Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01commercial property development66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10103589 2022-04-01 2023-03-31 10103589 2021-04-01 2022-03-31 10103589 2023-03-31 10103589 2022-03-31 10103589 c:Director5 2022-04-01 2023-03-31 10103589 d:CurrentFinancialInstruments 2023-03-31 10103589 d:CurrentFinancialInstruments 2022-03-31 10103589 d:Non-currentFinancialInstruments 2023-03-31 10103589 d:Non-currentFinancialInstruments 2022-03-31 10103589 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10103589 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10103589 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10103589 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10103589 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10103589 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 10103589 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 10103589 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 10103589 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10103589 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 10103589 d:ShareCapital 2023-03-31 10103589 d:ShareCapital 2022-03-31 10103589 d:RetainedEarningsAccumulatedLosses 2023-03-31 10103589 d:RetainedEarningsAccumulatedLosses 2022-03-31 10103589 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10103589 c:OrdinaryShareClass1 2023-03-31 10103589 c:OrdinaryShareClass1 2022-03-31 10103589 c:FRS102 2022-04-01 2023-03-31 10103589 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10103589 c:FullAccounts 2022-04-01 2023-03-31 10103589 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10103589 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10103589










TYNEXE COMMERCIAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
TYNEXE COMMERCIAL LIMITED
REGISTERED NUMBER: 10103589

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
5,383,564
1,556,024

Debtors: amounts falling due within one year
 5 
60,622
397,379

Cash at bank and in hand
 6 
100,924
4,070,491

  
5,545,110
6,023,894

Creditors: amounts falling due within one year
 7 
(481,997)
(609,501)

Net current assets
  
 
 
5,063,113
 
 
5,414,393

Total assets less current liabilities
  
5,063,113
5,414,393

Creditors: amounts falling due after more than one year
 8 
(5,573,916)
(5,699,940)

  

Net liabilities
  
(510,803)
(285,547)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(510,804)
(285,548)

  
(510,803)
(285,547)


Page 1

 
TYNEXE COMMERCIAL LIMITED
REGISTERED NUMBER: 10103589
    
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 9 form part of these financial statements.

Page 2

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

1.


General information

Tynexe Commercial Limited is a private company limited by shares incorporated in England and Wales (company number: 10103589). The registered office is C/O Democratic Services 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 who have provided guarantees for two loans (see notes seven to nine for more details) 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

Turnover

Property development sales are 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.sup
Ground rent from development properties leased out under operating leases is recognised as revenue on a straight line basis over the lease term. 

Page 3

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

2.Accounting policies (continued)

  
2.4

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.     

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 COMMERCIAL 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
£
£

Work in progress (buildings under construction)
5,383,564
1,556,024

5,383,564
1,556,024





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
10

Other debtors
60,518
242,202

Prepayments and accrued income
104
155,167

60,622
397,379



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
100,924
4,070,491

100,924
4,070,491


Page 5

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
126,025
124,060

Trade creditors
139,558
398,299

Accruals and deferred income
216,414
87,142

481,997
609,501


The following liabilities were secured:

2023
2022
£
£



Other loans
126,025
124,060

126,025
124,060

Details of security provided:

One loan with £57,000 due within one year (2022 : £57,000) is secured on property known as Armstrong Business Park held by the company's holding company, Tynexe Limited. The second loan is secured on the company's buildings under construction.

Page 6

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
5,573,916
5,699,940

5,573,916
5,699,940


The following liabilities were secured:

2023
2022
£
£



Other loans
5,573,916
5,699,940

5,573,916
5,699,940

Details of security provided:

One loan with £1,710,000 due after more than one year (2022 : £1,767,000) is secured on property known as Armstrong Business Park held by the company's holding company, Tynexe Limited. The second loan is secured on the company's buildings under construction. 

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
5,048,992
5,183,469

5,048,992
5,183,469

The loans carry interest charges of 3.34% and 2.93% and are repayable in instalments over 35 years.

Page 7

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
126,025
124,060


126,025
124,060

Amounts falling due 1-2 years

Other loans
128,047
126,024


128,047
126,024

Amounts falling due 2-5 years

Other loans
396,877
390,447


396,877
390,447

Amounts falling due after more than 5 years

Other loans
5,048,992
5,183,469

5,048,992
5,183,469

5,699,941
5,824,000



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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


Page 8

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

11.


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.
Tynexe Limited owed this Company £nil (2022 : £10) at the year end.
As explained in notes seven to nine the Company benefits from a guarantee provided by Tynexe Limited to secure a loan provided by Newcastle City Council for which £1,767,000 (2022 : £1,824,000) remained outstanding at the year end. A second loan has also been provided by Newcastle City Council for which £3,932,940 : (2022 £4,000,000) remained outstanding at the year end. Interest was incurred on the two loans, payable to Newcastle City Council, of £177,136 (2022 : £102,976) of which £49,320 (2022 : £50,306) was accrued at the year end. 
In addition at the year end amounts were due to Newcastle City Council of £nil (2022 : £5,187) in respect of administrative costs.
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 £21,137 (2022 : £42,208). The Dysart companies charged management recovery fees of £389,590 (2022 : £180,972) on the construction costs incurred during the year. 

 
Page 9