Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
Investments | 5 |
|
|
|
1,554,839 | 1,657,975 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
1,383,145 | 1,397,622 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
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 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Revaluation reserve |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Director's responsibilities:
The financial statements of Tescan Limited (registered number:
I C Moore
Director |
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.
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 £.
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.
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.
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.
Investment Property Not Depreciated
Plant and machinery |
|
Fixtures and fittings |
|
Office equipment |
|
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.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Plant and machinery | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 December 2022 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
At 30 November 2023 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 December 2022 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
At 30 November 2023 |
|
|
|
|
|||
Net book value | |||||||
At 30 November 2023 |
|
|
|
|
|||
At 30 November 2022 |
|
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 December 2022 |
|
Disposals | (105,000) |
As at 30 November 2023 |
|
There has been no valuation of investment property by an independent valuer.
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 December 2022 |
|
At 30 November 2023 |
|
Carrying value at 30 November 2023 |
|
Carrying value at 30 November 2022 |
|
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
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by own subsidiaries |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Parent undertakings |
|
|
|
Amounts owed to related parties |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
(
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Other creditors |
|
|
|
|
|
Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Overdrawn loan account | 0 | 138,393 |
Interest has been charged per HMRC beneficial loan interest rates