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REGISTERED NUMBER: 12271774 (England and Wales)









Financial Statements

for the Year Ended 31 October 2023

for

Timeboard Properties Limited

Timeboard Properties Limited (Registered number: 12271774)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Timeboard Properties Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: F Sidoli
M K Rodwell





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 12271774 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Timeboard Properties Limited (Registered number: 12271774)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 72,700,000 81,150,000

CURRENT ASSETS
Debtors 5 3,455,938 2,856,203
Cash at bank 2,390,886 1,642,292
5,846,824 4,498,495
CREDITORS
Amounts falling due within one year 6 (1,429,648 ) (2,097,970 )
NET CURRENT ASSETS 4,417,176 2,400,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

77,117,176

83,550,525

CREDITORS
Amounts falling due after more than one
year

7

(44,569,859

)

(43,485,026

)
NET ASSETS 32,547,317 40,065,499

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 31,214,012 31,214,012
Retained earnings 1,333,105 8,851,287
32,547,317 40,065,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





M K Rodwell - Director


Timeboard Properties Limited (Registered number: 12271774)

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

1. STATUTORY INFORMATION

Timeboard 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease.

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Financial instruments
Derivative Financial Instruments

The company uses interest rate swap contracts to reduce exposure to interest rate risks.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss in the finance costs or income as appropriate.

The company does not currently apply hedge accounting for interest rate swap derivatives.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash at bank
Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts are paid into a specified account and are released by the lender after the deduction of the bank loan interest. The lender also has control over a deposit account.

Timeboard Properties Limited (Registered number: 12271774)

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

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 81,150,000
Revaluations (8,450,000 )
At 31 October 2023 72,700,000
NET BOOK VALUE
At 31 October 2023 72,700,000
At 31 October 2022 81,150,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 72,700,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 81,150,000 81,150,000

The investment properties were valued on an open market basis on 31 October 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,403,493 2,800,000
Prepayments & accrued income 52,445 56,203
3,455,938 2,856,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 500,000 500,000
Tax 51,634 758,588
Value added tax 199,817 192,626
Accruals & deferred income 678,197 646,756
1,429,648 2,097,970

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 47,625,000 48,125,000
Loan arrangement fees (167,175 ) (272,925 )
Derivative financial
instruments (2,887,966 ) (4,367,049 )
44,569,859 43,485,026

Timeboard Properties Limited (Registered number: 12271774)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The directors are currently in negotiations with the lender to refinance the loan and are confident that this will be successfully completed in due course.

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 48,125,000 48,625,000

The bank loan is secured on the company's investment properties.

9. FINANCIAL INSTRUMENTS

Derivative financial instruments

The company has entered into interest rate swap contracts to mitigate the interest rate risk on the bank loan. At 31 October 2023, the company had an asset of £2,887,966 (2022: £4,367,049) on its interest rate swap contracts.

10. CASH AT BANK

Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts are paid into a specified account and are released by the lender after the deduction of the bank loan interest. The lender also has control over a deposit account. At the year end, the amount included in the cash at bank total under the control of the lender amounted to £1,002,706 (2022: £266).

11. RESERVES

Included within retained earnings of £1,333,105 (2022: £8,851,287) is a cumulative gain of £2,887,966 (2022: £4,367,049) on a derivative financial instrument. The gain is considered to be non-distributable due to its temporary nature and therefore, at 31 October 2023, the distributable reserves were £Nil (2022: £4,484,238).