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REGISTERED NUMBER: 08008268 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TARTAN HOUSE LIMITED

TARTAN HOUSE LIMITED (REGISTERED NUMBER: 08008268)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TARTAN HOUSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr S Shamash
Mr A Shamash





REGISTERED OFFICE: 415 Centennial Park
Elstree
Hertfordshire
WD6 3TN





REGISTERED NUMBER: 08008268 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

TARTAN HOUSE LIMITED (REGISTERED NUMBER: 08008268)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,525,000 1,251,280

CURRENT ASSETS
Debtors 5 380,341 382,672
Cash at bank and in hand 31,794 97,286
412,135 479,958
CREDITORS
Amounts falling due within one year 6 1,314,011 1,143,544
NET CURRENT LIABILITIES (901,876 ) (663,586 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

623,124

587,694

CREDITORS
Amounts falling due after more than one year 7 - (288,228 )

PROVISIONS FOR LIABILITIES (68,430 ) -
NET ASSETS 554,694 299,466

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserves 205,290 -
Retained earnings 349,304 299,366
554,694 299,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

TARTAN HOUSE LIMITED (REGISTERED NUMBER: 08008268)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mr A Shamash - Director


TARTAN HOUSE LIMITED (REGISTERED NUMBER: 08008268)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Tartan House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 assets.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TURNOVER
Turnover represents net invoiced rental income.

INVESTMENT PROPERTY
Investment properties are shown at most recent fair valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No
depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt The Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

TARTAN HOUSE LIMITED (REGISTERED NUMBER: 08008268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,251,280
Revaluations 273,720
At 31 March 2024 1,525,000
NET BOOK VALUE
At 31 March 2024 1,525,000
At 31 March 2023 1,251,280

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 273,720
Cost 1,251,280
1,525,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,251,280 1,251,280

Investment properties were valued on a fair value basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,000 -
Other debtors 353,341 382,672
380,341 382,672

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 22,580
Trade creditors - 133
Amounts owed to group undertakings 1,250,417 1,073,417
Taxation and social security 23,336 11,977
Other creditors 40,258 35,437
1,314,011 1,143,544

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 288,228

TARTAN HOUSE LIMITED (REGISTERED NUMBER: 08008268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 197,908

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 310,808

The bank loans are secured by way of a legal charge on the investment properties.

9. ULTIMATE CONTROLLING PARTY

Parent company is S M Holdings Ltd. During the period under review, the company was under the control of the director, Mr A Shamash, by virtue of his 100% ownership of the holding company.