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Registered number: 10646669
Top of the Morning Properties Limited
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2023
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—11
Page 1
Company Information
Director M Van Aswegen
Company Number 10646669
Registered Office Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Accountants Exceed Accountants Limited
Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Director's Report
The director presents her report and the financial statements for the year ended 31 March 2023 .
Principal Activity
The company's principal activity continues to be that of property rental.
Directors
The director who held office during the year were as follows:
M Van Aswegen
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
M Van Aswegen
Director
26/11/2023
Page 2
Page 3
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Top of the Morning Properties Limited For The Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Top of the Morning Properties Limited For The Year Ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Top of the Morning Properties Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Top of the Morning Properties Limited and state those matters that we have agreed to state to the director of Top of the Morning Properties Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Top of the Morning Properties Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Top of the Morning Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Top of the Morning Properties Limited . You consider that Top of the Morning Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Top of the Morning Properties Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
27/11/2023
Exceed Accountants Limited
Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Page 3
Page 4
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 149,437 137,549
GROSS PROFIT 149,437 137,549
Administrative expenses (126,894 ) (103,755 )
Profit/(loss) on revaluation of investment property 94,584 (16,460 )
OPERATING PROFIT 2 117,127 17,334
Interest payable and similar charges (26,535 ) (18,999 )
PROFIT/(LOSS) BEFORE TAXATION 90,592 (1,665 )
Tax on Profit/(loss) (13,213 ) -
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 77,379 (1,665 )
The notes on pages 8 to 11 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,254 8,840
Investment Property 5 1,205,000 1,040,450
1,208,254 1,049,290
CURRENT ASSETS
Debtors 6 13,663 88,636
Cash at bank and in hand 28,942 41,205
42,605 129,841
Creditors: Amounts Falling Due Within One Year 7 (15,517 ) (16,443 )
NET CURRENT ASSETS (LIABILITIES) 27,088 113,398
TOTAL ASSETS LESS CURRENT LIABILITIES 1,235,342 1,162,688
Creditors: Amounts Falling Due After More Than One Year 8 (1,250,189 ) (1,268,126 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,213 ) -
NET LIABILITIES (28,060 ) (105,438 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 56,327 (25,044 )
Profit and Loss Account (84,487 ) (80,494 )
SHAREHOLDERS' FUNDS (28,060) (105,438)
Page 5
Page 6
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
M Van Aswegen
Director
26/11/2023
The notes on pages 8 to 11 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2021 100 (8,584 ) (95,289 ) (103,773)
Loss for the year and total comprehensive income - - (1,665 ) (1,665)
Transfer to/from revaluation reserve - - 16,460 16,460
Transfer to/from Profit & Loss Account - (16,460 ) - (16,460)
As at 31 March 2022 and 1 April 2022 100 (25,044 ) (80,494 ) (105,438)
Profit for the year and total comprehensive income - - 77,379 77,379
Transfer to/from revaluation reserve - - (81,372) (81,372)
Transfer to/from Profit & Loss Account - 81,371 - 81,371
As at 31 March 2023 100 56,327 (84,487 ) (28,060)
Page 7
Page 8
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have formed a judgement at the time of approving the Annual Financial Statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors have adopted the going concern basis in preparing the accounts.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
1.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 3,952 1,315
Depreciation of tangible fixed assets 5,587 8,524
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2022: NIL)
- -
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2022 34,096
As at 31 March 2023 34,096
Depreciation
As at 1 April 2022 25,256
Provided during the period 5,586
As at 31 March 2023 30,842
Net Book Value
As at 31 March 2023 3,254
As at 1 April 2022 8,840
5. Investment Property
Other
£
Cost
As at 1 April 2022 1,040,450
Additions 69,966
Revaluations 94,584
As at 31 March 2023 1,205,000
Provision
As at 1 April 2022 -
As at 31 March 2023 -
Net Book Value
As at 31 March 2023 1,205,000
As at 1 April 2022 1,040,450
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This value is made up of nine residential properties being,
  • 41 Piddock Road worth £200,000 (Revaluation £10,506),
  • 22 Swisscot Avenue worth £60,000 (Revaluation £7,354),
  • 14 Timmis Close worth £160,000 (Revaluation £10,031),
  • 74 Frederick Street worth £175,000 (Revaluation 27,591),
  • 11 Lubbock Street worth £90,000 (Revaluation -£17,907),
  • 66 Mill Court worth £70,000 (Revaluation £12,825),
  • 5 Ebor Terrace worth £210,000 (Revaluation £851),
  • 6C Rose Crescent worth £80,000 (Revaluation £11,259),
  • 38 Prestwich Street worth £95,000 (Revaluation £11,997),
  • 53 Abel Place, Dunfermline worth £65,000 (Revaluation -£4,966)
These are the most recent and reliable market values of the properties.
Fair value at 31 March 2023 is represented by:
Cost £1,135,460
Valuation in 2019 (£30,147)
Valuation in 2020 £10,058
Valuation in 2021 £11,505
Valuation in 2022 (£16,460)
Valuation in 2023 £94,584
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,599 5,571
Prepayments and accrued income 2,411 2,001
Other debtors 7,653 7,068
Advance for Property purchase - 73,996
13,663 88,636
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 1,657 1,013
Other creditors 4,871 5,074
Tenancy rent deposits 7,461 6,876
Accruals and deferred income 1,528 3,480
15,517 16,443
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans - 2-5 years 788,340 790,500
Bank loans more 5 yr 382,589 398,126
Directors loan account 79,260 79,500
1,250,189 1,268,126
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 100 100 100
10. Reserves
Revaluation Reserve
£
As at 1 April 2022 (25,044 )
Transfer to/from profit and loss 81,371
As at 31 March 2023 56,327
11. Related Party Transactions
At the balance sheet date, included within creditors due greater than one year is an amount due to M Van Aswegen, the director of £79,260 (2022 - £79,500). This loan is unsecured and has no fixed terms for repayment.
At the balance sheet, included within creditors due greater than one year are the following amounts due to the company shareholders. These loans are unsecured and have no fixed terms for repayment.
  • J A & D Lightfoot £236,502 (2022 - £237,150)
  • G Reynolds £236,502 (2022 - £237,150)
  • M J & S M Dall 236,502 (2022 - £237,150)
  • D Foster £78,834 (2022 - £79,050)
Included under property portfolio management fee is a management charge to Acute Properties SA (Pty) Ltd £12,420 (2022 - £10,620). Included under professional fees is a tax service fee to Acute Properties SA (Pty) Ltd of £300 (2022 - £475). M Van Aswegen is also a director of Acute Properties SA (Pty) Ltd.
The ultimate controlling party is M Van Aswegen, the director and 10% shareholder of the company.
12. Taxation
The Company has carried forward losses of £65,946 (2022: £67,541) which it can use against future taxable profit.
13. General Information
Top of the Morning Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10646669 . The registered office is Bank House, 81 St Judes Road, Englefield Green, TW20 0DF.
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