REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
TOWER BRIDGE PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
TOWER BRIDGE PROPERTIES LIMITED |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TOWER BRIDGE PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
BALANCE SHEET - continued |
30 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Tower Bridge Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08025415 and registered office address is 1st Floor Commerce House, 1 Raven Road, South Woodford, London, E18 1HB. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income, exclusive of value added tax. |
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. |
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 its financial instruments. |
Financial instruments are recognised 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 includes trade and other debtors, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party. |
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 |
Basic financial liabilities, including trade and other creditors and preference shares classed 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire |
Equity Instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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 NIL (2022 - NIL). |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2023 | 3,027,893 |
Cost | 3,783,132 |
6,811,025 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,783,132 | 3,783,132 |
The investment properties were valued on an open market basis on 30 April 2023 by the director . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 4,900,000 | 4,900,000 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank Loans | - | 4,900,000 |
The bank loans are secured over the freehold investment properties held by the company. |
9. | RELATED PARTY DISCLOSURES |
Whybrook Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year. The balance owed to the company included in other debtors at the year end was £506,543 (2022: £506,543). |
Cityglen Limited |
A company in which T O'Leary is a director and shareholder. |
During the year the company charged Cityglen Limited rent of £307,500 (2022: £240,000).The balance owed to the company included in other debtors at the year end was £580,825 (2022: £591,912). |
Whybrook Developments Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year. The balance owed to the company included in other debtors at the year end was £5,000 (2022: £5,000). |
Anglo Irish Investments Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year. The balance owed to the company included in other debtors at the year end was £558,000 (2022: £558,000). |
Cityglen Pub Co Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year. The balance owed to the company included in other debtors at the year end was £12,577 (2022: £12,577). |
Ambassador Ventures Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year. The balance owed to the company included in other debtors at the year end was £5,100 (2022: £5,100). |
TOWER BRIDGE PROPERTIES LIMITED (REGISTERED NUMBER: 08025415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
Related party disclosures (continued) |
Cityglen Investment Group Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions during the year. The balance owed to the company included in other debtors at the year end was £1,750,000 (2022: £1,750,000). |
Leacroft Services Limited |
A company in which T O'Leary is a director and shareholder. |
During the year Leacroft Services Limited loaned the company £887.The balance owed by the company included in other creditors at the year end was £651,887 (2022: £651,000). |
Heads on Beds London Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year. The balance owed by the company included in other creditors at the year end was £4,000 (2021: £4,000). |
Hytyme Limited |
A company in which T O'Leary is a director and shareholder. |
There were no transactions between the companies during the year.The balance owed by the company included in other creditors at the year end was £32,000 (2022: £32,000l). |
The above loans are interest free and repayable on demand. |