Company registration number 10579420 (England and Wales)
TUDOR PROPERTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
TUDOR PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TUDOR PROPERTY INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
988,114
988,114
Current assets
Debtors
5
889
920
Cash at bank and in hand
25,423
18,440
26,312
19,360
Creditors: amounts falling due within one year
6
(5,597)
(4,929)
Net current assets
20,715
14,431
Total assets less current liabilities
1,008,829
1,002,545
Creditors: amounts falling due after more than one year
7
(707,166)
(707,166)
Net assets
301,663
295,379
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
301,661
295,377
Total equity
301,663
295,379

The directors of the company have elected not to include a copy of the profit and loss account 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.

The financial statements were approved by the board of directors and authorised for issue on
3 November 2023
03 November 2023
and are signed on its behalf by:
Mr J P Farnell
Director
Company registration number 10579420 (England and Wales)
TUDOR PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Tudor Property Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE.

1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable in respect of rental income.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TUDOR PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
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 profit and loss account 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 profit and loss account, 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.

TUDOR PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
988,114

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as at 31 March 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
889
920
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
325
-
0
Other creditors
5,272
4,929
5,597
4,929

 

TUDOR PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
707,166
707,166

 

8
Loans and overdrafts
2023
2022
£
£
Bank loans
707,166
707,166
Payable after one year
707,166
707,166

On 28 April 2017 mortgage charges were created by Tudor Property Investments Limited containing fixed and floating charges over the investment properties to which they relate by Paragon Mortgages (2010) Limited and Paragon Bank PLC.

 

On 23 October 2017 a further mortgage charge was created by Tudor Property Investments Limited containing a fixed and floating charge over the investment property to which it relates by Paragon Mortgages (2010) Limited and Paragon Bank PLC.

 

On 27 April 2018 a further mortgage charge was created by Tudor Property Investments Limited containing a fixed and floating charge over the investment property to which it relates by Paragon Mortgages (2010) Limited and Paragon Bank PLC.

2023-03-312022-04-01false03 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr J P FarnellMs C Moreton105794202022-04-012023-03-31105794202023-03-31105794202022-03-3110579420core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110579420core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3110579420core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110579420core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3110579420core:CurrentFinancialInstruments2023-03-3110579420core:CurrentFinancialInstruments2022-03-3110579420core:ShareCapital2023-03-3110579420core:ShareCapital2022-03-3110579420core:RetainedEarningsAccumulatedLosses2023-03-3110579420core:RetainedEarningsAccumulatedLosses2022-03-3110579420bus:Director12022-04-012023-03-31105794202021-04-012022-03-31105794202022-03-3110579420core:WithinOneYear2023-03-3110579420core:WithinOneYear2022-03-3110579420core:Non-currentFinancialInstruments2023-03-3110579420core:Non-currentFinancialInstruments2022-03-3110579420bus:PrivateLimitedCompanyLtd2022-04-012023-03-3110579420bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3110579420bus:FRS1022022-04-012023-03-3110579420bus:AuditExemptWithAccountantsReport2022-04-012023-03-3110579420bus:Director22022-04-012023-03-3110579420bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP