Company registration number 10794614 (England and Wales)
TANFIELD LODGE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TANFIELD LODGE DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
TANFIELD LODGE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
500
667
Tangible assets
5
789,828
820,757
790,328
821,424
Current assets
Stocks
2,000
2,000
Debtors
6
261,365
255,724
Cash at bank and in hand
8,422
13,661
271,787
271,385
Creditors: amounts falling due within one year
7
(1,145,211)
(1,077,310)
Net current liabilities
(873,424)
(805,925)
Total assets less current liabilities
(83,096)
15,499
Creditors: amounts falling due after more than one year
8
(67,958)
(106,237)
Provisions for liabilities
(16,440)
(30,673)
Net liabilities
(167,494)
(121,411)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(167,594)
(121,511)
Total equity
(167,494)
(121,411)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TANFIELD LODGE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mr R Bourne-Arton
Mrs D E Bourne-Arton
Director
Director
Company Registration No. 10794614
TANFIELD LODGE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Tanfield Lodge Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tanfield Lodge, West Tanfield, Ripon, HG4 5LE. The company registration number is 10794614.
2.1
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Tanfield Lodge Developments Limited is a wholly owned subsidiary of Tanfield Estate Company Limited.
2.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
2.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% reducing balance
TANFIELD LODGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 4 -
2.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
nil
Leasehold improvements
nil
Plant and equipment
25 years straight line
Fixtures and fittings
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and overheads that have been incurred in bringing the stocks to their present location and condition.
2.7
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 income statement 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 goodwill or 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 income statement, 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.
2.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
TANFIELD LODGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Intangible fixed assets
Other
£
Cost
At 1 April 2022 and 31 March 2023
2,000
Amortisation
At 1 April 2022
1,333
Amortisation charged for the year
167
At 31 March 2023
1,500
Carrying amount
At 31 March 2023
500
At 31 March 2022
667
5
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 April 2022
240,129
5,810
656,050
32,992
934,981
Additions
1,666
1,666
At 31 March 2023
240,129
5,810
656,050
34,658
936,647
Depreciation and impairment
At 1 April 2022
92,621
21,603
114,224
Depreciation charged in the year
26,242
6,353
32,595
At 31 March 2023
118,863
27,956
146,819
Carrying amount
At 31 March 2023
240,129
5,810
537,187
6,702
789,828
At 31 March 2022
240,129
5,810
563,429
11,389
820,757
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,020
3,600
Other debtors
257,345
252,124
261,365
255,724
TANFIELD LODGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,620
34,262
Trade creditors
9,208
3,258
Amounts owed to group undertakings
161,775
126,743
Taxation and social security
15,718
9,283
Other creditors
921,890
903,764
1,145,211
1,077,310
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
67,958
106,237
9
Related party transactions
Transactions with related parties
At the period end the company was owed £26,053 (2022 - £21,703) from Tanfield Springs Ltd, £11,494 (2022 - £10,000)from Yorkshire Hydro LLP and £4,020 (2022 - £3,600) from Tanfield Estate Company Ltd. The company directors are also directors of Tanfield Springs Ltd and members of Yorkshire Hydro LLP. Tanfield Estate Company Ltd is the parent company of Tanfield Lodge Developments Ltd.
At the period end the company was also owed a loan of £155,500 (2022 - £155,500) on an interest free basis from Haddlesey Lock Limited. One of the company directors is also a director of Haddlesey Lock Limited.
At the period end the company owed a loan of £143,617 (2022 - £115,086) and £18,157 (2022 - £11,657) to Mickley Hydro Scheme Limited and Tanfield Woodlands Limited respectively. Both companies are subsidiaries of Tanfield Estate Company Limited which is the parent of Tanfield Lodge Developments Limited.