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REGISTERED NUMBER: 01285945 (England and Wales)









TAXTONE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TAXTONE LIMITED (REGISTERED NUMBER: 01285945)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TAXTONE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Dr C Sheth





SECRETARY: Dr C Sheth





REGISTERED OFFICE: 48 Riverside Walk
Isleworth
Middlesex
TW7 6HP





REGISTERED NUMBER: 01285945 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

TAXTONE LIMITED (REGISTERED NUMBER: 01285945)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 946,000 785,000

CURRENT ASSETS
Cash at bank 9,458 31,406

CREDITORS
Amounts falling due within one year 5 152,214 181,109
NET CURRENT LIABILITIES (142,756 ) (149,703 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

803,244

635,297

CREDITORS
Amounts falling due after more than one
year

6

203,230

226,408
NET ASSETS 600,014 408,889

CAPITAL AND RESERVES
Called up share capital 20,100 20,100
Retained earnings 579,914 388,789
600,014 408,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:




Dr C Sheth - Director


TAXTONE LIMITED (REGISTERED NUMBER: 01285945)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Taxtone Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Rents receivable is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

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.


TAXTONE LIMITED (REGISTERED NUMBER: 01285945)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 balance sheet 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 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 785,000
Revaluations 161,000
At 31 December 2023 946,000
NET BOOK VALUE
At 31 December 2023 946,000
At 31 December 2022 785,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2013 193,193
Valuation in 2018 75,000
Valuation in 2024 161,000
Cost 516,807
946,000

If freehold investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 516,807 516,807

Investment property was valued on an open market basis on 31 December 2023 by the directors .

TAXTONE LIMITED (REGISTERED NUMBER: 01285945)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,178 21,945
Taxation and social security 7,066 7,248
Other creditors 121,970 151,916
152,214 181,109

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 203,230 226,408

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 95,628 124,869

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 226,408 248,353