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Company No: 01663137 (England and Wales)

TESCAN LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

TESCAN LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

TESCAN LIMITED

BALANCE SHEET

As at 30 November 2023
TESCAN LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,472 1,608
Investment property 4 1,401,365 1,506,365
Investments 5 150,002 150,002
1,554,839 1,657,975
Current assets
Debtors 6 1,251,295 1,375,061
Cash at bank and in hand 131,850 22,561
1,383,145 1,397,622
Creditors: amounts falling due within one year 7 ( 2,242,138) ( 2,508,687)
Net current liabilities (858,993) (1,111,065)
Total assets less current liabilities 695,846 546,910
Creditors: amounts falling due after more than one year 8 ( 1,228,098) ( 1,238,369)
Net liabilities ( 532,252) ( 691,459)
Capital and reserves
Called-up share capital 200,000 200,000
Revaluation reserve 1,223,307 1,223,307
Profit and loss account ( 1,955,559 ) ( 2,114,766 )
Total shareholder's deficit ( 532,252) ( 691,459)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Tescan Limited (registered number: 01663137) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

I C Moore
Director
TESCAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
TESCAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tescan Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Wilson Way, Pool, Redruth, TR15 3RX.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £532,252. The Company is supported through loans from the directors other companies. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of rent in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Investment Property Not Depreciated

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

The company holds the following financial instruments:

Short term trade and other debtors and creditors;
Bank Loans; and
Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due if contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 December 2022 4,247 5,076 263 9,586
Additions 0 2,861 0 2,861
At 30 November 2023 4,247 7,937 263 12,447
Accumulated depreciation
At 01 December 2022 3,982 3,795 201 7,978
Charge for the financial year 66 916 15 997
At 30 November 2023 4,048 4,711 216 8,975
Net book value
At 30 November 2023 199 3,226 47 3,472
At 30 November 2022 265 1,281 62 1,608

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 1,506,365
Disposals (105,000)
As at 30 November 2023 1,401,365

There has been no valuation of investment property by an independent valuer.

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 150,002
At 30 November 2023 150,002
Carrying value at 30 November 2023 150,002
Carrying value at 30 November 2022 150,002

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiary undertakings - Fosters Pottery Limited
Registered office - Towngate House 2-8 Parkstone Road, Poole, Dorset BH15 2PW
Holding - Ordinary
Proportion of voting rights and shares held 2023 100% 2022 100%
The principal activity of Fosters Pottery Limited is Pottery retailer

Subsidiary undertakings - Lichfield Land Company Limited
Registered office - Towngate House 2-8 Parkstone Road, Poole, Dorset BH15 2PW
Holding - Ordinary A shares
Proportion of voting rights and shares held 2023 50% 2022 50%
The principal activity of Lichfield Land Company Limited is letting and operating of own or leased real estate

6. Debtors

2023 2022
£ £
Trade debtors 41,929 29,463
Amounts owed by own subsidiaries 193,518 191,182
Other debtors 1,015,848 1,154,416
1,251,295 1,375,061

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,271 10,093
Trade creditors 43,938 41,678
Amounts owed to Parent undertakings 38,864 61,846
Amounts owed to related parties 16,188 0
Corporation tax 43,439 34,322
Other taxation and social security 1,392 ( 1,583)
Other creditors 2,088,046 2,362,331
2,242,138 2,508,687

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,884 26,155
Other creditors 1,212,214 1,212,214
1,228,098 1,238,369

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Overdrawn loan account 0 138,393

Interest has been charged per HMRC beneficial loan interest rates