Company Registration No. 14449490 (England and Wales)
TINTERN PROPCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TINTERN PROPCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TINTERN PROPCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
Period ended 31 December 2022
Notes
£
£
Fixed assets
Investment properties
4
1,286,083
Current assets
Debtors
5
222,942
Creditors: amounts falling due within one year
6
(1,527,569)
Net current liabilities
(1,304,627)
Total assets less current liabilities
(18,544)
Capital and reserves
Called up share capital
10,000
Profit and loss reserves
(28,544)
Total equity
(18,544)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 D Payne
Director
Company Registration No. 14449490
TINTERN PROPCO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
1
Company information

Tintern Propco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wild Hare Hotel, Tintern, Chepstow, United Kingdom, NP16 6SF.

2
Accounting policies
2.1
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 investment properties at fair value. The principal accounting policies adopted are set out below.

2.2
Going concern

A connected beneficiary has provided financial support to the company should it be required to meet its liabilities as they fall due. Therefore, atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Reporting period

The current period figures relate to the period 28 October 2022 to 31 December 2022. As this is the first period of accounts, future periods will not be entirely comparable.

2.4
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.

2.5
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.

Basic financial assets

Basic financial assets, which include debtors, 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.

TINTERN PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 3 -
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 loans from fellow group 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.

2.6
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.

2.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Employees

The company did not have any employees in the period.

4
Investment property
Period ended 31 December 2022
£
Fair value
At 28 October 2022
-
0
Additions
1,286,083
At 31 December 2022
1,286,083

Investment property comprises a hotel under construction. The fair value of the investment property is not considered to be materially different to the acquisition cost given the purchase of the property was completed at the end of November 2022.

 

 

 

 

 

 

 

TINTERN PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
5
Debtors
Period ended 31 December 2022
Amounts falling due within one year:
£
Other debtors
222,942
6
Creditors: amounts falling due within one year
Period ended 31 December 2022
£
Amounts owed to parent undertakings
1,370,771
Amounts owed to group undertakings
146,798
Accruals and deferred income
10,000
1,527,569
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher LLP.
8
Related party transactions

The company is taking advantage of the FRS 102 33.1A exemption in relation to disclosing related party transactions with fellow subsidiaries which are also part of Chaotic Good Capital AG.

9
Parent company

The immediate parent company is Chaotic Good Capital AG and the ultimate parent entity is Claymore Investment Trust. The registered address for both entities is Kirchstrasse 39, 9490, Vaduz, LI-11, Licehstenstein.

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