REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
TYMARIC PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
TYMARIC PROPERTIES LTD |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TYMARIC PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Tymaric Properties Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 10921191 and registered office address is at Tyburn House, Ely Grange Estate, Frant, United Kingdom, TN3 9DZ. |
Principal activity |
The principal activity of the company in the year under review was that of development of commercial building projects. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of properties and profit share from company investments is recognised on completion. |
Tangible fixed assets |
Office equipment | - |
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. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
Going concern |
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves, cash balances and the ongoing support of the directors, to whom the creditor due in more than one year is owed. |
Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Rental income |
Rental income is recognised on a straight line basis within other income in accordance with the terms of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
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. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Joint ventures |
Registered office: Birch Corner, Fern Road, Storrington, West Sussex, England, RH20 4LW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Tyburn House, Ely Grange Estate, Frant, Tunbridge Wells, Kent, TN3 9DZ |
Nature of business: |
% |
Class of shares: | holding |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
and 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 2020 | 386,030 |
Cost | 1,263,970 |
1,650,000 |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Prepayments and accrued income |
Aggregate amounts |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
7. | DEBTORS - continued |
Other debtors less than one year |
As at the balance sheet date, there was a loan owing to the company included within other debtors of £Nil (2022: £150,000). Interest is charged on the loan at 0.89% per month. |
As at the balance sheet date, there was a loan owing to the company included within other debtors of £749,425 (2022: £447,200). Interest is charged on the loan at 5% - 8.9% per annum. |
As at the balance sheet date, there was a loan owing to the company included within other debtors of £1,045,000 (2022: £625,000). Interest is charged on the loan at 8% - 9.75% per annum. |
As at the balance sheet date, there was a loan owing to the company included within other debtors of £198,131 (2022: £408,504). Interest is charged on the loan at 7.9% - 8.9% per annum. |
As at the balance sheet date, there was a loan owing to the company included within other debtors of £473,757 (2022: £890,038). Interest is charged on the loan at 7.9% - 8.9% per annum. A provision of £65,000 has been provided against the balance above in the year (2022: £Nil). |
Other debtors greater than one year |
As at the balance sheet date, there was a loan owing to the company included within other debtors of £806,354 (2022: £588,884). Interest is charged on the loan at 6% - 7.25% per annum. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Directors' loan accounts | 4,666,116 | 4,481,702 |
10. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number | Class | Nominal | 2023 | 2022 |
Value | £ | £ |
10 | Ordinary A | £1 | 10 | 10 |
10 | Ordinary B | £1 | 10 | 10 |
10 | Ordinary C | £1 | 10 | 10 |
10 | Ordinary D | £1 | 10 | 10 |
10 | Ordinary E | £1 | 10 | 10 |
10 | Ordinary F | £1 | 10 | 10 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2022 | 1,040,526 |
Profit for the year |
At 30 November 2023 | 1,056,314 |
TYMARIC PROPERTIES LTD (REGISTERED NUMBER: 10921191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | RELATED PARTY DISCLOSURES |
As at the balance sheet date, there was an amount owed to the company directors included within creditors due after one year of £4,666,116 (2022: £4,481,702). The amount is interest free and has no repayment terms attached. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the director John Elliott, by virtue of his majority shareholding of voting shares. |