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Company registration number: 04297788
TAPTON HOLDINGS LTD
Trading as TAPTON HOLDINGS LTD
Unaudited financial statements
31 December 2023
TAPTON HOLDINGS LTD
Contents
Directors and other information
Directors report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
TAPTON HOLDINGS LTD
Directors and other information
Directors MR MALCOLM HEALD
Miss Sarah Heald
Secretary MB HEALD
Company number 04297788
Registered office HORSESHOE HILL HOUSE,
LITTLEWORTH COMMON,
BUCKS
SL1 8QE
Business address HORSESHOE HILL HOUSE,
LITTLEWORTH COMMON,
BUCKS
SL1 8QE
TAPTON HOLDINGS 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
Miss Sarah Heald
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 HOLDINGS LTD
Statement of income and retained earnings
Year ended 31 December 2023
2023 2022
Note £ £
Turnover - -
Cost of sales - -
Administrative expenses ( 96) ( 4,472)
_______ _______
Operating loss 4 ( 96) ( 4,472)
Gain on financial assets at fair value through profit or loss 39,600 -
Other interest receivable and similar income 8 156 -
Profit/(loss) before taxation 39,660 ( 4,472)
Tax on profit/(loss) - -
_______ _______
Profit/(loss) for the financial year and total comprehensive income 39,660 ( 4,472)
_______ _______
Retained earnings at the start of the year 2,463,846 2,468,318
_______ _______
Retained earnings at the end of the year 2,503,506 2,463,846
_______ _______
All the activities of the company are from continuing operations.
TAPTON HOLDINGS LTD
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 10 30,000 82,000
Investments 11 98 98
_______ _______
30,098 82,098
Current assets
Debtors 12 2,549,919 2,429,017
Cash at bank and in hand 39,735 52,762
_______ _______
2,589,654 2,481,779
Creditors: amounts falling due
within one year 13 ( 16,246) ( 31)
_______ _______
Net current assets 2,573,408 2,481,748
_______ _______
Total assets less current liabilities 2,603,506 2,563,846
_______ _______
Net assets 2,603,506 2,563,846
_______ _______
Capital and reserves
Called up share capital 15 75,700 75,700
Capital redemption reserve 16 24,300 24,300
Profit and loss account 16 2,503,506 2,463,846
_______ _______
Shareholders funds 2,603,506 2,563,846
_______ _______
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 members have 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
TAPTON HOLDINGS 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.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. Directors remuneration
Directors were remunerated by a subsidiary.Remuneration ceased on 31 March 2020 .
6. Exceptional items
2023 2022
£ £
_______ _______
7. Income from shares in group undertakings
2023 2022
£ £
8. Other interest receivable and similar income
2023 2022
£ £
Interest on cash and cash equivalents 156 -
_______ _______
9. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
2023 2022
£ £
Profit/(loss) for the year attributable to the owners of the company 39,660 ( 4,472)
_______ _______
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
2023 2022
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share 39,660 ( 4,472)
_______ _______
10. Tangible assets
DEBENTURE INVESTMENTS Total
£ £
Cost
At 1 January 2023 113,911 113,911
Disposals (52,000) ( 52,000)
_______ _______
At 31 December 2023 61,911 61,911
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 31,911 31,911
_______ _______
Carrying amount
At 31 December 2023 30,000 30,000
_______ _______
At 31 December 2022 82,000 82,000
_______ _______
11. Investments
Shares in group undertakings Total
£ £
Cost
At 1 January 2023 and 31 December 2023 98 98
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 98 98
_______ _______
At 31 December 2022 98 98
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Tapton Properties Ltd As per Tapton Holdings Ltd Ordinary 100
Tapton (New Albion) Ltd As per Tapton Holdings Ltd Ordinary 100
Tapton Estates Ltd As per Tapton Holdings Ltd Ordinary through Tapton Properties Ltd 100
12. Debtors
2023 2022
£ £
Trade debtors 24,060 -
Amounts owed by group undertakings 2,525,859 2,427,760
Other debtors - 1,257
_______ _______
2,549,919 2,429,017
_______ _______
13. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 31 31
Social security and other taxes 16,215 -
_______ _______
16,246 31
_______ _______
14. Prior period errors
Following the repurchase of share capital a capital redemption reserve was omitted from the 2020 accounts. This has been rectified in the year.
15. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 75,700 75,700 75,700 75,700
_______ _______ _______ _______
16. Reserves
Following the company repurchase of shares a Capital Redemption Reserve Fund has been created.
17. Controlling party
The company became is a wholly owned subsidiary of Summerley Investments Ltd. and its controlling shareholders are MB Heald and BJ Heald.