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REGISTERED NUMBER: 10844059 (England and Wales)











Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Tuns Trading Company Limited

Tuns Trading Company Limited (Registered number: 10844059)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Tuns Trading Company Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: Mrs L Dawson



REGISTERED OFFICE: Stone Cottage
Loudham Lane
Pettistree
Woodbridge
Suffolk
IP13 0NQ



REGISTERED NUMBER: 10844059 (England and Wales)



ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ



BANKERS: National Westminster Bank Plc
Leicester Customer Service Centre
Bede House
11 Western Boulevard
Leicester
LE2 7EJ

Tuns Trading Company Limited (Registered number: 10844059)

Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 138,734 167,321
Investment property 5 2,663,888 2,590,575
2,802,622 2,757,896

CURRENT ASSETS
Stocks - 20,000
Debtors 6 237,363 260,697
Cash at bank 24,141 41,131
261,504 321,828
CREDITORS
Amounts falling due within one year 7 51,565 35,125
NET CURRENT ASSETS 209,939 286,703
TOTAL ASSETS LESS CURRENT LIABILITIES 3,012,561 3,044,599

CREDITORS
Amounts falling due after more than one
year

8

(1,927,769

)

(1,858,968

)

PROVISIONS FOR LIABILITIES 11 (238,676 ) (254,202 )
NET ASSETS 846,116 931,429

CAPITAL AND RESERVES
Called up share capital 12 140 140
Fair value reserve 13 984,901 984,901
Retained earnings (138,925 ) (53,612 )
SHAREHOLDERS' FUNDS 846,116 931,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Tuns Trading Company Limited (Registered number: 10844059)

Statement of Financial Position - continued
29 February 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 director and authorised for issue on 10 October 2024 and were signed by:





Mrs L Dawson - Director


Tuns Trading Company Limited (Registered number: 10844059)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Tuns Trading Company 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance and not provided
Computer equipment - 33% on cost

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.


Tuns Trading Company Limited (Registered number: 10844059)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 35,030 116,586 107,969 4,729 264,314
Additions - 667 - - 667
Disposals - - (57,560 ) - (57,560 )
Reclassification/transfer - - 20,000 - 20,000
At 29 February 2024 35,030 117,253 70,409 4,729 227,421
DEPRECIATION
At 1 March 2023 5,565 47,546 40,884 2,998 96,993
Charge for year 6,987 22,615 323 1,117 31,042
Eliminated on disposal - - (39,348 ) - (39,348 )
At 29 February 2024 12,552 70,161 1,859 4,115 88,687
NET BOOK VALUE
At 29 February 2024 22,478 47,092 68,550 614 138,734
At 28 February 2023 29,465 69,040 67,085 1,731 167,321

Tuns Trading Company Limited (Registered number: 10844059)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 2,590,575
Additions 73,313
At 29 February 2024 2,663,888
NET BOOK VALUE
At 29 February 2024 2,663,888
At 28 February 2023 2,590,575

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2019 557,661
Valuation in 2021 657,780
Cost 1,448,447
2,663,888

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,457,912 1,263,211

The investment property was valued on an open market basis on 29 February 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55 55
Amounts owed by group undertakings 76,117 24,828
Other debtors 161,191 235,814
237,363 260,697

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,000
Trade creditors 4,388 5,463
Amounts owed to group undertakings 4,500 4,500
Taxation and social security 17,998 -
Other creditors 14,679 15,162
51,565 35,125

Tuns Trading Company Limited (Registered number: 10844059)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 13,334 23,333
Other creditors 1,914,435 1,835,635
1,927,769 1,858,968

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,334 13,333
St Botophs loan 1,364,408 1,299,408
Masterlord Estates Ltd loan 550,027 536,227
1,917,769 1,848,968

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 23,334 33,333
Other loans 1,364,408 1,299,408
1,387,742 1,332,741

£23,334 relates to a Bounce Back loan guaranteed by the Government.

The loan from St. Botolphs Holdings of £1,364,408 is secured by way of a charge on the Company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,742 23,268
Investment property gains 230,934 230,934
238,676 254,202

Tuns Trading Company Limited (Registered number: 10844059)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 254,202
Credit to Income Statement during year (15,526 )
Investment property gains
Balance at 29 February 2024 238,676

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1 100 100
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
10 Ordinary E £1 10 10
140 140

13. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 984,901