Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Social and market housing developmentfalse2022-04-0166falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09133567 2022-04-01 2023-03-31 09133567 2021-04-01 2022-03-31 09133567 2023-03-31 09133567 2022-03-31 09133567 c:Director5 2022-04-01 2023-03-31 09133567 d:CurrentFinancialInstruments 2023-03-31 09133567 d:CurrentFinancialInstruments 2022-03-31 09133567 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09133567 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09133567 d:ShareCapital 2023-03-31 09133567 d:ShareCapital 2022-03-31 09133567 d:RetainedEarningsAccumulatedLosses 2023-03-31 09133567 d:RetainedEarningsAccumulatedLosses 2022-03-31 09133567 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09133567 c:OrdinaryShareClass1 2023-03-31 09133567 c:OrdinaryShareClass1 2022-03-31 09133567 c:FRS102 2022-04-01 2023-03-31 09133567 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09133567 c:FullAccounts 2022-04-01 2023-03-31 09133567 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09133567










TYNEXE RESIDENTIAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
TYNEXE RESIDENTIAL LIMITED
REGISTERED NUMBER: 09133567

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
-
274,376

Debtors: amounts falling due within one year
 5 
104
509

Cash at bank and in hand
 6 
104,662
36,905

  
104,766
311,790

Creditors: amounts falling due within one year
 7 
(358,007)
(335,246)

Net current liabilities
  
 
 
(253,241)
 
 
(23,456)

Total assets less current liabilities
  
(253,241)
(23,456)

  

Net liabilities
  
(253,241)
(23,456)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
(253,242)
(23,457)

  
(253,241)
(23,456)


Page 1

 
TYNEXE RESIDENTIAL LIMITED
REGISTERED NUMBER: 09133567
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2023.




P Frew
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
TYNEXE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Tynexe Residential Limited is a private company limited by shares incorporated in England and Wales (company number: 09133567). The registered office is C/O Democratic Division, Newcastle City Council, Newcastle upon Tyne, NE99 2BN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company continues to enjoy the support of its holding company creditor and anticipates the continuation of this support in the future. Hence, despite the insolvent balance sheet the directors have relied upon the continuation of the holding company's financial support for the foreseeable future and on that basis they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

  
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for properties sold in the normal course of business, and is shown net of VAT and any other sales related taxes. Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have transferred to the buyer. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs.

Page 3

 
TYNEXE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.5

Construction contracts and work in progress

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.  These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

  
2.6

Stocks

Stock consists of work in progress only and includes properties prior to sale. 

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
TYNEXE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
-
274,376

-
274,376



5.


Debtors

2023
2022
£
£


Other debtors
-
426

Prepayments and accrued income
104
83

104
509



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
104,662
36,905

104,662
36,905


Page 5

 
TYNEXE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
333,746
333,746

Other taxation and social security
12,400
-

Accruals and deferred income
11,861
1,500

358,007
335,246



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary A share of £1.00
1
1



9.


Related party transactions

The Company is a subsidiary undertaking of Tynexe Limited which in turn is a subsidiary undertaking of The Armstrong Centre Company Limited, registered in England and Wales, whose controlling shareholder is Newcastle City Council who own 50 Ordinary A shares of Tynexe Limited. The registered office of The Armstrong Centre Company Limited is c/o Democratic Services Division, Newcastle City Council, Newcastle upon Tyne, NE99 2BN.
The company had an interest free balance owed to Tynexe Limited of £333,746 (2022 : £333,746).
Dysart Management Limited owns 100% of Dysart Developments Limited which owns 100% of Dysart Developments North East Limited which in turn owns 50 Ordinary B shares of Tynexe Limited. Consequently all are related parties. At the year end the Company owed Dysart Developments Limited £7,750 (2022 : £nil) for a management fee.
R M Short is a director and shareholder in Amethyst Homes Limited. During the year the company charged a management fee in respect of land negotiations of £22,500 to Amethyst Homes Limited.

 
Page 6