,133 | 4,333,173 |
The investment property was valued on an estimated net yield basis on 2 April 2024 by the director, F Christodoulou . |
The directors are of the opinion that the current value of the investment property is similar to the May 2022 valuation and amounts to the May 2022 valuation of £5,320,600 plus the cost of the improvements in 22/23 of £37,960. This is less than the 2018 valuation of £5,740,000 which was carried out by CBRE Limited who were RICS registered valuers. |
5. | DEBTORS |
31.8.23 | 31.8.22 |
£ | £ |
Amounts falling due within one year: |
Directors' current accounts | 49,102 | - |
Amounts falling due after more than one year: |
Green Oaks Day Nursery Ltd |
Called up share capital not paid |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Directors' current accounts |
Accrued expenses |
TFC Properties Limited (Registered number: 06406960) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans - 2-5 years |
Family loan |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
National Westminster Bank Plc holds a debenture and legal charge over the assets of the company as security for the bank loans. |
9. | PROVISIONS FOR LIABILITIES |
31.8.23 | 31.8.22 |
£ | £ |
Deferred tax on investment property gain | 143,430 | 143,430 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Balance at 31 August 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
480 shares of £1 each have been paid up in full. 520 shares of £1 each are unpaid. |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2022 | 1,164,024 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 August 2023 | 1,108,616 |
TFC Properties Limited (Registered number: 06406960) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022: |
31.8.23 | 31.8.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loans were interest free with no fixed repayment terms. |