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Company Registration Number: 02505865
TOUCHDOWN LIMITED
Unaudited Filleted Financial Statements
31 March 2024
TOUCHDOWN LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
TOUCHDOWN LIMITED
Balance Sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,097,522 1,098,815
Current assets
Debtors 6 2,118 2,062
Cash at bank and in hand 6,056 1,252
_________ _________
8,174 3,314
Creditors: amounts falling due
within one year 7 ( 286,234) ( 299,802)
_________ _________
Net current liabilities ( 278,060) ( 296,488)
_________ _________
Total assets less current liabilities 819,462 802,327
Creditors: amounts falling due
after more than one year 8 ( 4,874) ( 8,953)
Provisions for liabilities ( 30,509) ( 30,624)
_________ _________
Net assets 784,079 762,750
_________ _________
Capital and reserves
Called up share capital 9 100 100
Revaluation reserve 394,802 394,802
Profit and loss account 389,177 367,848
_________ _________
Shareholders funds 784,079 762,750
_________ _________
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
.............................
Dr Asvinkumar Patel
Director
Company Registration Number: 02505865
TOUCHDOWN LIMITED
Notes To The Financial Statements
Year Ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 29 Cedar Drive, Hatch End, Pinner, Middlesex, HA5 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in respect of investment property rentals, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.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.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold investment property - Not depreciated (see below)
Leasehold investment property - Not depreciated (see below)
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. All of the financial instruments applicable to the company are basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold investment property Leasehold investment property Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2023 and 31 March 2024 800,000 290,000 42,571 1,132,571
_________ _________ _________ _________
Depreciation
At 1 April 2023 - - 33,756 33,756
Charge for the year - - 1,293 1,293
_________ _________ _________ _________
At 31 March 2024 - - 35,049 35,049
_________ _________ _________ _________
Carrying amount
At 31 March 2024 800,000 290,000 7,522 1,097,522
_________ _________ _________ _________
At 31 March 2023 800,000 290,000 8,815 1,098,815
_________ _________ _________ _________
Investment property
The carrying figures for the company's investment properties above represent the director's best estimate of market values at 31 March 2024, based on current information publicly available. The properties were last valued professionally by Messrs Burnett Davies, Chartered Surveyors, in September 2011. The cost of the freehold and leasehold investment properties was £316,749 and £374,570 respectively.
6. Debtors
2024 2023
£ £
Sundry debtors and prepayments 2,118 2,062
_________ _________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Loans and overdrafts 93,252 109,829
Social security and other taxes 6,237 5,712
Director loan accounts 178,305 175,756
Other creditors and accruals 8,440 8,505
_________ _________
286,234 299,802
_________ _________
Bank borrowings totalling £0 (31 March 2023 - £8,649) are secured by mortgages over the company's investment properties paid off during year.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 4,874 8,953
_________ _________
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_________ _________ _________ _________
10. Controlling party
No one person has overall control of the company.