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REGISTERED NUMBER: 12690289 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

TGOP 2 LTD

TGOP 2 LTD (REGISTERED NUMBER: 12690289)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TGOP 2 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr N G Kephalas
Mr R Soltanie





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 12690289 (England and Wales)





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

TGOP 2 LTD (REGISTERED NUMBER: 12690289)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 668 890
Investment property 5 5,335,000 5,335,000
5,335,668 5,335,890

CURRENT ASSETS
Debtors 6 14,783 3,504
Cash at bank and in hand 13,513 49,147
28,296 52,651
CREDITORS
Amounts falling due within one year 7 1,139,230 1,219,550
NET CURRENT LIABILITIES (1,110,934 ) (1,166,899 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,224,734

4,168,991

CREDITORS
Amounts falling due after more than one
year

8

(3,839,582

)

(3,839,582

)

PROVISIONS FOR LIABILITIES (277,500 ) (277,500 )
NET ASSETS 107,652 51,909

CAPITAL AND RESERVES
Called up share capital 1 1
Non-distributable reserves 32,415 32,415
Retained earnings 75,236 19,493
SHAREHOLDERS' FUNDS 107,652 51,909

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

TGOP 2 LTD (REGISTERED NUMBER: 12690289)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 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 2 October 2024 and were signed on its behalf by:




Mr R Soltanie - Director



Mr N G Kephalas - Director


TGOP 2 LTD (REGISTERED NUMBER: 12690289)

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

1. STATUTORY INFORMATION

TGOP 2 Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 the value of rental income chargeable in respect of the company's investment properties. Turnover is recognised evenly over the period of the rental agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
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 FRS 102 (Section 1A). 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 FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased 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.

3. EMPLOYEES AND DIRECTORS

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

TGOP 2 LTD (REGISTERED NUMBER: 12690289)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 2,109
DEPRECIATION
At 1 June 2023 1,219
Charge for year 222
At 31 May 2024 1,441
NET BOOK VALUE
At 31 May 2024 668
At 31 May 2023 890

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 5,335,000
NET BOOK VALUE
At 31 May 2024 5,335,000
At 31 May 2023 5,335,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2023 43,216
Cost 5,291,784
5,335,000

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

2024 2023
£    £   
Cost 5,291,784 5,291,784

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 14,783 3,504

TGOP 2 LTD (REGISTERED NUMBER: 12690289)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 110,749 110,749
Trade creditors 7,441 -
Amounts owed to group undertakings 1,006,144 1,084,371
Taxation and social security 12,072 13,261
Other creditors 2,824 11,169
1,139,230 1,219,550

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,839,582 3,839,582

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,950,331 3,950,331

The bank loans are secured by way of fixed charge against the investment properties of the company.

10. RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year, are interest free amounts of £312 (2023: £312) owed to R Soltanie and £312 (2023: £312) owed to N G Kephalas, directors of the company.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of TGOP Limited, a company incorporated in England and Wales.

During the period under review, the company was not under the control of any one individual.