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Registration number: 05064934

Prepared for the registrar

Tourmaline Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Tourmaline Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Tourmaline Holdings Limited

Company Information

Directors

M C Binns

Y M Binns

Company secretary

Y M Binns

Registered office

The Old Vicarage
Hill
Nr. Berkeley
Glos
GL13 9EB

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Tourmaline Holdings Limited

(Registration number: 05064934)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

57,110

74,076

Investment property

5

2,520,000

2,520,000

 

2,577,110

2,594,076

Current assets

 

Debtors

6

205,549

218,591

Cash at bank and in hand

 

732

1,081

 

206,281

219,672

Creditors: Amounts falling due within one year

7

(1,721,434)

(1,698,310)

Net current liabilities

 

(1,515,153)

(1,478,638)

Total assets less current liabilities

 

1,061,957

1,115,438

Deferred tax liabilities

8

(129,620)

(119,397)

Net assets

 

932,337

996,041

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

510,753

510,753

Profit and loss account

421,484

485,188

Total equity

 

932,337

996,041

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

M C Binns
Director

Y M Binns
Company secretary and director

 

Tourmaline Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Vicarage
Hill
Nr. Berkeley
Glos
GL13 9EB

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Tourmaline Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in respect of the investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current corporation tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% of written down value

Fixtures and fittings

15% of written down value

Motor vehicles

25% of written down value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Tourmaline Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Tourmaline Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

2,751

106,556

4,144

113,451

Additions

1,772

-

-

1,772

At 30 April 2024

4,523

106,556

4,144

115,223

Depreciation

At 1 May 2023

919

36,629

1,827

39,375

Charge for the year

474

17,482

782

18,738

At 30 April 2024

1,393

54,111

2,609

58,113

Carrying amount

At 30 April 2024

3,130

52,445

1,535

57,110

At 30 April 2023

1,832

69,927

2,317

74,076

 

5

Investment properties

£

At 1 May 2023

2,520,000

The investment property was last valued by an independent valuer in March 2018. The directors are of the opinion that the market value of the investment property valued in March 2018, that is still owned, has not materially changed.

A further property has been purchased since the last valuation date and the directors are of the opinion that the value of the property has increased by £338,184 (2023 - £338,184) from the purchase price.

The historical cost of the properties owned at 30 April 2024 is £1,904,601 (2023 - £1,904,601).

 

6

Debtors

2024
 £

2023
 £

Other debtors

205,549

217,648

Prepayments

-

943

 

205,549

218,591

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

1,689,255

1,649,559

Trade creditors

 

5,802

3,847

Social security and other taxes

 

5,931

-

Other creditors

 

1,269

15,536

Accrued expenses

 

18,819

29,010

Deferred income

 

358

358

 

1,721,434

1,698,310

 

Tourmaline Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

24,974

Tax on gain on revaluation of investment property

104,646

129,620

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

14,751

Tax on gain on revaluation of investment property

104,646

119,397

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

1,689,255

1,649,559

 

10

Related party transactions

Summary of transactions with parent

At 30 April 2024 the company was owed £20 (2023 - £20) from Animal House Holdings Ltd, its parent company. This amount is included in other debtors. There are no fixed repayment terms and no interest is charged on the outstanding amount.

 

11

Control

The company's immediate parent is Animal House Holdings Ltd, incorporated in England and Wales.