2023-01-012023-12-312023-12-31false13796648TUNCEL INVESTMENT 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TUNCEL INVESTMENT LIMITED

Registered Number
13796648
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

TUNCEL INVESTMENT LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Alcin Tuncel

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

13796648 (England and Wales)
TUNCEL INVESTMENT LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments491,17484,034
Investment property33,118,3293,118,329
3,209,5033,202,363
Current assets
Debtors5124,76368,812
Cash at bank and on hand56,947124,166
181,710192,978
Creditors amounts falling due within one year6(127,021)(125,840)
Net current assets (liabilities)54,68967,138
Total assets less current liabilities3,264,1923,269,501
Creditors amounts falling due after one year7(1,678,145)(1,678,140)
Net assets1,586,0471,591,361
Capital and reserves
Called up share capital1,623,5001,623,500
Profit and loss account(37,453)(32,139)
Shareholders' funds1,586,0471,591,361
The financial statements were approved and authorised for issue by the Director on 25 September 2024, and are signed on its behalf by:
Alcin Tuncel
Director
Registered Company No. 13796648
TUNCEL INVESTMENT LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements have been prepared under historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents rent receivable in the period. Income is recognised in the period to which it relates.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
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. The surplus or deficit on revaluation is recognised in profit and loss account.
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 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. 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.
2.Average number of employees

20232022
Average number of employees during the year11
3.Investment property
The investment properties below have been shown at the fair value as at the balance sheet date which have been valued by the director.

£
Fair value at 01 January 233,118,329
At 31 December 233,118,329
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 January 2384,03484,034
Additions7,1407,140
At 31 December 2391,17491,174
Net book value
At 31 December 2391,17491,174
At 31 December 2284,03484,034

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2023

2022

££
Other debtors124,13168,812
Prepayments and accrued income632-
Total124,76368,812
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables860-
Bank borrowings and overdrafts72,96372,967
Other creditors51,03850,713
Accrued liabilities and deferred income2,1602,160
Total127,021125,840
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts1,678,1451,678,140
Total1,678,1451,678,140
Loan Amounts falling due in more than five years: £1,386,293 (2022 - £1,313,413). The bank loans are secured by first legal charge over investment properties of the company.
8.Related party transactions
Included in other debtors falling due within one year is an amount of £123,941 (2022 - £68,641) due from RA Estates London Ltd, a company connected to the director.