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COMPANY REGISTRATION NUMBER: 11422621
Tigrohomes Ltd
Filleted Unaudited Financial Statements
30 June 2023
Tigrohomes Ltd
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
749,678
751,113
Current assets
Debtors
5
350
Cash at bank and in hand
15,367
10,348
--------
--------
15,717
10,348
Creditors: amounts falling due within one year
Accruals and deferred income
648
609
--------
--------
Net current assets
15,069
9,739
---------
---------
Total assets less current liabilities
764,747
760,852
Creditors: amounts falling due after more than one year
6
764,338
764,405
---------
---------
Net assets/(liabilities)
409
( 3,553)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
309
( 3,653)
----
-------
Shareholders funds/(deficit)
409
( 3,553)
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tigrohomes Ltd
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 10 March 2024 , and are signed on behalf of the board by:
Mrs Tien Long
Director
Company registration number: 11422621
Tigrohomes Ltd
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is represented rental income received or receivable under the contractual terms of the tenancy agreements.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
738,321
14,346
752,667
---------
--------
---------
Depreciation
At 1 July 2022
1,554
1,554
Charge for the year
1,435
1,435
---------
--------
---------
At 30 June 2023
2,989
2,989
---------
--------
---------
Carrying amount
At 30 June 2023
738,321
11,357
749,678
---------
--------
---------
At 30 June 2022
738,321
12,792
751,113
---------
--------
---------
The costs of £738,321 shown under the "Long leasehold property" has included two leasehold apartments at no.613 and no.807 St Martins Place, 169 Broad Street, Birmingham, B15 1ED amounted to £706,269. These two leasehold apartments have been pledged to a financial institution, i.e Gatehouse Bank plc, for banking facilities under the "Diminishing Musharakah Agreement" whereby the legal ownership of the apartments are remained with Gatehouse Bank plc until the company fully repays its financial obligations of £425,617 to the bank.
5. Debtors
2023
2022
£
£
Other debtors
350
----
----
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
425,617
425,684
Other creditors
338,721
338,721
---------
---------
764,338
764,405
---------
---------
The total bank loans of £425,617 were secured by the company's leasehold properties at no.613 and no.807 St Martins Place, 169 Broad Street, Birmingham, B15 1ED. The amounts shown under the "Other Creditors" include amounts of £172,747 due to the company director, and the terms of director's loan are interest free, repayable on demand and unsecured.