Company registration number 12163967 (England and Wales)
TGW PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TGW PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
TGW PROPERTY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
120,000
85,847
Current assets
Debtors
4
3,252
Cash at bank and in hand
1,619
2,829
4,871
2,829
Creditors: amounts falling due within one year
5
(34,807)
(25,500)
Net current liabilities
(29,936)
(22,671)
Total assets less current liabilities
90,064
63,176
Creditors: amounts falling due after more than one year
6
(61,187)
(63,730)
Provisions for liabilities
(7,946)
Net assets/(liabilities)
20,931
(554)
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
25,615
Profit and loss reserves
(4,784)
(654)
Total equity
20,931
(554)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 5 September 2022
Mr T G Williams
Director
Company Registration No. 12163967
TGW PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 19 August 2019
Year ended 30 September 2020:
Loss and total comprehensive income for the year
-
-
(654)
(654)
Issue of share capital
7
100
-
-
100
Balance at 30 September 2020
100
(654)
(554)
Year ended 30 September 2021:
Profit for the year
-
-
21,485
21,485
Other comprehensive income:
Tax relating to other comprehensive income
-
(8,538)
8,538
-
Total comprehensive income for the year
-
(8,538)
30,023
21,485
Transfers
-
34,153
(34,153)
-
Balance at 30 September 2021
100
25,615
(4,784)
20,931
TGW PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
1
Accounting policies
Company information
TGW Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.
1.1
Reporting period
The previous financial statements covered a period from it's incorporation, and as a result the figures are not comparable.
1.2
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Revenue from residential lettings is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.4
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. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TGW PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Investment property
2021
£
Fair value
At 1 October 2020
85,847
Revaluations
34,153
At 30 September 2021
120,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2021 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
3,252
TGW PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
4
Debtors
(Continued)
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
34,807
25,500
Included in other creditors above is an amount of £1,902 secured against the investment property.
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
61,187
63,730
Included in other creditors above is an amount of £61,187 (2020 : £63,730) secured against the investment property.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable other than by instalments
53,048
53,780
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Related party transactions
The company has an existing loan with Tomos Williams Limited. At the year end the amount owed to TGW Property Limited was £3,252, this amount is included in debtors: amounts falling due within one year. Mr T Williams is a director of both TGW Property Limited and Tomos Williams Limited.
9
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £31,505 (2020 - £24,900). This amount is included in creditors amounts falling due within one year.