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COMPANY REGISTRATION NUMBER: 08291451
TMG PROPERTY INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2022
TMG PROPERTY INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
TMG PROPERTY INVESTMENTS LIMITED
BALANCE SHEET
30 November 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
755,104
759,117
Current assets
Debtors
6
947
193
Cash at bank and in hand
81,494
37,016
------------
------------
82,441
37,209
Creditors: amounts falling due within one year
7
( 793,607)
( 783,138)
------------
------------
Net current liabilities
( 711,166)
( 745,929)
------------
------------
Total assets less current liabilities
43,938
13,188
Provisions
( 10,583)
------------
------------
Net assets
33,355
13,188
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
33,255
13,088
------------
------------
Shareholders funds
33,355
13,188
------------
------------
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 profit and loss account has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
T M Greenwood
Director
Company registration number: 08291451
TMG PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
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 represents the total amount of rents receivable and the value of services provided in the year.
Taxation
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
20% straight line
Investment properties
FRS102 requires that properties held for investment be included in the balance sheet at fair value in accordance with section 16 of FRS 102. The directors consider that to comply with this requirement would involve unjustifiable expense and investment properties are continuing to be stated at cost.
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 balance sheet 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 1 ).
5. Tangible assets
Freehold investment property
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 December 2021 and 30 November 2022
744,851
20,061
764,912
------------
------------
------------
Depreciation
At 1 December 2021
5,795
5,795
Charge for the year
4,013
4,013
------------
------------
------------
At 30 November 2022
9,808
9,808
------------
------------
------------
Carrying amount
At 30 November 2022
744,851
10,253
755,104
------------
------------
------------
At 30 November 2021
744,851
14,266
759,117
------------
------------
------------
6. Debtors
2022
2021
£
£
Called up share capital not paid
100
100
Prepayments and accrued income
847
93
------------
------------
947
193
------------
------------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
2,570
3,000
Social security and other taxes
400
Other loans
790,637
780,138
------------
------------
793,607
783,138
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2022
2021
£
£
Included in provisions
10,583
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
15,423
Unused tax losses
( 4,840)
------------
------------
10,583
------------
------------
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
A ordinary shares shares of £ 1 each
51
51
51
51
B ordinary shares shares of £ 1 each
49
49
49
49
------------
------------
------------
------------
100
100
100
100
------------
------------
------------
------------
10. Related party transactions
The other loans included in creditors are owed to the director and her associates. These are unsecured and repayable on demand. Interest paid to the director in the year was £5,500 (2021: £7,500).
11. Controlling party
The company is controlled by the director.