0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,055,000 15,000 1,070,000 1,070,000 1,055,000 xbrli:pure xbrli:shares iso4217:GBP 11596599 2022-11-01 2023-10-31 11596599 2023-10-31 11596599 2022-10-31 11596599 2021-11-01 2022-10-31 11596599 2022-10-31 11596599 2021-10-31 11596599 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 11596599 bus:Director1 2022-11-01 2023-10-31 11596599 core:WithinOneYear 2023-10-31 11596599 core:WithinOneYear 2022-10-31 11596599 core:AfterOneYear 2023-10-31 11596599 core:AfterOneYear 2022-10-31 11596599 core:ShareCapital 2023-10-31 11596599 core:ShareCapital 2022-10-31 11596599 core:RetainedEarningsAccumulatedLosses 2023-10-31 11596599 core:RetainedEarningsAccumulatedLosses 2022-10-31 11596599 core:LandBuildings 2023-10-31 11596599 core:LandBuildings 2022-10-31 11596599 core:LandBuildings 2022-10-31 11596599 core:LandBuildings 2022-11-01 2023-10-31 11596599 bus:SmallEntities 2022-11-01 2023-10-31 11596599 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 11596599 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 11596599 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11596599 bus:FullAccounts 2022-11-01 2023-10-31 11596599 bus:OrdinaryShareClass1 2023-10-31 11596599 bus:OrdinaryShareClass1 2022-10-31
COMPANY REGISTRATION NUMBER: 11596599
TB Residential Limited
Filleted Unaudited Financial Statements
31 October 2023
TB Residential Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
3
1,070,000
1,055,000
Current assets
Cash at bank and in hand
540
2,472
Creditors: amounts falling due within one year
4
242,771
251,610
--------
--------
Net current liabilities
242,231
249,138
-----------
-----------
Total assets less current liabilities
827,769
805,862
Creditors: amounts falling due after more than one year
5
594,428
594,428
Provisions
Taxation including deferred tax
42,683
--------
--------
Net assets
190,658
211,434
--------
--------
Capital and reserves
Called up share capital
6
2
2
Profit and loss account
190,656
211,432
--------
--------
Shareholders funds
190,658
211,434
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TB Residential Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
M Turner
Director
Company registration number: 11596599
TB Residential Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales with company number 11596599 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW, United Kingdom.
2. 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.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors/members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Income tax
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
3. Tangible assets
Land and buildings
£
Cost or valuation
At 1 November 2022
1,055,000
Revaluations
15,000
-----------
At 31 October 2023
1,070,000
-----------
Depreciation
At 1 November 2022 and 31 October 2023
-----------
Carrying amount
At 31 October 2023
1,070,000
-----------
At 31 October 2022
1,055,000
-----------
Property The investment properties were purchased between December 2018 and June 2022. The fair value of the properties at 31 October 2023 has been arrived at on the basis of a valuation carried out by M. Turner, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their locations. The historic cost of the investment properties was £844,283 (2022: £844,283).
4. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,273
23,273
Social security and other taxes
1,728
108
Other creditors
217,770
228,229
--------
--------
242,771
251,610
--------
--------
5. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
594,428
594,428
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £510,223 (2022: £510,223) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The long term loan is due for repayment in full at the end of loan period. Interest is due on the loan at a rate of 3.80% per annum.
The bank has a floating charge over the company's assets to secure the bank loans.
6. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
7. Director's advances, credits and guarantees
At the reporting date the directors loan account was in credit by £216,588 (2022: £227,088). There is no fixed term for repayment and no interest is charged.
8. Related party transactions
The company was under the control of M. Turner and D. Turner-Burr during the current and previous period.