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Registration number: 09075508

Tragail Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Tragail Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Tragail Properties Limited

Company Information

Director

Ms Abigail Hofman

Registered office

Flat 3
34 Palace Gardens Terrace
London
W8 4RP

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Tragail Properties Limited

(Registration number: 09075508)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

584

1,036

Investment property

5

600,000

657,884

 

600,584

658,920

Current assets

 

Debtors

6

323

165

Cash at bank and in hand

 

56,944

61,687

 

57,267

61,852

Creditors: Amounts falling due within one year

7

(391,843)

(382,348)

Net current liabilities

 

(334,576)

(320,496)

Net assets

 

266,008

338,424

Capital and reserves

 

Called up share capital

8

10

10

Other reserves

-

3,201

Retained earnings

265,998

335,213

Shareholders' funds

 

266,008

338,424

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 February 2024

 

Tragail Properties Limited

(Registration number: 09075508)
Balance Sheet as at 30 June 2023

.........................................

Ms Abigail Hofman , Company Director

 

Tragail Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Flat 3
34 Palace Gardens Terrace
London
W8 4RP
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The director considers that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tragail Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Tragail Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

2,507

2,507

At 30 June 2023

2,507

2,507

Depreciation

At 1 July 2022

1,471

1,471

Charge for the year

452

452

At 30 June 2023

1,923

1,923

Carrying amount

At 30 June 2023

584

584

At 30 June 2022

1,036

1,036

5

Investment properties

2023
£

At 1 July

657,884

Fair value adjustments

(57,884)

At 30 June

600,000

6

Debtors

Current

2023
£

2022
£

Other debtors

323

165

 

Tragail Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

193

91

Accruals and deferred income

2,540

2,540

Other creditors

389,110

379,717

391,843

382,348

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10

1,000

10

         

9

Related party transactions

Creditors due within one year include amounts owed to the Director of £389,110 (2022 - £379,717). The balance is interest free and repayable on demand.