Company Registration No. 03240770 (England and Wales)
Tilsden Green Limited
Unaudited accounts
for the year ended 31 January 2018
Tilsden Green Limited
Statement of financial position
as at
31 January 2018
Tangible assets
22,909
237,304
Investment property
-
254,000
Cash at bank and in hand
17,916
32,318
Creditors: amounts falling due within one year
(202,950)
(181,462)
Net current liabilities
(72,998)
(30,499)
Net (liabilities)/assets
(50,089)
460,805
Called up share capital
100
100
Profit and loss account
(50,189)
460,705
Shareholders' funds
(50,089)
460,805
For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 1 August 2018.
M P Lye
Director
Company Registration No. 03240770
Tilsden Green Limited
Notes to the Accounts
for the year ended 31 January 2018
Tilsden Green Limited is a private company, limited by shares, registered in England and Wales, registration number 03240770. The registered office is 73a High Street, Egham, Surrey, TW20 9HE.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 (the financial reporting standard applicable in the UK and Republic of Ireland) and the Companies Act 2006. There were no departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistently applied within the accounts.
The financial statements have been prepared under the historical cost convention. The presentation currency is UK pounds sterling.
Income represents the value of goods and services sold excluding VAT and trade discounts. Income is recognised when goods are supplied to customers such that risks and rewards of ownership have transferred to them.
Corporation tax payable is provided on taxable profits at the current rate.
Deferred tax is provided to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. It is measured using the tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws enacted or substantially enacted at the balance sheet date. Tax deferred or accelerated is accounted for in respect of all material timing differences with the exception of deferred tax assets which are only recognised to the extent that the directors consider it is more likely than not that there will be suitable future taxable profits available against which to deduct the temporary timing differences.
Both current and deferred tax for the year is recognised in the income statement, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the associated current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are not discounted.
The cost of purchased goodwill is capitalised and amortised over its useful life of 10 years.
Property, plant and equipment
Property, plant and equipment is included at cost less depreciation. Depreciation is provided at the following annual rates in order to write each asset down to its estimated residual value over its estimated useful life:
Land & buildings
Freehold 1% straight line; Leasehold equal instalments over the lease term
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Tilsden Green Limited
Notes to the Accounts
for the year ended 31 January 2018
Investment properties are initially recognised at cost. Subsequently properties are shown in the balance sheet at fair value with the surplus or deficit on revaluation being recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Net realisable value is the expected selling price less costs required to complete and sell.
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are recognised in the income statement when due.
4
Intangible fixed assets
Goodwill
At 1 February 2017
473,951
At 31 January 2018
473,951
At 1 February 2017
473,951
At 31 January 2018
473,951
Tilsden Green Limited
Notes to the Accounts
for the year ended 31 January 2018
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2017
259,261
262,268
84,498
606,027
Additions
1
3,833
-
3,834
Disposals
(257,734)
(1,058)
-
(258,792)
At 31 January 2018
1,528
265,043
84,498
351,069
At 1 February 2017
47,780
251,219
69,724
368,723
Charge for the year
2,471
3,342
3,694
9,507
On disposals
(49,325)
(745)
-
(50,070)
At 31 January 2018
926
253,816
73,418
328,160
At 31 January 2018
602
11,227
11,080
22,909
At 31 January 2017
211,481
11,049
14,774
237,304
6
Investment property
2018
Fair value at 1 February 2017
254,000
Raw materials
11,526
7,843
Deferred tax asset
69,772
86,525
Accrued income and prepayments
19,994
13,347
Other debtors
10,744
10,930
Amounts due after more than one year
69,722
86,525
Tilsden Green Limited
Notes to the Accounts
for the year ended 31 January 2018
9
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
57,675
45,294
Trade creditors
36,967
25,004
Taxes and social security
61,928
64,720
Other creditors
18,740
14,010
Loans from directors
17,700
17,626
Bank loans and overdrafts are secured by a debenture in favour of National Westminster Bank plc over all the company's property and assets.
10
Deferred taxation
2018
2017
Accelerated capital allowances
(57,039)
(64,869)
Revaluation of land and buildings
-
(9,771)
Tax losses carried forward
(12,733)
(11,885)
Provision at start of year
(86,525)
(92,028)
Charged to the profit and loss account
16,753
5,503
Provision at end of year
(69,772)
(86,525)
11
Operating lease commitments
2018
2017
At 31 January 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
More than five years
74,000
14,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to directors
186
-
186
-
Loans to directors are included within other debtors. They are unsecured, interest free and repayable on demand.
Tilsden Green Limited
Notes to the Accounts
for the year ended 31 January 2018
13
Transactions with related parties
During the year the following transactions with related parties occurred:
The company bought management and bookkeeping services valued at £24,432 from Adsa Residential Ltd, a company controlled by D J King, a director of this company until 21 December 2017 (2016: £25,710).
A dividend of £254,000 was paid on 21 December 2017 to Tilsden Green Reconstruction Ltd, a company which at that time was the company's parent undertaking and was owned by D J King and M P Lye, both of whom were directors of this company. D J King subsequently resigned as a director later that day.
The company sold freehold property valued at £508,000 to Tilsden Green Reconstruction Ltd for £254,001 on 21 December 2017. At the time Tilsden Green Reconstruction Ltd was the company's parent undertaking and was owned by D J King and M P Lye, both of whom were directors of this company. D J King subsequently resigned as a director later that day.
The company's parent undertaking is Newinc 345 Limited which is registered in England, and who's registered office is 73a High Street, Egham, Surrey, TW20 9HE.
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Average number of employees
During the year the average number of employees was 26 (2017: 25).