Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05194199 2021-04-01 2022-03-31 05194199 2020-04-01 2021-03-31 05194199 2022-03-31 05194199 2021-03-31 05194199 2020-04-01 05194199 c:Director1 2021-04-01 2022-03-31 05194199 d:FreeholdInvestmentProperty 2022-03-31 05194199 d:FreeholdInvestmentProperty 2021-03-31 05194199 d:CurrentFinancialInstruments 2022-03-31 05194199 d:CurrentFinancialInstruments 2021-03-31 05194199 d:Non-currentFinancialInstruments 2022-03-31 05194199 d:Non-currentFinancialInstruments 2021-03-31 05194199 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05194199 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 05194199 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05194199 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 05194199 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 05194199 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-03-31 05194199 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 05194199 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-03-31 05194199 d:ShareCapital 2022-03-31 05194199 d:ShareCapital 2021-03-31 05194199 d:ShareCapital 2020-04-01 05194199 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05194199 d:RetainedEarningsAccumulatedLosses 2022-03-31 05194199 d:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 05194199 d:RetainedEarningsAccumulatedLosses 2021-03-31 05194199 d:RetainedEarningsAccumulatedLosses 2020-04-01 05194199 d:OtherDeferredTax 2022-03-31 05194199 d:OtherDeferredTax 2021-03-31 05194199 c:OrdinaryShareClass1 2021-04-01 2022-03-31 05194199 c:OrdinaryShareClass1 2022-03-31 05194199 c:OrdinaryShareClass1 2021-03-31 05194199 c:FRS102 2021-04-01 2022-03-31 05194199 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 05194199 c:FullAccounts 2021-04-01 2022-03-31 05194199 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05194199









TENWAY VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
TENWAY VENTURES LIMITED
REGISTERED NUMBER: 05194199

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
8,538,150
8,538,150

Current assets
  

Debtors: amounts falling due within one year
 5 
57,367
9,856

Cash at bank and in hand
  
52,700
167,096

  
110,067
176,952

Creditors: amounts falling due within one year
 6 
(288,357)
(447,830)

Net current liabilities
  
 
 
(178,290)
 
 
(270,878)

Total assets less current liabilities
  
8,359,860
8,267,272

Creditors: amounts falling due after more than one year
 7 
(3,278,917)
(3,403,360)

Provisions for liabilities
  

Deferred tax
 9 
(386,768)
(293,944)

Net assets
  
4,694,175
4,569,968


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
 11 
4,694,173
4,569,966

Total equity
  
4,694,175
4,569,968


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Page 1

 
TENWAY VENTURES LIMITED
REGISTERED NUMBER: 05194199
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

A Bloom
Director
Date: 10 September 2022

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
TENWAY VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2020
2
4,347,513
4,347,515



Profit for the year
-
222,453
222,453



At 1 April 2021
2
4,569,966
4,569,968



Profit for the year
-
124,207
124,207


At 31 March 2022
2
4,694,173
4,694,175


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
TENWAY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Tenway Ventures Limited is a private company limited by shares and registered in England and Wales. Its registered office address is Aston House, Cornwall Avenue, London, N3 1LF.
The financial statements are presented in Sterling (£), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
TENWAY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
TENWAY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

  
2.12

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 6

 
TENWAY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2021
8,538,150



At 31 March 2022
8,538,150

The 2022 valuations were made by the directors, on an open market value for existing use basis.




5.


Debtors

2022
2021
£
£


Other debtors
50,000
-

Prepayments and accrued income
7,367
9,856

57,367
9,856



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
137,114
133,829

Trade creditors
80,760
82,222

Corporation tax
50,909
52,180

Other taxation and social security
2,857
3,474

Other creditors
10,599
170,599

Accruals and deferred income
6,118
5,526

288,357
447,830


Bank loans of £137,114 (2021 - £133,829) are secured by a fixed and floating charge over the company's investment properties.

Page 7

 
TENWAY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
3,278,917
3,403,360


Bank loans of £3,278,17 (2021 - £3,403,360) are secured by a fixed and floating charge over the company's investment properties.


8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
137,114
133,829

Amounts falling due 2-5 years

Bank loans
548,456
505,819

Amounts falling due after more than 5 years

Bank loans
2,730,461
2,897,541

3,416,031
3,537,189


Page 8

 
TENWAY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Deferred taxation




2022


£






At beginning of year
(293,944)


Charged to profit or loss
(92,824)



At end of year
(386,768)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Unrealised gain on investment properties
(386,768)
(293,944)


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



2 (2021 - 2) Ordinary shares of £1.00 each
2
2



11.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. It also contains the fair value movements of the company's investment properties, net of deferred tax. The total non-distributable reserves included in the profit and loss account total £2,946,749 (2021 - £3,039,573).


12.


Related party transactions

During the year the company repaid £80,000 (2021 - £114,564) to its directors. As at the year end the directors were owed £Nil (2021 - £80,000). These loans are interest free and repayable on demand.

 
Page 9