Tait Management Limited 14216196 false 2022-07-05 2023-07-31 2023-07-31 The principal activity of the company is the letting and operating of owned real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 14216196 2022-07-05 2023-07-31 14216196 2023-07-31 14216196 core:CurrentFinancialInstruments 2023-07-31 14216196 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 14216196 core:OfficeEquipment 2023-07-31 14216196 bus:SmallEntities 2022-07-05 2023-07-31 14216196 bus:AuditExemptWithAccountantsReport 2022-07-05 2023-07-31 14216196 bus:FilletedAccounts 2022-07-05 2023-07-31 14216196 bus:SmallCompaniesRegimeForAccounts 2022-07-05 2023-07-31 14216196 bus:RegisteredOffice 2022-07-05 2023-07-31 14216196 bus:Director1 2022-07-05 2023-07-31 14216196 bus:PrivateLimitedCompanyLtd 2022-07-05 2023-07-31 14216196 core:FurnitureFittingsToolsEquipment 2022-07-05 2023-07-31 14216196 core:OfficeEquipment 2022-07-05 2023-07-31 14216196 countries:EnglandWales 2022-07-05 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 14216196

Tait Management Limited

Unaudited Filleted Financial Statements

for the Period from 5 July 2022 to 31 July 2023

 

Tait Management Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Tait Management Limited

(Registration number: 14216196)
Statement of Financial Position as at 31 July 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

67

Investment property

5

639,405

 

639,472

Current assets

 

Debtors

6

4,495

Cash at bank and in hand

 

560,840

 

565,335

Creditors: Amounts falling due within one year

7

(6,204)

Net current assets

 

559,131

Net assets

 

1,198,603

Capital and reserves

 

Called up share capital

1,200,000

Profit and loss account

(1,397)

Shareholders' funds

 

1,198,603

For the financial period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 


Mr I R G Thomas
Director

 

Tait Management Limited

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is the letting and operating of owned real estate.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Tait Management Limited

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Impairment

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Tait Management Limited

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Tait Management Limited

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023 (continued)

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

100

100

At 31 July 2023

100

100

Depreciation

Charge for the period

33

33

At 31 July 2023

33

33

Carrying amount

At 31 July 2023

67

67

5

Investment properties

2023
£

Additions

639,405

At 31 July

639,405

The directors have reviewed the value of investment properties held. They consider that there has been no material movement in their value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

Trade debtors

3,401

Prepayments

1,094

4,495

 

Tait Management Limited

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

6,187

Other creditors

17

6,204

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.