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Registration number: 10900016

TNM Property Services Limited

Unaudited Financial Statements

for the Year Ended 31 July 2022

 

TNM Property Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

TNM Property Services Limited

(Registration number: 10900016)
Balance Sheet as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

520

282

Tangible assets

5

41,075

44,812

 

41,595

45,094

Current assets

 

Debtors

6

76,523

7,587

Cash at bank and in hand

 

85,329

58,842

 

161,852

66,429

Creditors: Amounts falling due within one year

7

(57,913)

(49,910)

Net current assets

 

103,939

16,519

Total assets less current liabilities

 

145,534

61,613

Creditors: Amounts falling due after more than one year

7

(19,938)

(30,621)

Provisions for liabilities

(7,804)

(8,515)

Net assets

 

117,792

22,477

Capital and reserves

 

Called up share capital

100

100

Retained earnings

117,692

22,377

Shareholders' funds

 

117,792

22,477

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2022
 

 

TNM Property Services Limited

(Registration number: 10900016)
Balance Sheet as at 31 July 2022

.........................................
Mr T N Mouskovias
Director

 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
25 Torry Orchard
Marston Moreteyne
Bedfordshire
MK43 2AD

These financial statements were authorised for issue by the director on 2 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

15% Straight line

Motor vehicles

15% Reducing balance

Plant & Machinery

15% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Vehicle registration plate

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2021 - 4).

 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2021

293

293

Additions acquired separately

322

322

At 31 July 2022

615

615

Amortisation

At 1 August 2021

11

11

Amortisation charge

84

84

At 31 July 2022

95

95

Carrying amount

At 31 July 2022

520

520

At 31 July 2021

282

282

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2021

4,250

48,759

775

53,784

Additions

3,374

-

130

3,504

At 31 July 2022

7,624

48,759

905

57,288

Depreciation

At 1 August 2021

976

7,531

465

8,972

Charge for the year

924

6,184

133

7,241

At 31 July 2022

1,900

13,715

598

16,213

Carrying amount

At 31 July 2022

5,724

35,044

307

41,075

At 31 July 2021

3,274

41,228

310

44,812

The finance leases are secured on the assets concerned. At the balance sheet date, the total net book value of assets held under hire purchase agreements was £35,044 (2021: £41,229). The total depreciation charged in the period on these assets was £6,184 (2021: £4,173).

 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

259

294

Prepayments

4,337

2,731

Other debtors

71,927

4,562

 

76,523

7,587

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

12

10,682

10,465

Trade creditors

 

1,237

7,790

Taxation and social security

 

44,842

29,785

Accruals and deferred income

 

890

890

Other creditors

 

262

980

 

57,913

49,910

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

12

19,938

30,621

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

9

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £170.00 (2021 - £650.00) per ordinary share

 

17,000

 

65,000

         

10

Related party transactions

At the balance sheet date, the company was owed £55,534 by Mr T N Mouskovias, the sole director of the company(2021: owed £274). The loan is provided interest free and repayable on demand. The loan is repaid in full within 9 months of the year end.

 

TNM Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

11

Ultimate controlling party

The ultimate controlling party is Mr T Mouskovias, the sole director and shareholder of the company.

12

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

5,667

7,667

Hire purchase contracts

14,271

22,954

19,938

30,621

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,000

2,000

Hire purchase contracts

8,682

8,465

10,682

10,465

Within loans and borrowings there is a £10,000 bounce back loan from the government provided through Barclays. As per government regulations there is no security required on this loan by either TNM Property Services Limited or the director.