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REGISTERED NUMBER: 02685756 (England and Wales)















Financial Statements for the Year Ended 31 October 2023

for

Tudorworth Properties Limited

Tudorworth Properties Limited (Registered number: 02685756)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Tudorworth Properties Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr K Weldon
Mr D J Weldon





SECRETARY: Mr K R Morgan





REGISTERED OFFICE: Great Western House
Martindale
Hawks Green
Cannock
Staffordshire
WS11 7XN





REGISTERED NUMBER: 02685756 (England and Wales)





AUDITORS: Lewis Smith & Co.
Chartered Certified Accountants
Statutory Auditors
The Old Doctor's House
74 Grange Road
Dudley
West Midlands
DY1 2AW

Tudorworth Properties Limited (Registered number: 02685756)

Abridged Balance Sheet
31 October 2023

31.10.23 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,657 17,018
Investment property 5 105,000 105,000
114,657 122,018

CURRENT ASSETS
Stocks 339,661 325,418
Debtors 1,015,410 1,323,149
Cash at bank 973,718 37,167
2,328,789 1,685,734
CREDITORS
Amounts falling due within one year 2,030,855 1,395,298
NET CURRENT ASSETS 297,934 290,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

412,591

412,454

PROVISIONS FOR LIABILITIES 6 510 1,468
NET ASSETS 412,081 410,986

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 411,981 410,886
SHAREHOLDERS' FUNDS 412,081 410,986

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:




Mr K Weldon - Director



Mr D J Weldon - Director


Tudorworth Properties Limited (Registered number: 02685756)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Tudorworth Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on construction contracts by reference to the services performed to date. Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the state of completion of the contract at the balance sheet date (determined by surveys of work performed by quantity surveyors in conjunction with clients).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued at the lower of cost and net relisable value, where the risk and rewards havent been transferred to the customer, in line with the long term contracts.

Undeveloped land is held at cost less impairment.

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.


Tudorworth Properties Limited (Registered number: 02685756)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Provision for warranty costs
Where there are future costs, which will be incurred after the completion of a project, known as rectification costs, a provision has been made to included these costs in line with long term contracts. The value of these costs is been determined based on known future costs which have incurred after the year end date and any expected future costs determined by the Directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

Tudorworth Properties Limited (Registered number: 02685756)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 61,363
Disposals (15,098 )
At 31 October 2023 46,265
DEPRECIATION
At 1 November 2022 44,345
Charge for year 2,414
Eliminated on disposal (10,151 )
At 31 October 2023 36,608
NET BOOK VALUE
At 31 October 2023 9,657
At 31 October 2022 17,018

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 105,000
NET BOOK VALUE
At 31 October 2023 105,000
At 31 October 2022 105,000

The leasehold investment property was revalued by a professional valuer at Jayman Limited, 2 Bore Street, Lichfield, WS13 6LL on 1 March 2024. The investment property is held at market value on the open market, which is deemed to be fair value.

6. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
as restated
£    £   
Deferred tax 510 1,468

Deferred
tax
£   
Balance at 1 November 2022 1,468
Credit to Income Statement during year (958 )
Balance at 31 October 2023 510

Tudorworth Properties Limited (Registered number: 02685756)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: as restated
£    £   
100 Ordinary £1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Alan Beale FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Smith & Co.

The audit report included an other matter paragraph as follows

This is the first year that the company has been required to have an audit performed on its financial statements. Therefore, comparative information in this years financial statements is derived from the company's financial statements of the previous year, which were not audited.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
as restated
£    £   
Mr D J Weldon
Balance outstanding at start of year 402,212 -
Amounts advanced 14,696 422,278
Amounts repaid (416,908 ) (20,066 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 402,212

Loans to directors are interest free and repayable on demand.

10. ULTIMATE PARENT COMPANY

Weldon Group Ltd is regarded by the directors as being the company's ultimate parent company.

Copies of the financial statements for Weldon Group Ltd are available from Companies House. The registered office of Weldon Group Ltd is Great Western House Martindale, Hawks Green, Cannock, Staffordshire, WS11 7XN.

The directors, Kevin Weldon and David Weldon are considered to be the ultimate controlling parties, being the joint shareholders of the parent company.