Tubbs (UK) Ltd
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 04207405 (England and Wales)
Tubbs (UK) Ltd
Company Information
Directors
J E Tubbs
C S Tubbs
R M S Tubbs
Secretary
J E Tubbs
Company number
04207405
Registered office
Sherston Mill
Sherston
Wiltshire
SN16 0NG
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Bankers
Lloyds Bank Plc
14 Castle Street
Cirencester
Gloucester
GL7 1QJ
Tubbs (UK) Ltd
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Tubbs (UK) Ltd
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,996
-
0
Investment properties
4
2,000,000
1,400,000
2,005,996
1,400,000
Current assets
Debtors
6
4,491
132,292
Investments
7
2,661,955
2,689,529
Cash at bank and in hand
59,517
47,120
2,725,963
2,868,941
Creditors: amounts falling due within one year
8
(14,701)
(15,205)
Net current assets
2,711,262
2,853,736
Net assets
4,717,258
4,253,736
Capital and reserves
Called up share capital
9
15,000
15,000
Share premium account
2,564,903
2,564,903
Capital redemption reserve
21,700
21,700
Profit and loss reserves
2,115,655
1,652,133
Total equity
4,717,258
4,253,736

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 30 June 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.

Tubbs (UK) Ltd
Balance Sheet (Continued)
As at 30 June 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 February 2024 and are signed on its behalf by:
J E Tubbs
Director
Company Registration No. 04207405
Tubbs (UK) Ltd
Statement of Changes in Equity
For the year ended 30 June 2023
Page 3
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2021
15,000
2,564,903
21,700
1,756,790
4,358,393
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
-
-
(104,657)
(104,657)
Balance at 30 June 2022
15,000
2,564,903
21,700
1,652,133
4,253,736
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
463,522
463,522
Balance at 30 June 2023
15,000
2,564,903
21,700
2,115,655
4,717,258
Tubbs (UK) Ltd
Notes to the Financial Statements
For the year ended 30 June 2023
Page 4
1
Accounting policies
Company information

Tubbs (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sherston Mill, Sherston, Wiltshire, SN16 0NG.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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 rent receivable and fees receivable in respect of consultancy services. The company is not registered for VAT.
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:

Computer equipment
Straight line over three years

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 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.

1.5
Other investments
Listed investments are valued at their market value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in profit and loss.
1.6
Cash and cash equivalents

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.

Tubbs (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
1.7
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.

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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Tubbs (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 6
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
4
4
Tubbs (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
740
Additions
6,273
At 30 June 2023
7,013
Depreciation and impairment
At 1 July 2022
740
Depreciation charged in the year
277
At 30 June 2023
1,017
Carrying amount
At 30 June 2023
5,996
At 30 June 2022
-
0
4
Investment property
2023
£
Fair value
At 1 July 2022
1,400,000
Revaluations
600,000
At 30 June 2023
2,000,000

Investment property comprises of the property and improvements made. The fair value of the investment property has been arrived at on the basis of a post year end third party valuation which is considered to represent the value at the balance sheet date.

5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,661,955
2,689,529
Tubbs (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 8
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
3,880
Other debtors
3,796
3,947
3,796
7,827
Deferred tax asset
695
124,465
4,491
132,292

Trade debtors disclosed above are measured at amortised cost.

7
Current asset investments
2023
2022
£
£
Investments
2,661,955
2,689,529

Included within investments is an amount of £94,290 (2022: £94,290) that is measured at cost as it is not possible to measure fair value reliably. All other investments held by the company are measured at fair value. The historic cost of investments measured at fair value is £1,939,588 (2022: £1,958,540).

8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
198
166
Taxation and social security
4,764
4,897
Other creditors
180
180
Accruals and deferred income
9,559
9,962
14,701
15,205
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
15,000 Ordinary Shares of £1 each
15,000
15,000
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