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REGISTERED NUMBER: 07830727 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 July 2023

for

TFP (Wakefield) Limited

TFP (Wakefield) Limited (Registered number: 07830727)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


TFP (Wakefield) Limited (Registered number: 07830727)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 23,945,000 20,315,000

CURRENT ASSETS
Debtors 5 158,815 134,062
Cash at bank 77,179 183,051
235,994 317,113
CREDITORS
Amounts falling due within one year 6 777,254 635,447
NET CURRENT LIABILITIES (541,260 ) (318,334 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,403,740

19,996,666

CREDITORS
Amounts falling due after more than one
year

7

(14,958,900

)

(12,110,900

)

PROVISIONS FOR LIABILITIES (660,000 ) (575,000 )
NET ASSETS 7,784,840 7,310,766

CAPITAL AND RESERVES
Called up share capital 8 1,500,000 1,500,000
Retained earnings 6,284,840 5,810,766
SHAREHOLDERS' FUNDS 7,784,840 7,310,766

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

TFP (Wakefield) Limited (Registered number: 07830727)

Balance Sheet - continued
31 July 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





R J Tranter - Director


TFP (Wakefield) Limited (Registered number: 07830727)

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

1. STATUTORY INFORMATION

TFP (Wakefield) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07830727

Registered office: 97 Bridge Road
Horbury Bridge
Wakefield
West Yorkshire
WF4 5NN

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 UK and Republic of Ireland" and 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 give a true and fair view. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the company is considered to be pounds sterling.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other taxes.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors, bank loans and inter-company balances.

Trade debtors, other debtors, cash and bank balances, trade creditors, other creditors and inter-company balances (being repayable on demand) are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.


TFP (Wakefield) Limited (Registered number: 07830727)

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

2. ACCOUNTING POLICIES - continued
Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Investment property
The company makes an estimate of the fair value of investment properties at each reporting date. The directors undertake a review of the property portfolio at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair values, management considers current commercial property trends and rental yields.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 20,315,000
Additions 3,302,175
Revaluations 327,825
At 31 July 2023 23,945,000
NET BOOK VALUE
At 31 July 2023 23,945,000
At 31 July 2022 20,315,000

The freehold investment property was valued at the balance sheet date at £23,945,000 (2022 - £20,315,000) by the directors, on an open market value basis with reference to market conditions at that date and also to regular valuations undertaken by property professionals during and since the accounting period.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 30,317 35,909
Other debtors 128,498 98,153
158,815 134,062

TFP (Wakefield) Limited (Registered number: 07830727)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 693 6,294
Taxation and social security 72,526 117,652
Other creditors 704,035 511,501
777,254 635,447

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 14,958,900 12,110,900

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,500,000 Ordinary 1 1,500,000 1,500,000

9. RELATED PARTY DISCLOSURES

A director of TFP (Wakefield) Limited is also a director and controlling shareholder of Naylors Finance Limited and J&R Naylors Holdings Limited.

During the year J&R Naylors Holdings Limited has loaned £2,848,000 (2022 - £1,771,000) to TFP (Wakefield) Limited and the loan balance outstanding at the balance sheet date was £14,958,900 (2022 - £12,110,900). Interest is payable on this loan at Bank of England base rate plus 1.5%. Interest of £677,857 (2022 - £211,887) has been charged in the year.

A director of TFP (Wakefield) Limited has loaned funds to the company in earlier years and is owed £300,000 (2022 - £300,000) at the balance sheet date in respect of such loans.