Company registration number 11048649 (England and Wales)
TOFTWOOD REAL ESTATE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TOFTWOOD REAL ESTATE LTD FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Toftwood Real Estate Ltd for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Toftwood Real Estate Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Toftwood Real Estate Ltd and state those matters that we have agreed to state to the Board of Directors of Toftwood Real Estate Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Toftwood Real Estate Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Toftwood Real Estate Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Toftwood Real Estate Ltd. You consider that Toftwood Real Estate Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Toftwood Real Estate Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
15 March 2024
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,675
22,611
Investment property
4
1,095,680
2,215,928
1,114,355
2,238,539
Current assets
Stocks
644,478
542,331
Debtors
5
66,827
71,691
Cash at bank and in hand
17,990
15,404
729,295
629,426
Creditors: amounts falling due within one year
6
(1,305,347)
(1,232,421)
Net current liabilities
(576,052)
(602,995)
Total assets less current liabilities
538,303
1,635,544
Creditors: amounts falling due after more than one year
7
(686,308)
(1,317,023)
Provisions for liabilities
14,160
4,245
Net (liabilities)/assets
(133,845)
322,766
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(133,846)
322,765
Total equity
(133,845)
322,766

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
Mr J  Eades
Director
Company registration number 11048649 (England and Wales)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Toftwood Real Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9 Oxford Road, Adderbury, Banbury, Oxfordshire, OX17 3NF.

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 following principal accounting policies have been applied:

1.2
Going concern

Despite net current liabilities and an overall balance sheet deficit, having reviewed the future trading and cash requirements of the company for at least 12 months from the date of signing these accounts, the directors consider it appropriate to continue to prepare the accounts on a going concern basis.true

1.3
Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from the sale of property is recognised when all of the following conditions are satisfied:

 

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -

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
20% straight line
Office Equipment
20% straight line
Motor vehicles
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

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.

1.6
Investment properties

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

1.8
Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.9
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

The current income tax charge is calculated on the basis of tax rates and laws that have been

enacted or substantively enacted by the balance sheet date in the countries where the Company

operates and generates income.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

 

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

1.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
4
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
3
Tangible fixed assets
Fixtures and fittings
Office Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022 and 30 November 2023
23,544
1,077
24,442
49,063
Depreciation and impairment
At 1 December 2022
10,537
860
15,055
26,452
Depreciation charged in the year
1,844
215
1,877
3,936
At 30 November 2023
12,381
1,075
16,932
30,388
Carrying amount
At 30 November 2023
11,163
2
7,510
18,675
At 30 November 2022
13,007
217
9,387
22,611
4
Investment property
2023
£
Fair value
At 1 December 2022
2,215,928
Transfers
(43,914)
Disposals
(1,058,660)
Revaluations
(17,674)
At 30 November 2023
1,095,680

The November 2023 property valuations were made by the directors, on an open market value for existing use basis.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
66,827
71,691
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,003
-
0
Other borrowings
1,262,790
1,113,655
Trade creditors
7,313
13,161
Corporation tax
2,725
91,918
Other taxation and social security
13,622
10,187
Other creditors
44
-
0
Accruals and deferred income
3,850
3,500
1,305,347
1,232,421
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
686,308
1,317,023

Fixed and floating charges with negative pledges are secured against the investment properties in favour of the lenders.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
667,070
1,317,023
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
(4,601)
2,165
Tax losses
(5,141)
-
Revaluations
(4,418)
(6,410)
(14,160)
(4,245)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
8
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Asset at 1 December 2022
(4,245)
Credit to profit or loss
(9,915)
Asset at 30 November 2023
(14,160)
9
Related party transactions
Transactions with related parties

At 30 November 2023, the Company was owed £64,290 (2022: £63,950) by a company under the control of the domestic partner of a Director.

 

At 30 November 2023, the company was owed £nil (2022: £3,340) by a company under the control of a Director.

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