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REGISTERED NUMBER: 05962208 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TULLIUS PROPERTIES LIMITED

TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,930 -
Investment property 5 3,363,087 3,360,379
3,368,017 3,360,379

CURRENT ASSETS
Debtors 6 51,508 25,187
Cash at bank 55,233 15,280
106,741 40,467
CREDITORS
Amounts falling due within one year 7 (353,698 ) (258,012 )
NET CURRENT LIABILITIES (246,957 ) (217,545 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,121,060

3,142,834

CREDITORS
Amounts falling due after more than one
year

8

(2,806,243

)

(2,910,191

)
NET ASSETS 314,817 232,643

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 314,617 232,443
314,817 232,643

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 director acknowledges his 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.

TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

STATEMENT OF FINANCIAL POSITION - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





L D Cox - Director


TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

TULLIUS PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05962208

Registered office: Nicholson House
Shakespeare Way
Whitchurch Business Park
Whitchurch
Shropshire
SY13 1LJ

The principal activity of the company during the year was that of an investment property company.

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 as modified by the revaluation of certain fixed assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment properties

The open market value of the investment properties has been determined by the directors, based on their experience of the market and the selling price of similar properties.

Revenue recognition
Turnover represents rental income due for the year exclusive of Value Added Tax. Rental income is recognised in the period of rental.

TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery : 25% Reducing balance

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
Additions 5,378
At 31 December 2023 5,378
DEPRECIATION
Charge for year 448
At 31 December 2023 448
NET BOOK VALUE
At 31 December 2023 4,930

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 January 2023 3,360,379
Additions 2,708
At 31 December 2023 3,363,087
NET BOOK VALUE
At 31 December 2023 3,363,087
At 31 December 2022 3,360,379

The investment properties are included at cost. The director believes this to be an accurate reflection of the current fair value at 31 December 2023.

TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

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
£    £   
Trade debtors 37,488 11,521
Other debtors 714 714
Amounts due from connected
companies 2,102 2,101
Prepayments and accrued income 11,204 10,851
51,508 25,187

Amounts owed by connected companies are unsecured, interest free and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 66,159 61,146
Other loans 42,053 41,894
Trade creditors 9,044 11,658
Amounts owed to group undertakings 39,994 19,980
Tax 23,755 -
Other creditors 910 -
Amounts owed to connected
companies 143,375 103,934
Directors' loan accounts 1,138 1,138
Accruals and deferred income 27,270 18,262
353,698 258,012

Amounts owed to group and connected companies are unsecured, interest free and are repayable on demand.

The other loan is a loan due to the company's parent company Gannicus Properties Limited. The loan is unsecured and interest is charged at 3.39% per annum.

The bank loan contains a fixed and floating charge dated 18 April 2019 over all investment properties and undertakings of the company.

The bank loan is repayable over a period of 22 years by regular instalments and is accruing interest at a rate of 4.289% above the bank's base rate.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 1-2 years 71,128 66,479
Bank loans 2-5 years 247,073 230,925
Bank loans payable more than
5 years by instalments 1,774,534 1,857,227
Other loans - 1-5 years 169,804 169,165
Other loans over 5 years 543,704 586,395
2,806,243 2,910,191

TULLIUS PROPERTIES LIMITED (REGISTERED NUMBER: 05962208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 1,774,534 1,857,227
1,774,534 1,857,227

9. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

10. ULTIMATE CONTROLLING PARTY

The parent company is Gannicus Properties Limited, a company incorporated in England.