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Company registration number: 00482023
TAPTON ESTATES LTD
Trading as Tapton Estates Ltd
Unaudited financial statements
31 December 2023
TAPTON ESTATES LTD
Contents
Directors and other information
Directors report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
TAPTON ESTATES LTD
Directors and other information
Directors Mr Malcolm Heald
Secretary MB HEALD
Company number 00482023
Registered office Horseshoe Hill House
Littleworth Common
Bucks
SL1 8QE
Business address Horseshoe Hill House
Littleworth Common
Bucks
SL1 8QE
TAPTON ESTATES LTD
Directors report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023.
Directors
The directors who served the company during the year were as follows:
Mr Malcolm Heald
Particulars of recommended dividends are detailed in note 6 to the unaudited financial statements.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 09 September 2024 and signed on behalf of the board by:
Mr Malcolm Heald
Director
TAPTON ESTATES LTD
Statement of income and retained earnings
Year ended 31 December 2023
2023 2022
Note £ £
Turnover - -
Cost of sales - -
Administrative expenses ( 19,663) ( 20,800)
_______ _______
Operating loss 4 ( 19,663) ( 20,800)
Gain/(loss) on financial assets at fair value through profit or loss 141,694 ( 185,582)
Income from participating interests 23,648 -
Other interest receivable and similar income 13,018 52,789
Profit/(loss) before taxation 158,697 ( 153,593)
Tax on profit/(loss) 5 - -
_______ _______
Profit/(loss) for the financial year and total comprehensive income 158,697 ( 153,593)
_______ _______
Dividends declared and paid or payable during the year 6 - 83,546
Retained earnings at the start of the year 168,873 238,919
_______ _______
Retained earnings at the end of the year 327,570 168,872
_______ _______
All the activities of the company are from continuing operations.
TAPTON ESTATES LTD
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 7 2,549,552 2,003,375
_______ _______
2,549,552 2,003,375
Current assets
Debtors 8 5,652,521 5,648,589
Cash at bank and in hand 59,918 451,329
_______ _______
5,712,439 6,099,918
Creditors: amounts falling due
within one year ( 7,812) ( 7,812)
_______ _______
Net current assets 5,704,627 6,092,106
_______ _______
Total assets less current liabilities 8,254,179 8,095,481
_______ _______
Net assets 8,254,179 8,095,481
_______ _______
Capital and reserves
Called up share capital 9 5,800,397 5,800,397
Share premium account 10 2,126,212 2,126,212
Profit and loss account 10 327,570 168,872
_______ _______
Shareholder funds 8,254,179 8,095,481
_______ _______
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2024 , and are signed on behalf of the board by:
Mr Malcolm Heald
Director
Company registration number: 00482023
TAPTON ESTATES LTD
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Horseshoe Hill House, Littleworth Common, Bucks, SL1 8QE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Operating profit/loss
5. Tax on profit/loss
Reconciliation of tax expense
2023 2022
£ £
Profit/(loss) before taxation 158,697 ( 153,593)
_______ _______
Profit/(loss) multiplied by rate of tax - ( 29,183)
Effect of revenue exempt from tax - ( 6,256)
Unrelieved tax losses - 35,439
_______ _______
Tax on profit/loss - -
Factors affecting future tax expense
The company has brought forward capital losses.There is no deferred tax asset as the ability of the company to use the losses is unceertaion as to timing and quantity.
6. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) - 83,546
_______ _______
In acccordance with the companies articles of association dividends paid over 30 years ago and not cashed have been cancelled.
7. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 January 2023 2,003,375 2,003,375
Additions 1,008,540 1,008,540
Disposals ( 608,737) ( 608,737)
Revaluations 146,374 146,374
_______ _______
At 31 December 2023 2,549,552 2,549,552
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 2,549,552 2,549,552
_______ _______
At 31 December 2022 2,003,375 2,003,375
_______ _______
Listed investments
Fixed asset investments are quoted securities.
8. Debtors
2023 2022
£ £
Amounts owed by group undertakings 5,648,589 5,648,589
Other debtors 3,932 -
_______ _______
5,652,521 5,648,589
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 0.25 each 23,201,586 5,800,397 23,201,586 5,800,397
_______ _______ _______ _______
10. Reserves
Share Premium Reserve £2,126,212 (2022 £2,126,212)
11. Controlling party
The conpany's ultimate holding company is Summerley InvestmentsLtd. MB Heald and BJ Heald are deemed to be the controlling parties by virtue of their direct shareholdings.
TAPTON ESTATES LTD
Statement of financial position
31 December 2023
2023 2022
£ £
Fixed assets 2,549,552 2,003,375
_______ _______
Current assets 5,712,439 6,099,918
Creditors: amounts falling due within one year (2,795) (2,795)
_______ _______
Net current assets 5,709,644 6,097,123
_______ _______
Total assets less current liabilities 8,259,196 8,100,498
Accruals and deferred income ( 5,017) ( 5,017)
_______ _______
Net assets 8,254,179 8,095,481
_______ _______
Capital and reserves 8,254,179 8,095,481
_______ _______