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REGISTERED NUMBER: 02487884 (England and Wales)















Financial Statements for the Year Ended 31 October 2023

for

Tapestart Limited

Tapestart Limited (Registered number: 02487884)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tapestart Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr P Ballard
Mrs S R Ballard



SECRETARY: Mrs S R Ballard



REGISTERED OFFICE: 45/51, Wychtree Street
Morriston
Swansea
West Glamorgan
SA6 8EX



REGISTERED NUMBER: 02487884 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Dylan Jones



AUDITORS: Cambrian & Co Ltd
Chartered Accountants & Statutory Auditors
13a Victoria Gardens
Neath
West Glamorgan
SA11 3AY

Tapestart Limited (Registered number: 02487884)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 70,000 70,000
Investments 5 10 10
Investment property 6 28,480,382 29,918,233
28,550,392 29,988,243

CURRENT ASSETS
Debtors 7 19,764,123 18,246,026
Investments 8 81,000 81,000
Cash at bank 2,721,282 2,750,392
22,566,405 21,077,418
CREDITORS
Amounts falling due within one year 9 21,410,789 21,398,559
NET CURRENT ASSETS/(LIABILITIES) 1,155,616 (321,141 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,706,008

29,667,102


PROVISIONS FOR LIABILITIES 1,372,386 1,798,643

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,333,522 27,868,359
SHAREHOLDERS' FUNDS 28,333,622 27,868,459
29,706,008 29,667,102

Tapestart Limited (Registered number: 02487884)

Balance Sheet - continued
31 October 2023


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

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 9 July 2024 and were signed on its behalf by:





Mr P Ballard - Director


Tapestart Limited (Registered number: 02487884)

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

1. STATUTORY INFORMATION

Tapestart 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 as modified by the revaluation of certain assets.

Turnover
Turnover consists of freehold sales and all additional incomes derived from investment in freehold reversions all within the UK. These include ground rents, notice fees and consent fees. Ground rent revenue is recognised on an accruals basis in line with the terms of the lease. Fees are recognised on a receipt basis and Freehold Reversions are recognised when control of the freehold transfers to the customer.

Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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.

Investment property comprises of freehold reversions held wholly for the generation of income and capital growth.

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.


Tapestart Limited (Registered number: 02487884)

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

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 November 2022
and 31 October 2023 70,000 3,202 2,217 75,419
DEPRECIATION
At 1 November 2022
and 31 October 2023 - 3,202 2,217 5,419
NET BOOK VALUE
At 31 October 2023 70,000 - - 70,000
At 31 October 2022 70,000 - - 70,000

Tapestart Limited (Registered number: 02487884)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 10
NET BOOK VALUE
At 31 October 2023 10
At 31 October 2022 10

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 29,918,233
Additions 646,348
Disposals (379,256 )
Revaluations (1,704,943 )
At 31 October 2023 28,480,382
NET BOOK VALUE
At 31 October 2023 28,480,382
At 31 October 2022 29,918,233

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2016 30,717,197
Valuation in 2017 2,613,336
Valuation in 2018 (151,646 )
Valuation in 2019 (2,279,224 )
Valuation in 2020 274,452
Valuation in 2021 (516,597 )
Valuation in 2022 (739,285 )
Valuation in 2023 (1,437,851 )
28,480,382

Tapestart Limited (Registered number: 02487884)

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

6. INVESTMENT PROPERTY - continued

If Freehold Investments had not been revalued they would have been included at the following historical cost:

31.10.23 31.10.22
£    £   
Cost 22,989,649 22,722,557

Freehold Investments were valued on a fair value basis on 31 October 2023 by Mr. P. Ballard .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 19,033 66,553
Staff loans 18,000 23,800
Other debtors 63,475 48,533
Amounts due from related companies 19,554,171 18,000,166
Accrued income 107,322 104,593
Prepayments 2,122 2,381
19,764,123 18,246,026

8. CURRENT ASSET INVESTMENTS
31.10.23 31.10.22
£    £   
Other 81,000 81,000

Included within current assets are Redeemable Preference Shares in South India Tours and Travel Ltd (Company Number 10845229) of 81,000 shares at £1 per share. Preference shareholders are entitled on the 9th March each year to a fixed non-cumulative dividend of 3% per annum applied to the nominal value of the shares.On winding up the shares will be entitled to a return of the nominal capital in advance of the Ordinary shares and a pro rata payment of the dividend for the period from the previous 9th March. The shares are redeemable at any time at the discretion of the directors. On redemption, the payment will be the return of the nominal capital and a pro rata payment of the dividend for the period from the previous 9th March to the 9th March 2024. No dividend was payable, therefore no provision has been made.

Tapestart Limited (Registered number: 02487884)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 3,217,793 3,785,646
Related party loans 1,948,832 1,881,474
Tax 506,719 335,958
Social security and other taxes 20,100 24,707
VAT 3,202 3,152
Other creditors 73,148 122,063
Amounts due to related companies 14,986,949 14,719,732
Income received in advance 645,702 518,860
Accrued expenses 8,344 6,967
21,410,789 21,398,559



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

The Report of the Auditors was unqualified.

Dylan Jones (Senior Statutory Auditor)
for and on behalf of Cambrian & Co Ltd

11. RELATED PARTY DISCLOSURES

Tapestart Ltd acts as a clearing house for directors current account transactions, and other related parties loan account transactions, with associated companies.

Included within related party loans are loans made by the directors and their family members. These are interest free, with no formal terms of repayment, although any withdrawal must be approved by the directors. The aggregate amounts outstanding are disclosed in the creditors note as related party loans.

12. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be a single controlling party.