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Registered number: 10512377
Tanworth Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
WA&A
426 Stockfield Road
Yardley
Birmingham
West Midlands
B25 8JJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10512377
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 120,616 115,000
120,616 115,000
CURRENT ASSETS
Debtors 5 2,359 3,549
Cash at bank and in hand 110,047 108,203
112,406 111,752
Creditors: Amounts Falling Due Within One Year 6 (151,157 ) (150,521 )
NET CURRENT ASSETS (LIABILITIES) (38,751 ) (38,769 )
TOTAL ASSETS LESS CURRENT LIABILITIES 81,865 76,231
Creditors: Amounts Falling Due After More Than One Year 7 (68,857 ) (68,857 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,041 ) (684 )
NET ASSETS 11,967 6,690
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 7,557 2,914
Profit and Loss Account 4,310 3,676
SHAREHOLDERS' FUNDS 11,967 6,690
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Brown
Director
18th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tanworth Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10512377 . The registered office is 36 Lichfield Street, Walsall, West Midlands, WS1 1TJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Whilst the company has net liabilities, it is indebted to the directors for the majority of this sum. The directors have agreed that whilst the company is in it's current financial position that they will only draw funds owed to them when it is possible to do so without leaving the company in financial difficulty. The financial statements are therefore prepared on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Investment Properties Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 January 2023 115,000 - 115,000
Additions - 822 822
Revaluation 5,000 - 5,000
As at 31 December 2023 120,000 822 120,822
Depreciation
As at 1 January 2023 - - -
Provided during the period - 206 206
As at 31 December 2023 - 206 206
Net Book Value
As at 31 December 2023 120,000 616 120,616
As at 1 January 2023 115,000 - 115,000
The directors are of the opinion that the fair value of the investment property included in the accounts is an accurate reflection of its current market value as at 31 December 2022.
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,268 3,194
Prepayments and accrued income 91 80
Other debtors - 275
2,359 3,549
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 49,950 49,950
Accruals and deferred income 635 522
Directors' loan accounts 100,572 100,049
151,157 150,521
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 68,857 68,857
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8. Secured Creditors
The Bank loan is secured against the investment property owned by the Company. The company has an interest only mortgage with One Savings bank plc. The interest rate on the loan at the time it was taken out was 3.79%
2023 2022
£ £
Bank loans and overdrafts 68,857 66,857
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 January 2023 2,914
Transfer to profit and loss 4,643
As at 31 December 2023 7,557
11. Related Party Transactions
At 31 December 2023, there was an amount of £100,572 (2022 - £100,049) owed by the company to the directors, S J Brown and Mrs J A Brown. This loan is interest free.
12. Controlling Party
No one has overall control of the company.
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