Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07322491 2022-04-01 2023-03-31 07322491 2021-04-01 2022-03-31 07322491 2023-03-31 07322491 2022-03-31 07322491 c:Director1 2022-04-01 2023-03-31 07322491 c:Director2 2022-04-01 2023-03-31 07322491 c:Director3 2022-04-01 2023-03-31 07322491 c:Director5 2022-04-01 2023-03-31 07322491 d:FreeholdInvestmentProperty 2023-03-31 07322491 d:FreeholdInvestmentProperty 2022-03-31 07322491 d:CurrentFinancialInstruments 2023-03-31 07322491 d:CurrentFinancialInstruments 2022-03-31 07322491 d:Non-currentFinancialInstruments 2023-03-31 07322491 d:Non-currentFinancialInstruments 2022-03-31 07322491 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07322491 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07322491 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07322491 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07322491 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07322491 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 07322491 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07322491 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07322491 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 07322491 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 07322491 d:ShareCapital 2023-03-31 07322491 d:ShareCapital 2022-03-31 07322491 d:RetainedEarningsAccumulatedLosses 2023-03-31 07322491 d:RetainedEarningsAccumulatedLosses 2022-03-31 07322491 c:FRS102 2022-04-01 2023-03-31 07322491 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07322491 c:FullAccounts 2022-04-01 2023-03-31 07322491 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07322491










TWG PROPERTY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
TWG PROPERTY LIMITED
REGISTERED NUMBER: 07322491

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,891,585
1,891,585

  
1,891,585
1,891,585

Current assets
  

Debtors: amounts falling due within one year
 5 
5,000
6,500

Cash at bank and in hand
  
47,244
74,007

  
52,244
80,507

Creditors: amounts falling due within one year
 6 
(86,004)
(82,077)

Net current liabilities
  
 
 
(33,760)
 
 
(1,570)

Total assets less current liabilities
  
1,857,825
1,890,015

Creditors: amounts falling due after more than one year
 7 
(1,317,533)
(1,428,742)

  

Net assets
  
540,292
461,273


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
540,192
461,173

  
540,292
461,273


Page 1

 
TWG PROPERTY LIMITED
REGISTERED NUMBER: 07322491
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr M B Sarson
Mrs E C Talbot
Director
Director



Mr J E Baskeville
Director



Mrs R E Pye
Director


Date: 9 August 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
TWG PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

TWG Property Limited is a private company limited by shares and incorporated in England and Wales, the registration number is 07322491. The registered office is 10 Market Hill, Diss, Norfolk, IP22 4WJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover comprises rents received for the year. Rental income is accounted for on an accruals basis and arises solely in the UK.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TWG PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 4

 
TWG PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,891,585



At 31 March 2023
1,891,585

The 2023 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2023
2022
£
£


Prepayments and accrued income
5,000
6,500

5,000
6,500



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
56,674
53,063

Amounts owed to other participating interests
2,085
2,085

Corporation tax
18,535
18,354

Accruals and deferred income
8,710
8,575

86,004
82,077


The aggregate amount for which security has been given amounted to £56,674 (2022: £53,063). The bank loan is secured against freehold property at 31-33 Market Street, Wymonham and Diss auction room, Roydon, Diss.

Page 5

 
TWG PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
413,033
524,242

Other loans
904,500
904,500

1,317,533
1,428,742


The aggregate amount for which security has been given amounted to £413,033 (2022: £524,242). The bank loan is secured against freehold property at 31-33 Market Street, Wymonham and Diss auction room, Roydon, Diss.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
56,674
53,063


56,674
53,063

Amounts falling due 1-2 years

Bank loans
58,634
54,819

Other loans
904,500
904,500


963,134
959,319

Amounts falling due 2-5 years

Bank loans
188,106
176,001


188,106
176,001

Amounts falling due after more than 5 years

Bank loans
166,293
293,422

166,293
293,422

1,374,207
1,481,805


 
Page 6