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Company No: 02756398 (England and Wales)

TAXATION SERVICES (B.B.H) LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TAXATION SERVICES (B.B.H) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TAXATION SERVICES (B.B.H) LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
TAXATION SERVICES (B.B.H) LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS K B Last
R J Last
SECRETARY K B Last
REGISTERED OFFICE 76 Townsend Lane
Harpenden
AL5 2RQ
United Kingdom
COMPANY NUMBER 02756398 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
TAXATION SERVICES (B.B.H) LTD

BALANCE SHEET

As at 31 December 2023
TAXATION SERVICES (B.B.H) LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 275,790 246,053
275,790 246,053
Current assets
Cash at bank and in hand 4 8,967 6,470
8,967 6,470
Creditors: amounts falling due within one year 5 ( 28,584) ( 33,934)
Net current liabilities (19,617) (27,464)
Total assets less current liabilities 256,173 218,589
Provision for liabilities 6 ( 22,547) ( 16,897)
Net assets 233,626 201,692
Capital and reserves
Called-up share capital 7 6,000 6,000
Profit and loss account 227,626 195,692
Total shareholders' funds 233,626 201,692

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Taxation Services (B.B.H) Ltd (registered number: 02756398) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

K B Last
Director
TAXATION SERVICES (B.B.H) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TAXATION SERVICES (B.B.H) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Taxation Services (B.B.H) Ltd (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 76 Townsend Lane, Harpenden, AL5 2RQ, United Kingdom.

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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 represents rent receivable.

Taxation

Current tax
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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Fixtures and fittings 25 % reducing balance
Computer 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Investment property Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 245,000 1,439 1,404 247,843
Revaluations 30,000 0 0 30,000
At 31 December 2023 275,000 1,439 1,404 277,843
Accumulated depreciation
At 01 January 2023 0 1,439 351 1,790
Charge for the financial year 0 0 263 263
At 31 December 2023 0 1,439 614 2,053
Net book value
At 31 December 2023 275,000 0 790 275,790
At 31 December 2022 245,000 0 1,053 246,053

Investment properties

The Company's investment property, which is freehold, was revalued to fair value at 31 December 2023 based on a valuation undertaken by the directors, who have experience in the location and class of the investment property being valued.

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 8,967 6,470

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,841 1,491
Other creditors 26,743 32,443
28,584 33,934

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

6. Provision for liabilities

2023 2022
£ £
Deferred tax 22,547 16,897

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary A shares of £ 1.00 each 1,000 1,000
1,000 Ordinary B shares of £ 1.00 each 1,000 1,000
1,000 Ordinary C shares of £ 1.00 each 1,000 1,000
1,000 Ordinary D shares of £ 1.00 each 1,000 1,000
1,000 Ordinary E shares of £ 1.00 each 1,000 1,000
1,000 Ordinary shares of £ 1.00 each 1,000 1,000
6,000 6,000

8. Financial commitments

The Company had no material capital commitments at the year ended 31 December 2023.

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Loan from a director 26,742 32,442

The loan is unsecured, interest free and repayable on demand.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.