REGISTERED NUMBER: |
TVCO Limited |
Financial Statements |
for the Year Ended 30 September 2021 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
TVCO Limited (Registered number: 05749537) |
Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
1. | STATUTORY INFORMATION |
TVCO Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
DEPRECIATION |
At 1 October 2020 |
and 30 September 2021 |
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 |
Additions |
At 30 September 2021 |
NET BOOK VALUE |
At 30 September 2021 |
At 30 September 2020 |
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 |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other loans |
Trade creditors |
Tax |
VAT | 39,400 | 75,011 |
Directors' current accounts | 200,000 | - |
Accruals and deferred income |
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 |
Other timing differences | 186,439 | 186,439 |
186,637 | 186,637 |
Deferred |
tax |
£ |
Balance at 1 October 2020 |
Balance at 30 September 2021 |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2020 |
and 30 September 2021 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |