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Company No: 04125226 (England and Wales)

T AND C (SERVICES) LIMITED

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

T AND C (SERVICES) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

T AND C (SERVICES) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
T AND C (SERVICES) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Kay Barbara Last
Richard John Last
SECRETARY Richard John Last
REGISTERED OFFICE 76 Townsend Lane
Harpenden
Hertfordshire
AL5 2RQ
United Kingdom
COMPANY NUMBER 04125226 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
T AND C (SERVICES) LIMITED

BALANCE SHEET

As at 31 December 2023
T AND C (SERVICES) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 845
Investment property 4 240,000 227,500
Investments 5 108,817 101,273
348,817 329,618
Current assets
Cash at bank and in hand 6 37,467 31,579
37,467 31,579
Creditors: amounts falling due within one year 7 ( 25,295) ( 26,646)
Net current assets 12,172 4,933
Total assets less current liabilities 360,989 334,551
Provision for liabilities 8 ( 19,676) ( 17,462)
Net assets 341,313 317,089
Capital and reserves
Called-up share capital 9 5,500 5,500
Profit and loss account 335,813 311,589
Total shareholders' funds 341,313 317,089

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 T and C (Services) Limited (registered number: 04125226) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

Kay Barbara Last
Director
T AND C (SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
T AND C (SERVICES) LIMITED

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

T and C (Services) 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 76 Townsend Lane, Harpenden, Hertfordshire, 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 comprises rent receivable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Plant and machinery etc. 4 years straight line

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.

Investment property

Investment property 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 3,704 3,704
At 31 December 2023 3,704 3,704
Accumulated depreciation
At 01 January 2023 2,859 2,859
Charge for the financial year 845 845
At 31 December 2023 3,704 3,704
Net book value
At 31 December 2023 0 0
At 31 December 2022 845 845

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 227,500
Fair value movement 12,500
As at 31 December 2023 240,000

Valuation

A market valuation of investment property was completed by the directors at the balance sheet date. The comparison approach was used for residential property which involved reviewing recent market evidence from the sales of similar properties during the period.

Historic cost

If the investment property had been accounted for using cost accounting rules, the property would have been measured as follows:

2023 2022
£ £
Historic cost 136,444 136,444

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 101,273 101,273
At 31 December 2023 101,273 101,273
Provisions for impairment
At 01 January 2023 0 0
Revaluation (7,544) (7,544)
At 31 December 2023 ( 7,544) ( 7,544)
Carrying value at 31 December 2023 108,817 108,817
Carrying value at 31 December 2022 101,273 101,273

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 37,467 31,579

7. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,698 3,368
Other creditors 23,597 23,278
25,295 26,646

8. Provision for liabilities

2023 2022
£ £
Deferred tax 19,676 17,462

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,000 A ordinary shares of £ 1.00 each 3,000 3,000
500 B ordinary shares of £ 1.00 each 500 500
500 C ordinary shares of £ 1.00 each 500 500
500 D ordinary shares of £ 1.00 each 500 500
500 E ordinary shares of £ 1.00 each 500 500
500 F ordinary shares of £ 1.00 each 500 500
5,500 5,500

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Loan from a director 23,597 23,277

The loan from one of the Company's directors is unsecured, interest free and repayable on demand.