Company registration number 00324517 (England and Wales)
THE TEACHERS FINANCE COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE TEACHERS FINANCE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE TEACHERS FINANCE COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,855,532
1,788,960
Cash at bank and in hand
2,019
2,053
1,857,551
1,791,013
Creditors: amounts falling due within one year
5
(223,339)
(199,559)
Net current assets
1,634,212
1,591,454
Capital and reserves
Called up share capital
6
12,000
12,000
Profit and loss reserves
1,622,212
1,579,454
Total equity
1,634,212
1,591,454

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Chris Watts
Q G Hicks
Director
Director
Company registration number 00324517 (England and Wales)
THE TEACHERS FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

The Teachers Finance Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 105 Mitcham Lane, Streatham, London, SW16 6LY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover represents amounts receivable in the ordinary course of business from interest on loans. Interest income is recognised on a time basis by reference to the principal outstanding and the agreed rate of interest.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THE TEACHERS FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE TEACHERS FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
13,000
13,000
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,855,532
1,788,960
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
207,416
184,643
Corporation tax
10,030
9,593
Other creditors
5,893
5,323
223,339
199,559
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,000
12,000
12,000
12,000
THE TEACHERS FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
Immediate parent company
Parent entity
Other related parties
Fellow subsidiary
Other related parties
Parent entity
Description of
Income
Payments
transaction
2023
2022
2023
2022
£
£
£
£
Immediate parent company
Interest income
89,448
86,082
-
0
-
0
Other related parties
Interest expense
-
0
-
0
9,232
7,956
Other related parties
Administrative fees
-
0
-
0
7,200
7,200
Balances with related parties

The following amounts were outstanding at the reporting end date:

Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Immediate parent company
1,855,532
1,788,960
-
0
-
0
Other related parties
-
0
-
0
207,416
184,643
Other information

The debit and credit balances outstanding above entirely relate to inter-group loans. The loans are unsecured, repayable on demand, and interest is charged on the opening balances of the loans.

9
Parent company

The immediate parent undertaking of the company is The Teachers and General Investment Company Limited, having its registered office at 105 Mitcham Lane, Streatham, London SW16 6LY.

 

The ultimate parent undertaking of the company is West Streatham Building Company Limited, having its registered office at 105 Mitcham Lane, Streatham, London SW16 6LY.

2023-03-312022-04-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedChris WattsQ G Hicks003245172022-04-012023-03-31003245172023-03-31003245172022-03-3100324517core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100324517core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100324517core:CurrentFinancialInstruments2023-03-3100324517core:CurrentFinancialInstruments2022-03-3100324517core:ShareCapital2023-03-3100324517core:ShareCapital2022-03-3100324517core:RetainedEarningsAccumulatedLosses2023-03-3100324517core:RetainedEarningsAccumulatedLosses2022-03-3100324517bus:Director12022-04-012023-03-3100324517bus:Director22022-04-012023-03-31003245172021-04-012022-03-3100324517core:ParentEntitiescore:InterestIncomeTransactions2022-04-012023-03-3100324517core:OtherRelatedPartiescore:InterestExpenseTransactions2022-04-012023-03-3100324517core:ParentEntitiescore:AdministrativeServices2022-04-012023-03-3100324517core:ParentEntities2022-04-012023-03-3100324517core:OtherGroupMember12022-04-012023-03-3100324517core:ParentEntitiescore:InterestIncomeTransactions2021-04-012022-03-3100324517core:OtherRelatedPartiescore:InterestExpenseTransactions2021-04-012022-03-3100324517core:ParentEntitiescore:AdministrativeServices2021-04-012022-03-3100324517core:ParentEntities2023-03-3100324517core:ParentEntities2022-03-3100324517core:OtherGroupMember12023-03-3100324517core:OtherGroupMember12022-03-3100324517bus:PrivateLimitedCompanyLtd2022-04-012023-03-3100324517bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3100324517bus:FRS1022022-04-012023-03-3100324517bus:Audited2022-04-012023-03-3100324517bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP