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REGISTERED NUMBER: 06406960 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 August 2023

for

TFC Properties Limited

TFC Properties Limited (Registered number: 06406960)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TFC Properties Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: F Christodoulou
Mrs T Christodoulou





SECRETARY: F Christodoulou





REGISTERED OFFICE: 66 Lancaster Avenue
Hadley Wood
Barnet
Hertfordshire
EN4 0EU





BUSINESS ADDRESS: 11-19 Grange Lane
Leicester
Leicestershire
LE2 7EE





REGISTERED NUMBER: 06406960 (England and Wales)





ACCOUNTANTS: Tollingtons Accountants Limited
Chartered Certified Accountants
11 Ashton Drive
Enderby
Leicestershire
LE19 4BA

TFC Properties Limited (Registered number: 06406960)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 5,358,560 5,320,600

CURRENT ASSETS
Debtors 5 1,002,622 803,520
Cash at bank 11,689 11,713
1,014,311 815,233
CREDITORS
Amounts falling due within one year 6 728,825 436,090
NET CURRENT ASSETS 285,486 379,143
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,644,046

5,699,743

CREDITORS
Amounts falling due after more than one
year

7

(4,391,000

)

(4,391,289

)

PROVISIONS FOR LIABILITIES 9 (143,430 ) (143,430 )
NET ASSETS 1,109,616 1,165,024

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Fair value reserve 11 843,997 843,997
Retained earnings 11 264,619 320,027
SHAREHOLDERS' FUNDS 1,109,616 1,165,024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TFC Properties Limited (Registered number: 06406960)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





F Christodoulou - Director


TFC Properties Limited (Registered number: 06406960)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

TFC Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 5,320,600
Additions 37,960
At 31 August 2023 5,358,560
NET BOOK VALUE
At 31 August 2023 5,358,560
At 31 August 2022 5,320,600

TFC Properties Limited (Registered number: 06406960)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2016 963,437
Valuation in 2017 (3,398 )
Valuation in 2018 530,292
Valuation in 2021 (502,904 )
Cost 4,371,133
5,358,560

If the investment property had not been revalued it would have been included at the following historical cost:

31.8.23 31.8.22
£    £   
Cost 4,371,133 4,333,173

The investment property was valued on an estimated net yield basis on 2 April 2024 by the director, F Christodoulou .

The directors are of the opinion that the current value of the investment property is similar to the May 2022 valuation and amounts to the May 2022 valuation of £5,320,600 plus the cost of the improvements in 22/23 of £37,960. This is less than the 2018 valuation of £5,740,000 which was carried out by CBRE Limited who were RICS registered valuers.

5. DEBTORS
31.8.23 31.8.22
£    £   
Amounts falling due within one year:
Directors' current accounts 49,102 -

Amounts falling due after more than one year:
Green Oaks Day Nursery Ltd 953,000 803,000
Called up share capital not paid 520 520
953,520 803,520

Aggregate amounts 1,002,622 803,520

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 104,000 104,000
Trade creditors 485,685 230,011
Tax 55,534 61,642
Directors' current accounts - 823
Accrued expenses 83,606 39,614
728,825 436,090

TFC Properties Limited (Registered number: 06406960)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 2-5 years 2,391,000 2,391,289
Family loan 2,000,000 2,000,000
4,391,000 4,391,289

8. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 2,495,000 2,495,289

National Westminster Bank Plc holds a debenture and legal charge over the assets of the company as security for the bank loans.

9. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax on investment property gain 143,430 143,430

Deferred
tax
£   
Balance at 1 September 2022 143,430
Balance at 31 August 2023 143,430

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

480 shares of £1 each have been paid up in full. 520 shares of £1 each are unpaid.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 September 2022 320,027 843,997 1,164,024
Profit for the year 16,592 16,592
Dividends (72,000 ) (72,000 )
At 31 August 2023 264,619 843,997 1,108,616

TFC Properties Limited (Registered number: 06406960)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
F Christodoulou
Balance outstanding at start of year - 99,177
Amounts advanced 49,102 -
Amounts repaid - (99,177 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 49,102 -

The above loans were interest free with no fixed repayment terms.