REGISTERED NUMBER: |
TSS PROPERTY LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: |
TSS PROPERTY LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings | 8 |
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. |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | Statutory information |
TSS Property Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | Accounting policies - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost or amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Impairment |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Investment property |
Total |
£ |
Fair value |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
Revaluations | 4,310,469 |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | Investment property - continued |
Investment properties 4,5 and 6 Fishergate, Preston, Buckingham House, Glover's Court, Preston and The Quadrangle, Manchester was revalued to its fair value of £12,500,000 by independent valuer. Deferred tax of £918,823 has been included on this revaluation. |
Other investment properties were valued at £7,420,626 on an open market basis by the director. |
If investment property were included in the balance sheet on a historical cost basis, then the carrying amount would be £16,245,331. |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
The bank borrowings are secured by a fixed and floating charge over the company's assets including investment properties. |
7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans |
Other creditors |
The bank borrowings are secured by a fixed and floating charge over the company's assets including investment properties. |
8. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
Dividends | ( |
) |
Reserves reclassification | 500,000 |
At 31 December 2022 |
TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | Related party disclosures |
At 31 December 2022 company owed £1,057,650 to the directors (2021: £1,085,314). No interest has been charged to the company in respect of this loan. |