Company registration number 07524071 (England and Wales)
TLC REAL ESTATE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TLC REAL ESTATE SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
TLC REAL ESTATE SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
199,323
227,253
Tangible assets
4
92,998
121,732
Investments
5
3,000
292,321
351,985
Current assets
Debtors
6
520,897
551,734
Cash at bank and in hand
726,431
292,535
1,247,328
844,269
Creditors: amounts falling due within one year
7
(737,421)
(773,811)
Net current assets
509,907
70,458
Total assets less current liabilities
802,228
422,443
Creditors: amounts falling due after more than one year
8
(217,865)
(24,167)
Provisions for liabilities
(13,769)
(17,406)
Net assets
570,594
380,870
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
570,494
380,770
Total equity
570,594
380,870
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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.
TLC REAL ESTATE SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (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 17 September 2024 and are signed on its behalf by:
C J Coronna
S Hossack
Director
Director
Company registration number 07524071 (England and Wales)
TLC REAL ESTATE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
TLC Real Estate Services Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is 8 Hogarth Place, Earl's Court, London, SW5 0QT.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT and discounts.
Fees receivable on property sales are recognised on completion.
Letting and management fees are recognised as income as the respective rent is received. In the event of a break clause the fee is payable on commencement to this date and the remaining fee is payable one day thereafter.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Software
3 years
1.4
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:
Land and buildings Leasehold
8 years
Leasehold improvements
Over the life of the lease
Plant and machinery
3 - 5 years straight line
Fixtures, fittings and equipment
3 - 8 years straight line
Motor vehicles
5 years straight line
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.
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
TLC REAL ESTATE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
TLC REAL ESTATE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors 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.
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.
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 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. Such 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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged in the income statement.
1.11
Employee 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Investment income represents its share of profits from third party property developments which is recognised when the amounts are known and payable.
TLC REAL ESTATE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
47
42
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
536,653
15,602
552,255
Amortisation and impairment
At 1 January 2023
313,665
11,337
325,002
Amortisation charged for the year
23,665
4,265
27,930
At 31 December 2023
337,330
15,602
352,932
Carrying amount
At 31 December 2023
199,323
199,323
At 31 December 2022
222,988
4,265
227,253
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
91,978
237,581
329,559
Additions
1,000
5,303
6,303
Disposals
(24,000)
(56,597)
(80,597)
At 31 December 2023
68,978
186,287
255,265
Depreciation and impairment
At 1 January 2023
39,869
167,958
207,827
Depreciation charged in the year
14,845
20,192
35,037
Eliminated in respect of disposals
(24,000)
(56,597)
(80,597)
At 31 December 2023
30,714
131,553
162,267
Carrying amount
At 31 December 2023
38,264
54,734
92,998
At 31 December 2022
52,109
69,623
121,732
TLC REAL ESTATE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,000
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 January 2023
3,000
Disposals
(3,000)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
3,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
126,157
157,122
Corporation tax recoverable
1,929
Other debtors
379,683
369,257
Prepayments and accrued income
15,057
23,426
520,897
551,734
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
63,372
10,000
Trade creditors
20,832
39,252
Corporation tax
96,986
Other taxation and social security
132,859
213,561
Other creditors
27,354
51,188
Accruals and deferred income
396,018
459,810
737,421
773,811
TLC REAL ESTATE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
217,865
24,167
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
50
50
50
50
Ordinary 'B' shares of £1 each
50
50
50
50
100
100
100
100
All shares rank pari passu in respect of voting, dividends and on a winding up except that dividends can be paid at different amounts on each class and on one class and not the others.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
70,608
86,285
11
Directors' transactions
Dividends totalling £35,250 (2022 - £132,001) were paid in the year in respect of shares held by the company's directors.
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