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REGISTERED NUMBER: 03865434 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TALBOT HOUSE LIMITED

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TALBOT HOUSE LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2023







DIRECTORS: Mrs Patricia Bernadette Ledden
Mr David Andrew Ledden
Mr Gerard Michael Ledden





REGISTERED OFFICE: Crown Garage
Back Albion Road
Scarborough
North Yorkshire
YO11 2BT





REGISTERED NUMBER: 03865434 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 10,291,000 10,167,000
10,291,000 10,167,000

CURRENT ASSETS
Debtors 6 3,815,991 1,041,048
Cash at bank and in hand 15,911 434,608
3,831,902 1,475,656
CREDITORS
Amounts falling due within one year 7 5,511,134 3,521,131
NET CURRENT LIABILITIES (1,679,232 ) (2,045,475 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,611,768 8,121,525

PROVISIONS FOR LIABILITIES 9 (308,305 ) (215,306 )

ACCRUALS AND DEFERRED INCOME - (32,608 )
NET ASSETS 8,303,463 7,873,611

CAPITAL AND RESERVES
Called up share capital 300 300
Fair value reserve 10 2,694,688 2,688,048
Retained earnings 5,608,475 5,185,263
8,303,463 7,873,611

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

BALANCE SHEET - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2023 and were signed on its behalf by:





Mr Gerard Michael Ledden - Director


TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023


1. STATUTORY INFORMATION

Talbot House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents the total invoice value of rents receivable during the year. Rental income is recognised in the profit and loss account in the period to which the rents relate.

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Government grants
Government grants relating to investment property are recognised as a liability and are not deducted from the carrying value of the asset.

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Going concern-basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and the available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 12,863
DEPRECIATION
At 1 April 2022
and 31 March 2023 12,863
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 10,167,000
Additions 56,969
Grants (32,608 )
Revaluations 99,639
At 31 March 2023 10,291,000
NET BOOK VALUE
At 31 March 2023 10,291,000
At 31 March 2022 10,167,000

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


5. INVESTMENT PROPERTY - continued

Investment properties included at fair value would have been included on a historical cost basis at:

2023 2022
£ £

Cost 7,285,698 7,261,937

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors and professional valuers at fair value taking into account existing tenancy arrangements.

During the year an increase in the fair value of investment properties of £99,639 has been included directly in the profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,690 27,090
Amounts owed by group undertakings 3,787,096 -
Other debtors 2,188 1,008,920
Prepayments and accrued income 7,017 5,038
3,815,991 1,041,048

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,000,000 3,300,000
Trade creditors 4,430 17,505
Amounts owed to group undertakings 155,000 -
Corporation tax 99,328 97,731
Social security and other taxes 426 388
Other creditors 1,242,259 96,521
Accrued expenses 9,691 8,986
5,511,134 3,521,131

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,000,000 3,300,000

The company's bank borrowings included in creditors due within and over one year are secured by a first legal charge over the freehold investment properties and a debenture over the whole assets and undertaking.

Further security in relation to the bank borrowings is provided by a connected company Ledden Developments Limited.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax on investment
property 308,305 215,306
308,305 215,306

Deferred
tax
£   
Balance at 1 April 2022 215,306
Charge to Income Statement during year 92,999
Balance at 31 March 2023 308,305

10. RESERVES
Fair
value
reserve
£   
At 1 April 2022 2,688,048
Revaluation of investment property 99,639
Deferred tax on investment property (92,999 )

At 31 March 2023 2,694,688

11. CONTINGENT LIABILITIES

The company has guaranteed the bank borrowings of a connected company Ledden Developments Limited by an unlimited intercompany composite guarantee supported by a debenture over the whole assets and undertakings and a first legal charge over freehold property owned by Talbot House Limited. At 31 March 2023 the bank borrowings of that company amounted to £8,100,000.

TALBOT HOUSE LIMITED (REGISTERED NUMBER: 03865434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr Gary Joseph Patrick Ledden (Dec'd)
Balance outstanding at start of year 6,732 6,732
Amounts repaid (6,732 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6,732

The above former director and shareholder of the company died on 13 April 2018. The outstanding loan has been reclassified in the previous year as other debtors. No interest has been charged by the company on the amount outstanding.

13. CONTROLLING PARTY

The company's ultimate parent undertaking is Crown Properties (Scarborough) Group Limited whose
registered office is Crown Garage, Back Albion Road, Scarborough, YO11 2BT.