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COMPANY REGISTRATION NUMBER: 08955955
Townscape Havelock Ltd
Filleted Unaudited Financial Statements
31 August 2023
Townscape Havelock Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Townscape Havelock Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,814,278
4,814,278
Current assets
Debtors
6
67,414
63,324
Cash at bank and in hand
258,823
267,055
---------
---------
326,237
330,379
Creditors: amounts falling due within one year
7
1,227,205
1,233,226
------------
------------
Net current liabilities
900,968
902,847
------------
------------
Total assets less current liabilities
3,913,310
3,911,431
Creditors: amounts falling due after more than one year
8
4,006,342
4,097,929
------------
------------
Net liabilities
( 93,032)
( 186,498)
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 93,033)
( 186,499)
--------
---------
Shareholders deficit
( 93,032)
( 186,498)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Townscape Havelock Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
Mr P A Roberts
Director
Company registration number: 08955955
Townscape Havelock Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 14 Marlowe Business Centre, 4-6 Orange Street, Canterbury, CT1 2JA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Land and buildings is held at cost and no depreciation is charged. As the directors believe that the land and buildings will appreciate in value, and therefore to charge depreciation would not be appropriate.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2).
5. Tangible assets
Land and buildings
£
Cost
At 1 September 2022 and 31 August 2023
4,814,278
------------
Depreciation
At 1 September 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
4,814,278
------------
At 31 August 2022
4,814,278
------------
6. Debtors
2023
2022
£
£
Trade debtors
90
Other debtors
67,324
63,324
--------
--------
67,414
63,324
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
91,587
88,153
Trade creditors
14,134
( 7,270)
Other creditors
1,121,484
1,152,343
------------
------------
1,227,205
1,233,226
------------
------------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,006,342
4,097,929
------------
------------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
9. Related party transactions
At the year end the company owed £535,656 (2022: £564,156) to the directors.
10. Controlling party
The ultimate parent company is Townscape Ltd , a company registered in England & Wales. The registered address of the ultimate controlling party is: Coombe Farm, Etchinghill, Folkestone, Kent, United Kingdom, CT18 8BP .