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REGISTERED NUMBER: 05749537 (England and Wales)











TVCO Limited

Financial Statements

for the Year Ended 30 September 2021






TVCO Limited (Registered number: 05749537)

Contents of the Financial Statements
for the Year Ended 30 September 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


TVCO Limited

Company Information
for the Year Ended 30 September 2021







DIRECTORS: S Westhorpe
P Ligertwood





SECRETARY: S Westhorpe





REGISTERED OFFICE: Unicol House
Green Road
Headington
Oxfordshire
OX3 8EU





REGISTERED NUMBER: 05749537 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

TVCO Limited (Registered number: 05749537)

Statement of Financial Position
30 September 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 15,308,008 13,136,124
15,308,008 13,136,124

CURRENT ASSETS
Debtors 6 513,021 383,030
Cash at bank 58,725 158,805
571,746 541,835
CREDITORS
Amounts falling due within one year 7 8,965,004 7,433,847
NET CURRENT LIABILITIES (8,393,258 ) (6,892,012 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,914,750

6,244,112

PROVISIONS FOR LIABILITIES 8 186,637 186,637
NET ASSETS 6,728,113 6,057,475

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 1,545,334 1,545,334
Retained earnings 5,182,679 4,512,041
SHAREHOLDERS' FUNDS 6,728,113 6,057,475

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2022 and were signed on its behalf by:





S Westhorpe - Director


TVCO Limited (Registered number: 05749537)

Notes to the Financial Statements
for the Year Ended 30 September 2021


1. STATUTORY INFORMATION

TVCO Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future.

The directors have reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason, together with the continued support of the directors, wider group and strong associates, they are continuing to adopt the going concern basis.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Investment property interim valuations - Management have extensive experience holding a significant portfolio of investment properties within a wider group, carrying out interim year end assessments of continued carrying value based on the market, future rental streams and general condition and demand in the area for type of property held. Any anticipated longer term movements are provided as necessary.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

TVCO Limited (Registered number: 05749537)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


2. ACCOUNTING POLICIES - continued

Turnover
Revenue arises from operating leases on properties owned by the company and is accounted for on a straight line basis over the period commencing on the start date of the lease and ending on the end date of the lease. Revenue excludes service charges and other costs directly recovered from the tenant.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2020
and 30 September 2021 101,245
DEPRECIATION
At 1 October 2020
and 30 September 2021 101,245
NET BOOK VALUE
At 30 September 2021 -

TVCO Limited (Registered number: 05749537)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2020 13,136,124
Additions 2,171,884
At 30 September 2021 15,308,008
NET BOOK VALUE
At 30 September 2021 15,308,008
At 30 September 2020 13,136,124

The valuations were made at September 2021 by the Directors who consider themselves to be sufficiently experienced to perform such valuations. The value of the investment properties is deemed to be unchanged from 2017 when the properties were valued by an external surveyor.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 99,332 117,192
Other debtors 366,786 224,127
Prepayments 46,903 41,711
513,021 383,030

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other loans 8,359,216 7,069,699
Trade creditors 28,740 19,762
Tax 13,431 -
VAT 39,400 75,011
Directors' current accounts 200,000 -
Accruals and deferred income 324,217 269,375
8,965,004 7,433,847

Other loans are repayable upon demand and interest is payable at a rate of 2.25% over base rate.

8. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Accelerated capital allowances 198 198
Other timing differences 186,439 186,439
186,637 186,637

Deferred
tax
£   
Balance at 1 October 2020 186,637
Balance at 30 September 2021 186,637

TVCO Limited (Registered number: 05749537)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Revaluation
reserve
£   
At 1 October 2020
and 30 September 2021 1,545,334

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

12. RELATED PARTY DISCLOSURES

At the year end an amount of £8,359,216 (2020: £7,069,699) was owed by the company to Manxfina, a company in which P Ligertwood is a trustee of the controlling Trust. The loan is repayable on demand and carries interest at a rate of 2.25% above base rate.

13. CONTROLLING PARTY

The ultimate parent party is Manxprop Limited through majority shareholding, a company incorporated in England and Wales.

The ultimate controlling party is P Ligertwood.