REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2023 |
for |
Tapestart Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
29,706,008 | 29,667,102 |
Tapestart Limited (Registered number: 02487884) |
Balance Sheet - continued |
31 October 2023 |
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 |
Tapestart Limited (Registered number: 02487884) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Tapestart Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
Revaluations | (1,704,943 | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Staff loans | 18,000 | 23,800 |
Other debtors |
Amounts due from related companies | 19,554,171 | 18,000,166 |
Accrued income |
Prepayments |
8. | CURRENT ASSET INVESTMENTS |
31.10.23 | 31.10.22 |
£ | £ |
Other |
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 |
Related party loans | 1,948,832 | 1,881,474 |
Tax |
Social security and other taxes |
VAT | 3,202 | 3,152 |
Other creditors |
Amounts due to related companies | 14,986,949 | 14,719,732 |
Income received in advance |
Accrued expenses |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |