IRIS Accounts Production v23.1.0.753 03136868 Board of Directors 1.1.22 31.12.22 31.12.22 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure031368682021-12-31031368682022-12-31031368682022-01-012022-12-31031368682020-12-31031368682021-01-012021-12-31031368682021-12-3103136868ns15:EnglandWales2022-01-012022-12-3103136868ns14:PoundSterling2022-01-012022-12-3103136868ns10:Director12022-01-012022-12-3103136868ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3103136868ns10:SmallEntities2022-01-012022-12-3103136868ns10:AuditExempt-NoAccountantsReport2022-01-012022-12-3103136868ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3103136868ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103136868ns10:FullAccounts2022-01-012022-12-3103136868ns5:CurrentFinancialInstruments2022-12-3103136868ns5:CurrentFinancialInstruments2021-12-3103136868ns5:Non-currentFinancialInstruments2022-12-3103136868ns5:Non-currentFinancialInstruments2021-12-3103136868ns5:ShareCapital2022-12-3103136868ns5:ShareCapital2021-12-3103136868ns5:RetainedEarningsAccumulatedLosses2022-12-3103136868ns5:RetainedEarningsAccumulatedLosses2021-12-3103136868ns10:RegisteredOffice2022-01-012022-12-3103136868ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103136868ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-3103136868ns5:CurrentFinancialInstruments2022-01-012022-12-3103136868ns5:Non-currentFinancialInstruments2022-01-012022-12-3103136868ns5:RetainedEarningsAccumulatedLosses2021-12-3103136868ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-31
REGISTERED NUMBER: 03136868 (England and Wales)















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 19,920,625 14,998,475

Current assets
Debtors 5 112,687 1,526,740
Cash at bank and in hand 2,521,973 419,595
2,634,660 1,946,335
Creditors
Amounts falling due within one year 6 (1,715,464 ) (1,482,898 )
Net current assets 919,196 463,437
Total assets less current liabilities 20,839,821 15,461,912

Creditors
Amounts falling due after more than one
year

7

(9,014,787

)

(9,684,122

)

Provisions for liabilities (423,108 ) -
Net assets 11,401,926 5,777,790

Capital and reserves
Called up share capital 2 2
Retained earnings 8 11,401,924 5,777,788
11,401,926 5,777,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

TSS PROPERTY LIMITED (REGISTERED NUMBER: 03136868)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





Ashraf Kantharia - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03136868

Registered office: Riley House
183-185 North Road
Preston
Lancashire
PR1 1YQ

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


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
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 2 (2021 - 2 ) .

4. Investment property
Total
£   
Fair value
At 1 January 2022 14,998,475
Additions 1,391,362
Disposals (779,681 )
Revaluations 4,310,469
At 31 December 2022 19,920,625
Net book value
At 31 December 2022 19,920,625
At 31 December 2021 14,998,475

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 47,444 71,414
Other debtors 65,243 1,455,326
112,687 1,526,740

6. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts 647,741 638,442
Trade creditors 131,987 101,934
Taxation and social security 537,985 448,175
Other creditors 397,751 294,347
1,715,464 1,482,898

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 6,292,498 6,898,818
Other creditors 2,722,289 2,785,304
9,014,787 9,684,122

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 5,777,788
Profit for the year 5,159,136
Dividends (35,000 )
Reserves reclassification 500,000
At 31 December 2022 11,401,924

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.