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Registration number: 03083936

Taghill Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Taghill Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Taghill Limited

Company Information

Directors

Mrs K Judge-Juty

Mr T S Juty

Company secretary

Mrs K Judge-Juty

Registered office

8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP

Accountants

Paul & Co
8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP

 

Taghill Limited

(Registration number: 03083936)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

8

11

Investment property

5

767,729

887,729

 

767,737

887,740

Current assets

 

Debtors

6

87,372

87,412

Cash at bank and in hand

 

21,817

19,737

 

109,189

107,149

Creditors: Amounts falling due within one year

7

(31,527)

(43,481)

Net current assets

 

77,662

63,668

Total assets less current liabilities

 

845,399

951,408

Creditors: Amounts falling due after more than one year

7

(562,986)

(668,604)

Net assets

 

282,413

282,804

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

-

9,116

Retained earnings

282,313

273,588

Shareholders' funds

 

282,413

282,804

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

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Taghill Limited

(Registration number: 03083936)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 15 August 2023 and signed on its behalf by:
 

.........................................
Mr T S Juty
Director

 

Taghill Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP
England

The principal place of business is:
Wrotham Road
Culverstone
Kent
DA13 0RQ

These financial statements were authorised for issue by the Board on 15 August 2023.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the rental income receivable in the ordinary course of the company’s activities. Turnover is shown net of sales/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 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.

 

Taghill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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

Furniture and fittings

25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Taghill Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Taghill Limited

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

4

tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

2,757

2,757

At 31 December 2022

2,757

2,757

Depreciation

At 1 January 2022

2,746

2,746

Charge for the year

3

3

At 31 December 2022

2,749

2,749

Carrying amount

At 31 December 2022

8

8

At 31 December 2021

11

11

5

Investment properties

2022
£

At 1 January

887,729

Disposals

(120,000)

At 31 December

767,729

6

debtors

Current

2022
£

2021
£

Prepayments

442

483

Other debtors

86,930

86,929

 

Taghill Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

20,022

28,635

Taxation and social security

 

195

3,768

Accruals and deferred income

 

2,000

1,968

Other creditors

 

9,310

9,110

 

31,527

43,481

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

562,986

668,604

Creditors include bank loans of £697,260 (2019: £700,617) secured on investment property.

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Taghill Limited

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

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

562,986

668,604

2022
£

2021
£

Current loans and borrowings

Bank borrowings

20,022

28,635