3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,507,390 100 1,507,490 1,507,390 1,507,390 100 1,507,390 xbrli:pure xbrli:shares iso4217:GBP 09518457 2022-04-01 2023-03-31 09518457 2023-03-31 09518457 2022-03-31 09518457 2021-01-01 2022-03-31 09518457 2022-03-31 09518457 2020-12-31 09518457 core:PlantMachinery 2022-04-01 2023-03-31 09518457 bus:Director1 2022-04-01 2023-03-31 09518457 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09518457 core:PlantMachinery 2023-03-31 09518457 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09518457 core:WithinOneYear 2023-03-31 09518457 core:WithinOneYear 2022-03-31 09518457 core:ShareCapital 2023-03-31 09518457 core:ShareCapital 2022-03-31 09518457 core:SharePremium 2022-03-31 09518457 core:CapitalRedemptionReserve 2023-03-31 09518457 core:OtherReservesSubtotal 2023-03-31 09518457 core:OtherReservesSubtotal 2022-03-31 09518457 core:RetainedEarningsAccumulatedLosses 2023-03-31 09518457 core:RetainedEarningsAccumulatedLosses 2022-03-31 09518457 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 09518457 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 09518457 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 09518457 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-03-31 09518457 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-03-31 09518457 core:Non-currentFinancialInstruments 2023-03-31 09518457 core:Non-currentFinancialInstruments 2022-03-31 09518457 bus:SmallEntities 2022-04-01 2023-03-31 09518457 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09518457 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09518457 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09518457 bus:FullAccounts 2022-04-01 2023-03-31 09518457 core:Land 2022-04-01 2023-03-31 09518457 core:Land 2023-03-31
COMPANY REGISTRATION NUMBER: 09518457
TCH Developments Limited
Filleted Unaudited Financial Statements
31 March 2023
TCH Developments Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,899,575
Investments
6
100
1,507,390
------------
------------
1,899,675
1,507,390
Current assets
Debtors
7
130,563
181,534
Cash at bank and in hand
622,378
94,672
---------
---------
752,941
276,206
Creditors: amounts falling due within one year
8
60,133
553,567
---------
---------
Net current assets/(liabilities)
692,808
( 277,361)
------------
------------
Total assets less current liabilities
2,592,483
1,230,029
------------
------------
Net assets
2,592,483
1,230,029
------------
------------
Capital and reserves
Called up share capital
375,000
712,500
Share premium account
37,500
Capital redemption reserve
337,500
Other reserves
112,501
112,501
Profit and loss account
1,767,482
367,528
------------
------------
Shareholders funds
2,592,483
1,230,029
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TCH Developments Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr S Smith
Director
Company registration number: 09518457
TCH Developments Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15A Bentley Wynd, Yarm, Teesside, TS15 9BS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Freehold Land - Not depreciated
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Financial instruments
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. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Freehold land
Total
£
£
£
£
Cost
At 1 April 2022
Additions
1,500,000
30,111
376,992
1,907,103
------------
--------
---------
------------
At 31 March 2023
1,500,000
30,111
376,992
1,907,103
------------
--------
---------
------------
Depreciation
At 1 April 2022
Charge for the year
7,528
7,528
------------
--------
---------
------------
At 31 March 2023
7,528
7,528
------------
--------
---------
------------
Carrying amount
At 31 March 2023
1,500,000
22,583
376,992
1,899,575
------------
--------
---------
------------
At 31 March 2022
------------
--------
---------
------------
Included within the above is investment property as follows:
£
At 1 April 2022
Additions
1,500,000
------------
At 31 March 2023
1,500,000
------------
Investment property comprises of freehold commercial buildings. The fair value has been arrived at on the basis of a valuation carried out by the directors and they believes the valuation remained appropriate as at 31 March 2023.
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022
1,507,390
Additions
100
------------
At 31 March 2023
1,507,490
------------
Impairment
At 1 April 2022
Impairment losses
1,507,390
------------
At 31 March 2023
1,507,390
------------
Carrying amount
At 31 March 2023
100
------------
At 31 March 2022
1,507,390
------------
The following were subsidiary undertakings of the Company:
TCC Holdings Limited, a holding company, registered at 15A Bentley Wynd, Yarm, Teesside, TS15 9BS - 100% Ordinary shares
Town Centre Garage (Sunderland) Limited, a motor dealership, registered at 15A Bentley Wynd, Yarm, Teesside, TS15 9BS - Indirect holding 100% Ordinary shares
Autosmith NE Limited, a used car sales company, registered at 15A Bentley Wynd, Yarm, Teesside, TS15 9BS - 100% Ordinary shares
The investment in TCC Holdings Ltd has been impaired down to £nil as the company is currently in the process of a Members Solvent Voluntary Liquidation.
7. Debtors
2023
2022
£
£
Trade debtors
53,511
47,584
Amounts owed by group undertakings
69,612
Other debtors
7,440
133,950
---------
---------
130,563
181,534
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,124
Amounts owed to group undertakings
452,060
Corporation tax
6,845
41,926
Social security and other taxes
7,925
22,034
Other creditors
37,239
37,547
--------
---------
60,133
553,567
--------
---------
9. Transactions with directors
Included in other debtors is an amount of £nil (2022: £132,450) owing from Mr S Smith , a director of the company. On 19 May 2022 the company repurchased 337,500 ordinary shares from Mr S Smith for a consideration of £1,400,000.
10. Related party transactions
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group. In the current year, included within debtors due within one year is an amount due from other group companies. In the previous year, included within creditors due within one year is an amount due to other group companies.