REGISTERED NUMBER: |
TFIO Properties Limited |
Unaudited Financial Statements for the Year Ended 30 April 2022 |
REGISTERED NUMBER: |
TFIO Properties Limited |
Unaudited Financial Statements for the Year Ended 30 April 2022 |
TFIO Properties Limited (Registered number: 04388504) |
Contents of the Financial Statements |
for the Year Ended 30 April 2022 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
TFIO Properties Limited |
Company Information |
for the Year Ended 30 April 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
BANKERS: |
3rd Floor, Upper Borough Court |
Upper Borough Walls |
Bath |
BA1 1RG |
TFIO Properties Limited (Registered number: 04388504) |
Abridged Statement of Financial Position |
30 April 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Investment revaluation |
reserve | 10 |
Retained earnings |
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. |
TFIO Properties Limited (Registered number: 04388504) |
Abridged Statement of Financial Position - continued |
30 April 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TFIO Properties Limited (Registered number: 04388504) |
Notes to the Financial Statements |
for the Year Ended 30 April 2022 |
1. | STATUTORY INFORMATION |
TFIO Properties Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided at the rate expected to apply when the property is sold. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
TFIO Properties Limited (Registered number: 04388504) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investment in shares are included at fair value. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 May 2021 |
Additions |
Disposals | ( |
) |
At 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
TFIO Properties Limited (Registered number: 04388504) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 May 2021 | 65,985 |
Disposals | (2,500 | ) |
At 30 April 2022 | 63,485 |
DEPRECIATION |
At 1 May 2021 | 21,501 |
Charge for year | 10,496 |
At 30 April 2022 | 31,997 |
NET BOOK VALUE |
At 30 April 2022 | 31,488 |
At 30 April 2021 | 44,484 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 May 2021 |
and 30 April 2022 | 100 |
NET BOOK VALUE |
At 30 April 2022 | 100 |
At 30 April 2021 | 100 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2021 |
Additions |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
TFIO Properties Limited (Registered number: 04388504) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
7. | INVESTMENT PROPERTY - continued |
Fair value at 30 April 2022 is represented by: |
£ |
Valuation in 2003 | 373,242 |
Valuation in 2016 | 3,430,532 |
Valuation in 2017 | 2,000,000 |
Valuation in 2018 | 356,083 |
Valuation in 2019 | 463,894 |
Cost | 3,382,864 |
10,006,615 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.4.22 | 30.4.21 |
£ | £ |
Cost | 3,382,864 | 3,376,249 |
Investment property was valued on a fair value basis on 30 April 2022 by the directors of the company . |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
30.4.22 | 30.4.21 |
£ | £ |
Repayable by instalments |
Bank loans | - | 455,648 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.22 | 30.4.21 |
£ | £ |
Bank loans |
Hire purchase contracts | 44,476 | 15,024 |
The bank overdraft is secured by a fixed and floating charge over all assets of the company. |
The bank loan is secured by a fixed charge over the freehold property known as 5 - 9 Bartlett Street, Land at 10 Bartlett Street, 9 Bartlett Street, and land and buildings at the rear of 8 Bartlett Street. The loan is also secured by a fixed and floating charge over all assets of the company. |
The hire purchase contacts are secured against the asset to which they relate. |
TFIO Properties Limited (Registered number: 04388504) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
10. | RESERVES |
Investment |
revaluation |
reserve |
£ |
At 1 May 2021 |
and 30 April 2022 |