Company registration number 08601343 (England and Wales)
TFR Venture Holdings Limited
Unaudited financial statements
For the year ended 31 May 2023
TFR Venture Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TFR Venture Holdings Limited
Balance sheet
As at 31 May 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,858,448
1,012,172
Investment property
3
1,500,000
925,000
Investments
4
201
201
4,358,649
1,937,373
Current assets
Debtors
5
93,984
165,110
Cash at bank and in hand
31,840
99,520
125,824
264,630
Creditors: amounts falling due within one year
6
(504,585)
(665,618)
Net current liabilities
(378,761)
(400,988)
Total assets less current liabilities
3,979,888
1,536,385
Creditors: amounts falling due after more than one year
7
(508,020)
(551,638)
Provisions for liabilities
(606,600)
(91,900)
Net assets
2,865,268
892,847
Capital and reserves
Called up share capital
2,141
2,141
Revaluation reserve
2,130,608
191,354
Profit and loss reserves
732,519
699,352
Total equity
2,865,268
892,847

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 May 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.

TFR Venture Holdings Limited
Balance sheet (continued)
As at 31 May 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
Mr P Shortt
Director
Company Registration No. 08601343
TFR Venture Holdings Limited
Notes to the financial statements
For the year ended 31 May 2023
- 3 -
1
Accounting policies
Company information

TFR Venture Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Expedite House, Etruscan Street, Etruria, Stoke on Trent, Staffordshire, England, ST1 5PQ.

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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Related party exemption

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.

 

Preparation of consolidated financial statements

The financial statements contain information about TFR Venture Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

 

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

 

TFR Venture Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Leasehold improvements
2% on cost
Plant and equipment
25% on reducing balance
Computers
10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

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.

1.5
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

TFR Venture Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.7
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.

1.8
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.

TFR Venture Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 6 -
2
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 June 2022
1,052,852
75,577
14,000
3,439
1,145,868
Additions
20,190
-
0
-
0
-
0
20,190
Revaluation
1,851,354
-
0
-
0
-
0
1,851,354
At 31 May 2023
2,924,396
75,577
14,000
3,439
3,017,412
Depreciation and impairment
At 1 June 2022
110,629
9,908
11,785
1,374
133,696
Depreciation charged in the year
22,858
1,512
554
344
25,268
At 31 May 2023
133,487
11,420
12,339
1,718
158,964
Carrying amount
At 31 May 2023
2,790,909
64,157
1,661
1,721
2,858,448
At 31 May 2022
942,223
65,669
2,215
2,065
1,012,172

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2023
2022
£
£
Cost
1,701,498
1,052,852
Accumulated depreciation
(167,416)
(110,629)
Carrying value
1,534,082
942,223
3
Investment property
2023
£
Fair value
At 1 June 2022
925,000
Revaluations
575,000
At 31 May 2023
1,500,000

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

TFR Venture Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 7 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
201
201
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
65,869
71,733
Amounts owed by group undertakings
22,497
67,000
Other debtors
5,618
26,377
93,984
165,110
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
52,276
87,769
Trade creditors
1,402
-
0
Amounts owed to group undertakings
398,443
466,972
Taxation and social security
46,235
47,820
Other creditors
6,229
63,057
504,585
665,618
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
508,020
551,638
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
274,804
295,788
TFR Venture Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 8 -
8
Secured Debts

The following secured debts are included within creditors:

 

2023 2022

£     £

 

Bank loans                     560,297 693,047

 

 

The bank loan is secured by way of a fixed and floating charge over all of the company's assets.

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