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REGISTERED NUMBER: 10864453 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

TMT Property Investment Limited

TMT Property Investment Limited (Registered number: 10864453)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TMT Property Investment Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr T M Traynor
Mrs L J Traynor





REGISTERED OFFICE: Watson House
45 Waterloo Road
Stockport
SK1 3BJ





REGISTERED NUMBER: 10864453 (England and Wales)





ACCOUNTANTS: Charles Stewart & Co Limited
Chartered Accountants
3 Park Square
Leeds
LS1 2NE

TMT Property Investment Limited (Registered number: 10864453)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,807 43,728
Investment property 5 6,650,359 5,042,369
6,673,166 5,086,097

CURRENT ASSETS
Debtors 6 507,420 1,710,122
Cash at bank 569,388 83,650
1,076,808 1,793,772
CREDITORS
Amounts falling due within one year 7 5,586,901 4,905,931
NET CURRENT LIABILITIES (4,510,093 ) (3,112,159 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,163,073

1,973,938

CREDITORS
Amounts falling due after more than one
year

8

(1,208,494

)

(1,261,346

)

PROVISIONS FOR LIABILITIES (157,700 ) (157,700 )
NET ASSETS 796,879 554,892

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 473,200 473,200
Retained earnings 11 323,579 81,592
SHAREHOLDERS' FUNDS 796,879 554,892

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 directors acknowledge their 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.

TMT Property Investment Limited (Registered number: 10864453)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





Mr T M Traynor - Director


TMT Property Investment Limited (Registered number: 10864453)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

TMT Property Investment Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10864453 and the registered office address is Watson House, 45 Waterloo Road, Stockport, SK1 3BJ.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from rentals of property, plant and machinery are recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles - 25% reducing balance

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

TMT Property Investment Limited (Registered number: 10864453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors and amounts due from connected companies, 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.

Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TMT Property Investment Limited (Registered number: 10864453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Employment benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2023 53,921
Additions 25,341
Disposals (53,921 )
At 31 December 2023 25,341
DEPRECIATION
At 1 January 2023 10,193
Charge for year 2,534
Eliminated on disposal (10,193 )
At 31 December 2023 2,534
NET BOOK VALUE
At 31 December 2023 22,807
At 31 December 2022 43,728

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 5,042,369
Additions 1,607,990
At 31 December 2023 6,650,359
NET BOOK VALUE
At 31 December 2023 6,650,359
At 31 December 2022 5,042,369

TMT Property Investment Limited (Registered number: 10864453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 100 1,710,122
Directors' current accounts 135,282 -
Prepayments 372,038 -
507,420 1,710,122

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 53,079 53,079
Trade creditors 467 3,816
Amounts owed to group undertakings 4,159,375 -
Social security and other taxes 211,702 19,393
Other creditors - 4,829,643
Accruals and deferred income 1,162,278 -
5,586,901 4,905,931

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 1,208,494 1,261,346

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 957,485 1,010,337

9. LOANS

The bank loans and overdrafts are secured.

There is a first legal charge from TMT Property Investment Limited over the freehold land and buildings at Kingfisher Court, Yew Street, Stockport, SK4 2HG.

There is also an omnibus guarantee and set off agreement between TMT Property Investment Limited, TMT Commercial Contractors Limited and TMT Group Holdings Limited together with such other security as the Bank may hold in respect of the debts and liabilities of any guarantor to the Bank.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

Subsequent to the end of the financial year there was a subscription of 2,500,000 ordinary shares of £1 each at par.

TMT Property Investment Limited (Registered number: 10864453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 81,592 473,200 554,792
Profit for the year 241,987 241,987
At 31 December 2023 323,579 473,200 796,779

12. RELATED PARTY TRANSACTIONS

At 31st December 2023 the company was owed a sum of £118,003 (2022: £Nil) from Mr T M Traynor. This sum was repaid subsequent to the end of the financial year end.

At 31st December 2023 the company was owed a sum of £17,279 (2022: £Nil) from Mrs L J Traynor. This sum was repaid subsequent to the end of the financial year end.

During the period rentals of £426,450 (2022: £204,999) were receivable from TMT Commercial Contractors Limited, a related party in which Mr T M Traynor is also a director.

13. POST BALANCE SHEET EVENTS

Subsequent to the end of the accounting reference date there was a subscription for 2,500,000 £1 ordinary shares issued at par.

14. IMMEDIATE CONTROL

The company is under the immediate control of TMT Investment Holdings Limited.

15. ULTIMATE CONTROL

The company is under the ultimate control of Mr T M Traynor and Mrs L J Traynor.