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Company No: 02316855 (England and Wales)

TANGLEWOOD COMMERCIAL DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TANGLEWOOD COMMERCIAL DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TANGLEWOOD COMMERCIAL DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 December 2023
TANGLEWOOD COMMERCIAL DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,000,000 2,500,000
3,000,000 2,500,000
Current assets
Debtors 4 4,707,013 4,520,958
Cash at bank and in hand 5 9,481 100,130
4,716,494 4,621,088
Creditors: amounts falling due within one year 6 ( 94,980) ( 87,364)
Net current assets 4,621,514 4,533,724
Total assets less current liabilities 7,621,514 7,033,724
Creditors: amounts falling due after more than one year 7 ( 1,250,000) ( 1,250,000)
Provision for liabilities ( 125,001) ( 164,479)
Net assets 6,246,513 5,619,245
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 1,228,531 689,053
Profit and loss account 5,017,882 4,930,092
Total shareholder's funds 6,246,513 5,619,245

The notes on pages 9 to 14 form part of these financial statements.

For the financial 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.

Directors' responsibilities:

The financial statements of Tanglewood Commercial Developments Limited (registered number: 02316855) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D A Webber
Director

25 September 2024

TANGLEWOOD COMMERCIAL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TANGLEWOOD COMMERCIAL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tanglewood Commercial Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises revenue recognised by the company in respect of rents and management charges on an accruals basis.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 0 0

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

3. Tangible assets

Investment property Total
£ £
Cost/Valuation
At 01 January 2023 2,500,000 2,500,000
Revaluations 500,000 500,000
At 31 December 2023 3,000,000 3,000,000
Accumulated depreciation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 3,000,000 3,000,000
At 31 December 2022 2,500,000 2,500,000

Investment properties

Investment properties, which are all freehold, were revalued to fair value at 31 December 2023, based on a valuation undertaken by [name and qualification of surveyors], an independent valuer with recent experience in the location and class of the investment property being valued. The method of determining fair value was [insert method] and significant assumptions applied were as follows: [insert significant assumptions].

4. Debtors

2023 2022
£ £
Trade debtors 345 ( 2,063)
Amounts owed by group undertakings 4,666,806 4,459,806
Prepayments and accrued income 9,375 23,733
Other debtors 30,487 39,482
4,707,013 4,520,958

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 9,481 100,130

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 17,584 5,086
Taxation and social security 37,414 1,539
Other creditors 39,982 80,739
94,980 87,364

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 1,250,000 1,250,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Loans

Analysis of the maturity of bank loans is given below:

2023 2022
£ £
Amounts falling due 2-5 years 1,250,000 1,250,000

10. Ultimate controlling party

The ultimate parent company is Jubilee Property International Holdings Limited.