1 March 2023 false No description of principal activity Taxfiler 2023.15 SC074876business:PrivateLimitedCompanyLtd2023-03-012024-02-29 SC0748762023-02-28 SC0748762023-03-012024-02-29 SC074876business:AuditExemptWithAccountantsReport2023-03-012024-02-29 SC074876business:FilletedAccounts2023-03-012024-02-29 SC0748762024-02-29 SC074876business:Director12023-03-012024-02-29 SC074876business:Director32023-03-012024-02-29 SC074876business:RegisteredOffice2023-03-012024-02-29 SC0748762023-02-28 SC074876core:WithinOneYear2024-02-29 SC074876core:WithinOneYear2023-02-28 SC074876core:AfterOneYear2024-02-29 SC074876core:AfterOneYear2023-02-28 SC074876core:ShareCapitalcore:PreviouslyStatedAmount2024-02-29 SC074876core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 SC074876core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-02-29 SC074876core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 SC074876core:PreviouslyStatedAmount2024-02-29 SC074876core:PreviouslyStatedAmount2023-02-28 SC074876business:SmallEntities2023-03-012024-02-29 SC074876countries:Scotland2023-03-012024-02-29 SC074876core:WithinOneYear2023-03-012024-02-29 SC074876core:AfterOneYear2023-03-012024-02-29 SC074876business:OrdinaryShareClass12023-03-012024-02-29 SC074876business:OrdinaryShareClass12022-03-012023-02-28 SC0748762022-03-012023-02-28 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. SC074876 (Scotland)
TM Townsley Properties Limited Unaudited accounts for the year ended 29 February 2024
TM Townsley Properties Limited Unaudited accounts Contents
Page
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TM Townsley Properties Limited Company Information for the year ended 29 February 2024
Directors
C TOWNSLEY K LEITCH
Company Number
SC074876 (Scotland)
Registered Office
3 BISHOPS HILL COURT TORNAGRAIN INVERNESS IV2 8AQ SCOTLAND
Accountants
LEITCH ACCOUNTANCY SERVICES LIMITED 3 BEECH AVENUE INVERNESS IV2 4NN
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TM Townsley Properties Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
8,871,421 
8,871,421 
Current assets
Debtors
363,201 
204,355 
Cash at bank and in hand
190,427 
240,679 
553,628 
445,034 
Creditors: amounts falling due within one year
(405,570)
(348,177)
Net current assets
148,058 
96,857 
Total assets less current liabilities
9,019,479 
8,968,278 
Creditors: amounts falling due after more than one year
(1,769,570)
(1,914,980)
Provisions for liabilities
Deferred tax
(52,531)
(50,518)
Net assets
7,197,378 
7,002,780 
Capital and reserves
Called up share capital
2,000 
2,000 
Profit and loss account
7,195,378 
7,000,780 
Shareholders' funds
7,197,378 
7,002,780 
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by
C TOWNSLEY Director Company Registration No. SC074876
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TM Townsley Properties Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
TM Townsley Properties Limited is a private company, limited by shares, registered in Scotland, registration number SC074876. The registered office is 3 BISHOPS HILL COURT, TORNAGRAIN, INVERNESS, IV2 8AQ, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents amounts receivable for rental income received net of vat (where applicable)
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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TM Townsley Properties Limited Notes to the Accounts for the year ended 29 February 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Investment property
2024 
£ 
Fair value at 1 March 2023
8,871,421 
At 29 February 2024
8,871,421 
The valuation of the investment properties of £8,871,421 has been deemed to reflect the market value of the properties as at 28 February 2024 by the directors. The valuation was based on recent market transactions on arm's length terms for similar properties.
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
23,908 
34,204 
Amounts due from group undertakings etc.
- 
16,863 
Accrued income and prepayments
10,812 
14,809 
Other debtors
210,365 
1,362 
245,085 
67,238 
Amounts falling due after more than one year
118,116 
137,117 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
140,400 
140,400 
VAT
19,259 
30,482 
Trade creditors
52,704 
6,552 
Amounts owed to group undertakings and other participating interests
20,059 
- 
Taxes and social security
85,548 
82,550 
Other creditors
75,470 
76,063 
Accruals
12,130 
12,130 
405,570 
348,177 
The bank loans are secured by way of a standard security over certain investment properties held by the company.
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
1,769,570 
1,914,980 
The bank loans are secured by way of a standard security over certain investment properties held by the company.
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TM Townsley Properties Limited Notes to the Accounts for the year ended 29 February 2024
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2,000 Ordinary shares of £1 each
2,000 
2,000 
9
Pension commitments
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
10
Transactions with related parties
The following amounts were outstanding at the reporting end date: Amounts due from related parties CRAN Properties Limited, an entity with control, joint control or significant influence over the company was owed £20,059 (2023 - owed £1,362). The above loan is interest free, unsecured and has no fixed terms of repayment. During the year the company loaned £2,225 to C&K Culloden Limited, a company in which the directors have significant influence over. The loan is interest free, unsecured and has no fixed terms of repayment. During the year the company paid professional fees of £13,250 to Leitch Accountancy Services Limited, a company in which director Kevin Leitch is also a director.
11
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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