REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
TASSPARK LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
TASSPARK LIMITED |
TASSPARK LIMITED (REGISTERED NUMBER: 04134512) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TASSPARK LIMITED |
Company Information |
for the Year Ended 31st March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
TASSPARK LIMITED (REGISTERED NUMBER: 04134512) |
Balance Sheet |
31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
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 | 9 |
Non-distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
TASSPARK LIMITED (REGISTERED NUMBER: 04134512) |
Balance Sheet - continued |
31st March 2023 |
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 |
TASSPARK LIMITED (REGISTERED NUMBER: 04134512) |
Notes to the Financial Statements |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Tasspark Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover represents net rents receivable. |
Investment property |
Investment properties are held to earn rentals. They are initially measured at cost, including transaction costs. Subsequently they are measured at fair value and are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair values are included in the Statement of Income in the period in which they arise. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TASSPARK LIMITED (REGISTERED NUMBER: 04134512) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
Additions |
Revaluations | 8,915 |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2015 | 255,307 |
Valuation in 2017 | 18,719 |
Valuation in 2018 | 1,098 |
Valuation in 2023 | 8,915 |
Cost | 1,319,487 |
1,603,526 |
No significant change in the valuation of the properties has occurred in the year ended 31st March 2023. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Amounts due to assoc co | 25,073 | 25,073 |
Directors' current accounts | 20,000 | 20,000 |
Accrued expenses |
TASSPARK LIMITED (REGISTERED NUMBER: 04134512) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans - 1-2 years |
Bounce back loan 1-2 years | 5,000 | 5,000 |
Bounce back loan 2-5 years | 7,419 | 11,800 |
Directors loan accounts |
Amounts due to assoc co | 71,276 | 115,000 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
The loans are secured by way of legal charges over the company's Investment Properties. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RELATED PARTY DISCLOSURES |
At the 31st March 2023, the company owed £521,447 to its directors (2022: £531,307). No interest has been charged to the company in respect of these loans and there is no formal repayment date for these loans. £501,447 (2022: £511,307) of the loans are classified in creditors due after more than one year. |
At the 31st March 2023, the company owed £5,073 (2022: £5,073) to Cartmell and Barlow Limited, a company under the control of Mr M A Livesey (a director). No interest has been charged to the company in respect of this amount. |
At the 31st March 2023, the company owed £91,276 (2022: £135,000) to B Livesey Limited, a company under the control of Mr M A Livesey (a director). Interest is charged at 2% above base rate. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is M A Livesey. |