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COMPANY REGISTRATION NUMBER: 10756803
TSDR Properties Limited
Unaudited financial statements
31 March 2023
TSDR Properties Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,235,000
1,235,000
Current assets
Debtors
6
851
Cash at bank and in hand
4,773
3,229
------
------
5,624
3,229
Creditors: Amounts falling due within one year
7
( 967,191)
( 968,893)
---------
---------
Net current liabilities
( 961,567)
( 965,664)
-----------
-----------
Total assets less current liabilities
273,433
269,336
Creditors: Amounts falling due after more than one year
8
( 163,399)
( 176,715)
Provisions
Taxation including deferred tax
( 9,184)
( 6,979)
---------
---------
Net assets
100,850
85,642
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
35,331
37,536
Profit and loss account
64,519
47,106
---------
-------
Shareholders funds
100,850
85,642
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TSDR Properties Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
S J Munson
Director
Company registration number: 10756803
TSDR Properties Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Coach Depot, Ipswich Road, Hadleigh, Suffolk, IP7 6BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Investment property
£
Cost
At 1 April 2022 and 31 March 2023
1,235,000
-----------
Depreciation
At 1 April 2022 and 31 March 2023
-----------
Carrying amount
At 31 March 2023
1,235,000
-----------
At 31 March 2022
1,235,000
-----------
Investment property has been valued by the directors as at the year end date, with the value ascertained inline with the cost price of the properties.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 March 2023
Aggregate cost
1,190,485
Aggregate depreciation
-----------
Carrying value
1,190,485
-----------
At 31 March 2022
Aggregate cost
1,190,485
Aggregate depreciation
-----------
Carrying value
1,190,485
-----------
6. Debtors
2023
2022
£
£
Other debtors
851
----
----
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,080
10,567
Social security and other taxes
4,135
3,500
Other creditors
953,976
954,826
---------
---------
967,191
968,893
---------
---------
The bank loans and overdrafts are secured against the assets to which they relate.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
163,399
176,715
---------
---------
The bank loans and overdrafts are secured against the assets to which they relate. Within bank loans and overdrafts is a balance of £127,024 (2022: £142,637) due for payment after 5 years.