Tough Property Solutions Limited
Filleted Abridged Accounts
29 February 2024
Registered number
12387608
Tough Property Solutions Limited
Registered number: 12387608
Abridged Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 100,000 100,000
Current assets
Debtors 433 420
Cash at bank and in hand 4,415 10,965
4,848 11,385
Creditors: amounts falling due within one year (82,762) (83,692)
Net current liabilities (77,914) (72,307)
Total assets less current liabilities 22,086 27,693
Provisions for liabilities (5,306) (5,306)
Net assets 16,780 22,387
Capital and reserves
Called up share capital 100 100
Profit and loss account 16,680 22,287
Shareholder's funds 16,780 22,387
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
T Mattison
Director
Approved by the board on 18 April 2024
Tough Property Solutions Limited
Notes to the Abridged Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rent receivable in the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are are measured at fair value at each reporting date and changes in fair value are recognised in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Total
£
Cost
At 1 March 2023 100,000
At 29 February 2024 100,000
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 100,000
At 28 February 2023 100,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 72,074 72,074
Cumulative depreciation based on historical cost - -
72,074 72,074
4 Other information
Tough Property Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3c King Street
Drighlington
Bradford
BD11 1LH
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