Company registration number 06014041 (England and Wales)
TAVISTOCK ROAD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
TAVISTOCK ROAD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
TAVISTOCK ROAD LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,840
73,256
Investment properties
4
13,891,300
13,891,300
13,940,140
13,964,556
Current assets
Debtors
5
4,819,753
4,819,231
Cash at bank and in hand
203,678
177,132
5,023,431
4,996,363
Creditors: amounts falling due within one year
6
(6,766,029)
(6,926,809)
Net current liabilities
(1,742,598)
(1,930,446)
Total assets less current liabilities
12,197,542
12,034,110
Creditors: amounts falling due after more than one year
8
(1,000,000)
(1,000,000)
Provisions for liabilities
(2,669,534)
(2,669,534)
Net assets
8,528,008
8,364,576
Capital and reserves
Called up share capital
1
1
Other reserves
8,008,602
8,008,602
Profit and loss reserves
519,405
355,973
Total equity
8,528,008
8,364,576
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 January 2024 and are signed on its behalf by:
Mr J Faith
Director
Company Registration No. 06014041
TAVISTOCK ROAD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
1
8,012,388
147,881
8,160,270
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
204,306
204,306
Transfers
-
(3,786)
3,786
-
Balance at 30 April 2022
1
8,008,602
355,973
8,364,576
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
163,432
163,432
Balance at 30 April 2023
1
8,008,602
519,405
8,528,008
TAVISTOCK ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Tavistock Road Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Dacre Street, London, England, SW1H 0DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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:
Fixtures and fittings
33% reducing Balance
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 property
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 and transferred, net of tax, to other reserves.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
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.
TAVISTOCK ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company only enters into Basic financial instrument transactions.
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.
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 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. The financial liabilities are subsequently measured at amortised cost using the effective interest rate 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax arising in respect of revaluation gains and losses of investment properties is transferred to or from Other reserves respectively.
TAVISTOCK ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2022 and 30 April 2023
129,083
Depreciation and impairment
At 1 May 2022
55,827
Depreciation charged in the year
24,416
At 30 April 2023
80,243
Carrying amount
At 30 April 2023
48,840
At 30 April 2022
73,256
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
13,891,300
TAVISTOCK ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
4
Investment property
(Continued)
- 6 -
The investment property has been last valued on an open market basis on the 26th January 2022 by Lambert Smith Hampton which makes reference to market evidence of transaction prices for similar properties. The valuation was made on behalf of the companies funders. The Directors have reviewed the value and consider this to have remained the same at the 30th April 2023.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,704
1,249
Amounts owed by group undertakings
4,527,597
4,467,155
Other debtors
285,452
350,827
4,819,753
4,819,231
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,673
4,348
Amounts owed to group undertakings
6,627,264
4,075,476
Corporation tax
43,396
55,915
Other creditors
72,696
2,791,070
6,766,029
6,926,809
7
Loans and overdrafts
2023
2022
£
£
Other loans
1,000,000
1,000,000
Payable after one year
1,000,000
1,000,000
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
7
1,000,000
1,000,000
TAVISTOCK ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property revaluations
2,669,534
2,669,534
There were no deferred tax movements in the year.
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25% and this became substantively enacted as part of the Finance Bill 2021 on 24 May 2021. Deferred tax has been calculated at this rate.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
11
Financial commitments, guarantees and contingent liabilities
The property held within this company is secured against the loan held within Kitewood Investment Holdings Limited.
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Interest paid
2023
2022
£
£
Entities under the control of key management personnel
65,911
42,463
Transactions during the year ended 30 April 2023 between the company and Kitewood Estates Limited were conducted at market rate.
TAVISTOCK ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
12
Related party transactions
(Continued)
- 8 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities under the control of key management personnel
1,275,626
1,341,537
The loan due after one year held with Kitewood Estates Limited is not secured via a fixed or floating charge.
Other information
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
13
Parent company
Ultimate Parent Company
The ultimate parent company is Kitewood Holdings Limited, a company registered in England & Wales.
The smallest and largest group for which the results of the company are included is the consolidated accounts of Kitewood Holdings Limited. These consolidated accounts are available from their registered office at 7 Dacre Street, London, SW1H 0DJ.