Company Registration No. 10333184 (England and Wales)
TUPIGO PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
TUPIGO PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr L R Personius
Mr T Fitzgibbon
Mr J Mullen
Company number
10333184
Registered office
Unit 14, Somerville Court
Trinity Way
Adderbury
Banbury
Oxfordshire
OX17 3SN
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
TUPIGO PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
TUPIGO PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TUPIGO PROPERTIES LIMITED FOR THE YEAR ENDED 31 AUGUST 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tupigo Properties Limited for the year ended 31 August 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Tupigo Properties Limited, as a body, in accordance with the terms of our engagement letter dated December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Tupigo Properties Limited and state those matters that we have agreed to state to the Board of Directors of Tupigo Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tupigo Properties Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Tupigo Properties Limited 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 Tupigo Properties Limited. You consider that Tupigo Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tupigo Properties Limited. 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.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
12 November 2018
TUPIGO PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2018
31 August 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
3
395,447
395,447
Current assets
Debtors
4
1,269
410
Cash at bank and in hand
11,462
12,658
12,731
13,068
Creditors: amounts falling due within one year
5
(50,882)
(40,095)
Net current liabilities
(38,151)
(27,027)
Total assets less current liabilities
357,296
368,420
Creditors: amounts falling due after more than one year
6
(234,633)
(257,613)
Net assets
122,663
110,807
Capital and reserves
Called up share capital
7
100,000
100,000
Profit and loss reserves
22,663
10,807
Total equity
122,663
110,807
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
TUPIGO PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2018
31 August 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 November 2018 and are signed on its behalf by:
Mr L R Personius
Director
Company Registration No. 10333184
TUPIGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
1
Accounting policies
Company information
Tupigo Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Somerville Court, Trinity Way, Adderbury, Banbury, Oxfordshire, OX17 3SN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.3
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
TUPIGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2017 - 0).
3
Investment property
2018
£
Fair value
At 1 September 2017 and 31 August 2018
395,447
Investment property comprises of a commercial property purchased during the period ended 31 August 2017. Based on the open market value, the directors do not believe that the fair value has materially changed since the purchase date and therefore the fair value continues to be £395,447.
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
1,269
410
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
23,440
15,692
Amounts due to group undertakings
744
744
Corporation tax
5,127
3,002
Other taxation and social security
1,580
1,522
Other creditors
19,991
19,135
50,882
40,095
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
234,633
257,613
The bank loan is secured by way of a fixed charge on the company's investment property.
TUPIGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
166,654
190,094
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100,000 of £1 each
100,000
100,000
100,000
100,000