Company registration number 10200615 (England and Wales)
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Company information
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 16
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
- 1 -
Directors
Ms. S King
Mr. I Corben
Mr J H Strachan
(Appointed 8 June 2023)
Secretary
Tiaa Limited
Company number
10200615
Manager for administration and
Peter Hammond
company secretarial matters
c/o TIAA Limited
Artillery House
Fort Fareham
Newgate Lane
Fareham
PO14 1AH
Registered office
Artillery House
Fort Fareham
Newgate Lane
Fareham
PO14 1AH
Auditor
TC Group
Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activities of the company are that of a management company to number of housing developments, and that of a landlord in respect of a portfolio of residential properties. The primary aim of these developments and properties being to improve the quality of lives of the borough of Eastleigh.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms. S King
Mr. I Corben
Mr. A Trayer
(Resigned 26 February 2023)
Ms N Wigman
(Appointed 28 February 2023 and resigned 8 June 2023)
Mr J H Strachan
(Appointed 8 June 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Ms. S King
Director
31 January 2024
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASPECT (EASTLEIGH) LIMITED
- 4 -
Opinion

We have audited the financial statements of Aspect (Eastleigh) Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPECT (EASTLEIGH) LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPECT (EASTLEIGH) LIMITED
- 6 -

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

 

 

 

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPECT (EASTLEIGH) LIMITED
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Blake FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
31 January 2024
Office: Portsmouth
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Rent receivable
87,311
80,078
Cost of sales
(3,949)
(18,862)
Gross surplus
83,362
61,216
Administrative expenses
(169,683)
(114,229)
Operating deficit
(86,321)
(53,013)
Interest payable and similar expenses
3
(40,601)
-
0
Amounts written off investments
(1,012,473)
-
Deficit before taxation
(1,139,395)
(53,013)
Tax on deficit
4
(1,134,164)
-
0
Deficit for the financial year
(2,273,559)
(53,013)
Retained earnings brought forward as previously reported
(205,688)
(152,675)
Retained earnings carried forward
(2,479,247)
(205,688)
The notes on pages 10 to 16 form part of these financial statements
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
9,083,760
23,688,993
Current assets
Debtors
7
9,209
-
0
Creditors: amounts falling due within one year
8
(1,478,743)
(208,448)
Net current liabilities
(1,469,534)
(208,448)
Total assets less current liabilities
7,614,226
23,480,545
Creditors: amounts falling due after more than one year
9
(10,093,473)
(23,686,233)
Net liabilities
(2,479,247)
(205,688)
Reserves
Income and expenditure account
(2,479,247)
(205,688)
Members' funds
(2,479,247)
(205,688)

These financial statements have been prepared 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 31 January 2024 and are signed on its behalf by:
Ms. S King
Director
Company Registration No. 10200615
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
1
Accounting policies
Company information

Aspect (Eastleigh) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Artillery House, Fort Fareham, Newgate Lane, Fareham, PO14 1AH.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future with the ongoing support of the related parties.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Turnover represents rental incomes receivable by the company in its capacity as landlord to a portfolio of residential properties. Rental income is recognised on a straight line basis over the term of the tenancy agreements and is measured at the fair value of the consideration receivable.

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
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 of its financial instruments.

 

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. Financial assets classified as receivable within one year are not amortised.

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.

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from related parties 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. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Taxation

The tax currently payable is based on taxable profit for the year of the company and of its participation as a member in the limited liability partnerships held in investments. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

Deferred tax liabilities are generally recognised for all timing differences and 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The company had no employees during the current or prior period.

3
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Notional interest payable on loans from related parties (see note 7)
-
1,456,828
Over provision of notional interest provided for in prior years (see note 7)
(942,760)
-
Capitalisation of borrowing costs (see note 4)
942,760
(1,456,828)
-
0
-
Other finance costs:
Other interest
40,601
-
0
40,601
-
0
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
350,468
-
0
Adjustments in respect of prior periods
783,696
-
0
Total current tax
1,134,164
-
0

The company's liability to corporation tax arises from taxable profits derived from its own trading activities, together with its share in the taxable profits of its participating interest in certain limited liability partnerships. During the year ended 31 March 2023 the company reassessed the interest deductions it had included in its previous corporation tax computations, in light of the Corporate Interest Restriction rules, and assessed that corporation tax was payable.

 

At the balance sheet date the company was carrying forward £6 million of non-trade loan relationship deficits (restricted interest) available for future tax deduction. The company has not recognised a deferred tax asset in respect of these amounts due to there being insufficient certainty over their expected use.

5
Fixed asset investments
2023
2022
£
£
Investments
2,760
2,760
Loans
9,081,000
23,686,233
9,083,760
23,688,993

Investments represent the cost of the company's interests in UK registered limited liability partnerships. The company has entered into a number of joint venture arrangements for the development of residential and social housing properties, which are conducted through the following special purpose vehicles:

 

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 14 -
Movements in fixed asset investments
Participating interests in UK Limited Liability Partnerships
Loans with participating interests
Total
£
£
£
Cost or valuation
At 1 April 2022
2,760
23,686,233
23,688,993
Repayments
-
(12,650,000)
(12,650,000)
Over provision of capitalised net interest charge in prior periods
-
(942,760)
(942,760)
At 31 March 2023
2,760
10,093,473
10,096,233
Impairment
At 1 April 2022
-
-
-
Impairment losses
-
1,012,473
1,012,473
At 31 March 2023
-
1,012,473
1,012,473
Carrying amount
At 31 March 2023
2,760
9,081,000
9,083,760
At 31 March 2022
2,760
23,686,233
23,688,993
ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 15 -
6
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in surplus or deficit:

2023
2022
Notes
£
£
In respect of:
Investments in loans with participating interests
5
1,012,473
-
Recognised in:
Amounts written off investments
1,012,473
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account. In performing their assessment the directors have considered the value of the cash flows ultimately expected to be received from the loans with participating interests which will arise from the cash flows ultimately realisable from the underlying property developments which they have funded.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
9,209
-
0
8
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,215,551
-
0
Deferred income
4,314
6,328
Other creditors
258,878
202,120
1,478,743
208,448

Entities related to the company have paid for certain expenditure on behalf of the company. Other creditors relate to balances owed to related parties.

ASPECT (EASTLEIGH) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
10,093,473
23,686,233

During the year the company made £12,650,000 (2022 - £10,600,000) of repayments in respect of amounts owed to related parties under formal loan terms. The loan is for the specific purpose of funding one of its property developments, enacted through one of its special purpose vehicle joint ventures. The aggregate principal value of the loans at 31st March 2023 was £1,250,000 (2022 - £13,900,000). The related party is not a member of the company, but has significant influence over the company. The loan originally incurred an actual rate of interest of 13% per annum, but was revised from 31 December 2021 so that no further interest would accrue. The loan is due for repayment on the earlier of 12th October 2023 or the date the property development is completed and the company's investment is realised.

 

The arrangement constitutes a financial liability in accordance with section 11 of FRS102. Under the guidelines of FRS 102, the directors estimated that the rate of interest on an equivalent market loan would have been 6.5%. During the period notional interest of £nil (2022 - £1,456,828) has been recognised and accrued to the balance of the financial liability.

 

Following the revision to the interest rate payable on the loan, the directors have reassessed the value of the cashflows payable under the loan agreement and have calculated that interest had been over provided at 31 March 2023 by £942,760. Accordingly this over provision of interest has been released within these financial statements.

 

10
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

11
Related party transactions

The company is party to a tenancy agreement with a related party, under which it is contracted to manage 6 properties as landlord on behalf of the related party. No consideration was paid in respect of entering the tenancy agreements.

 

The directors of the company also hold positions of influence at Eastleigh Borough Council.

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