REGISTERED NUMBER: |
TWC REAL ESTATE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
REGISTERED NUMBER: |
TWC REAL ESTATE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
TWC REAL ESTATE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
TWC Real Estate Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the balance sheet date the company had net current liabilities of £349,339 (2022: £352,839). Net liabilities includes an amount of £315,628 (2022: £333,628) owing to other lenders. |
The director of TWC Real Estate Limited consider the financial statements should be prepared on a going concern basis because: |
- the other creditors have given an undertaking not to withdraw funds lent to the company to the extent that it would prejudice the company's ability to continue as a going concern. |
- in his opinion, the company's lender will continue to support the company for the foreseeable future. |
- in his opinion, the company will continue to achieve profitability in future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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. |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Revaluations | 60,000 |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2023 | 124,097 |
Cost | 445,903 |
570,000 |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
5. | INVESTMENT PROPERTY - continued |
In the opinion of the director at 30 November 2023, the open market value of the Investment property has been increased to the value shown above. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Other creditors |
Directors' current accounts | 53 | 2,821 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 43,512 | - |
Other creditors | 315,628 | 333,628 |
Hire purchase contracts are secured on the assets to which the agreement relates. |
Other creditors are secured by way of a fixed charge over the Freehold Property of the company. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
TWC REAL ESTATE LIMITED (REGISTERED NUMBER: 10491573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | RESERVES |
Other |
reserves |
£ |
At 1 December 2022 | 48,073 |
Revaluation of investment properties | 45,000 |
93,073 |
The aggregate surplus on re-measurement of freehold properties and investment properties net of associated deferred tax is transferred to a separate non-distributable reserve in order to assist with the identification of profits available for distribution. |