TRANSFERFINE LIMITED 01377757 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true true 01377757 2022-04-01 2023-03-31 01377757 2023-03-31 01377757 bus:OrdinaryShareClass1 2023-03-31 01377757 bus:Original 2023-03-31 01377757 core:RetainedEarningsAccumulatedLosses 2023-03-31 01377757 core:ShareCapital 2023-03-31 01377757 core:CurrentFinancialInstruments 2023-03-31 01377757 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01377757 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01377757 core:FurnitureFittingsToolsEquipment 2023-03-31 01377757 bus:SmallEntities 2022-04-01 2023-03-31 01377757 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01377757 bus:FullAccounts 2022-04-01 2023-03-31 01377757 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 01377757 bus:RegisteredOffice 2022-04-01 2023-03-31 01377757 bus:CompanySecretary1 2022-04-01 2023-03-31 01377757 bus:Director1 2022-04-01 2023-03-31 01377757 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01377757 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01377757 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01377757 core:ShareCapital 2022-04-01 2023-03-31 01377757 core:FurnitureFittings 2022-04-01 2023-03-31 01377757 countries:EnglandWales 2022-04-01 2023-03-31 01377757 2022-03-31 01377757 core:RetainedEarningsAccumulatedLosses 2022-03-31 01377757 core:ShareCapital 2022-03-31 01377757 core:FurnitureFittingsToolsEquipment 2022-03-31 01377757 2021-04-01 2022-03-31 01377757 2022-03-31 01377757 bus:OrdinaryShareClass1 2022-03-31 01377757 core:CurrentFinancialInstruments 2022-03-31 01377757 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 01377757 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 01377757 core:FurnitureFittingsToolsEquipment 2022-03-31 01377757 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 01377757 core:ShareCapital 2021-04-01 2022-03-31 01377757 2021-03-31 01377757 core:RetainedEarningsAccumulatedLosses 2021-03-31 01377757 core:ShareCapital 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01377757

TRANSFERFINE LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

TRANSFERFINE LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

TRANSFERFINE LIMITED

Company Information

Director

Mr J Palmer

Company secretary

Mrs G Palmer

Registered office

Arquen House
4-6 Spicer Street
St. Albans
Hertfordshire
AL3 4PQ

Accountants

Mawson Breskal & Co
Chartered Accountants
Bishops House
Monkville Avenue
London
NW11 0AH

 

TRANSFERFINE LIMITED

(Registration number: 01377757)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6

6

Investment property

520,000

520,000

 

520,006

520,006

Current assets

 

Debtors

5

146,021

155,527

Cash at bank and in hand

 

8,629

6,358

 

154,650

161,885

Prepayments and accrued income

 

-

178

Creditors: Amounts falling due within one year

(48,912)

(52,912)

Net current assets

 

105,738

109,151

Total assets less current liabilities

 

625,744

629,157

Creditors: Amounts falling due after more than one year

(22,435)

(32,387)

Provisions for liabilities

(55,986)

(55,986)

Accruals and deferred income

 

(6,271)

(2,780)

Net assets

 

541,052

538,004

Capital and reserves

 

Called up share capital

6

4

4

Retained earnings

541,048

538,000

Shareholders' funds

 

541,052

538,004

For the financial 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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

TRANSFERFINE LIMITED

(Registration number: 01377757)
Abridged Balance Sheet as at 31 March 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 November 2023
 

.........................................
Mr J Palmer
Director

 

TRANSFERFINE LIMITED

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

4

538,001

538,005

Profit for the year

-

3,047

3,047

At 31 March 2023

4

541,048

541,052

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

4

523,004

523,008

Profit for the year

-

14,996

14,996

At 31 March 2022

4

538,000

538,004

 

TRANSFERFINE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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:
Arquen House
4-6 Spicer Street
St. Albans
Hertfordshire
AL3 4PQ

These financial statements were authorised for issue by the director on 4 November 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

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services 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.

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.

 

TRANSFERFINE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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% 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.

Borrowings

 

TRANSFERFINE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

1,439

1,439

At 31 March 2023

1,439

1,439

Depreciation

At 1 April 2022

1,433

1,433

At 31 March 2023

1,433

1,433

Carrying amount

At 31 March 2023

6

6

At 31 March 2022

6

6

Investment properties

2023
£

At 1 April

520,000

 

TRANSFERFINE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

The properties were valued by the directos and arrived at by reference to market evidence of transaction prices and completed lettings for similar properties. The properties have been valued individually and not as part of a portfolio and no allowance had been made for the expenses of realisation. They assume a willing buyer and a willing seller in an arm's length transaction. The valuations reflect usual deductions in respect of purchases costs and SDLT as applicable at the valuation date.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £164,187 (2022 - £172,545). The company acts as guarantor to a loan to Spinola Ltd, a company under common control, by way of a charge on the properties held by Transferfine Ltd.