Company registration number 04818745 (England and Wales)
TEGAMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TEGAMA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TEGAMA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,155
34,493
Investment property
4
15,038,255
13,296,912
Investments
5
1
202,999
15,067,411
13,534,404
Current assets
Debtors
6
11,975,544
13,507,230
Cash at bank and in hand
2,695,050
150,917
14,670,594
13,658,147
Creditors: amounts falling due within one year
7
(1,533,592)
(824,789)
Net current assets
13,137,002
12,833,358
Total assets less current liabilities
28,204,413
26,367,762
Creditors: amounts falling due after more than one year
8
(4,100,000)
(2,810,000)
Net assets
24,104,413
23,557,762
Capital and reserves
Called up share capital
9
8,000,100
8,000,100
Profit and loss reserves
16,104,313
15,557,662
Total equity
24,104,413
23,557,762
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TEGAMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
G A Hall
Director
Company registration number 04818745 (England and Wales)
TEGAMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Tegama Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stableyard Cottage, Barby, Rugby, CV23 8TF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents rents and insurance income receivable and is stated net of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% straight line
Computer equipment
33% straight line
1.4
Investment properties
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.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
TEGAMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 balance sheet 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profit and its results as stated in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
TEGAMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
49,615
Depreciation and impairment
At 1 January 2023
15,122
Depreciation charged in the year
5,338
At 31 December 2023
20,460
Carrying amount
At 31 December 2023
29,155
At 31 December 2022
34,493
4
Investment property
2023
£
Fair value
At 1 January 2023
13,296,912
Additions
1,741,343
At 31 December 2023
15,038,255
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
TEGAMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
13,202,242
11,460,899
Accumulated depreciation
-
-
Carrying amount
13,202,242
11,460,899
5
Fixed asset investments
2023
2022
£
£
Investments
1
1
Loans
-
202,998
1
202,999
Movements in fixed asset investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost or valuation
At 1 January 2023
1
202,998
202,999
Repaid
-
(202,998)
(202,998)
At 31 December 2023
1
1
Carrying amount
At 31 December 2023
1
1
At 31 December 2022
1
202,998
202,999
Fixed asset investments are stated at cost. No provision is required for diminution in value.
TEGAMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,030,797
1,030,797
Amounts owed by group undertakings
8,204,100
8,204,100
Other debtors
2,713,991
4,237,605
Prepayments and accrued income
23,229
31,350
11,972,117
13,503,852
Deferred tax asset (note )
3,427
3,378
11,975,544
13,507,230
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,051
Trade creditors
485,077
454,041
Amounts due to group undertakings
301,187
301,187
Corporation tax
23,813
47,244
Other taxation and social security
4,015
2,929
Other creditors
672,546
Accruals
45,903
19,388
1,533,592
824,789
Bank loans are secured by fixed charges over investment property.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,100,000
2,810,000
Bank loans are secured by fixed charges over investment property.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Deferred ordinary shares of £1 each
100
100
100
100
Ordinary shares of £1 each
8,000,000
8,000,000
8,000,000
8,000,000
8,000,100
8,000,100
8,000,100
8,000,100
TEGAMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
2,520,866
4,099,362
Amounts owed are interest free and repayable on demand.