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COMPANY REGISTRATION NUMBER: 01393912
TOCKINGTON PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 September 2023
TOCKINGTON PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
29 September 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
756,088
731,110
CURRENT ASSETS
Debtors
5
71,771
50,099
Cash at bank and in hand
5,683
5,683
---------
---------
77,454
55,782
CREDITORS: amounts falling due within one year
6
57,074
49,648
---------
---------
NET CURRENT ASSETS
20,380
6,134
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
776,468
737,244
PROVISIONS
Taxation including deferred tax
7
108,626
102,380
----------
----------
NET ASSETS
667,842
634,864
----------
----------
TOCKINGTON PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 September 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
2
2
Revaluation reserve
455,469
436,719
Profit and loss account
212,371
198,143
----------
----------
SHAREHOLDERS FUNDS
667,842
634,864
----------
----------
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 statement of comprehensive income has not been delivered.
For the year ending 29 September 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
A J Spalton
Director
Company registration number: 01393912
TOCKINGTON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 SEPTEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England. The address of the registered office is 48 Orchard Road, Seer Green, Beaconsfield, HP9 2XU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Current and deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures & fittings
-
25% reducing balance
Investment property
Investment properties are accounted for in accordance with FRS102, as follows: a) Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Financial Position, Revaluation Reserve, net of deferred taxation. The most recent valuation by an independent, professionally qualified valuer was obtained at 30 September 2021. b) No depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of the fixed assets. However, these assets are not held for consumption, but for investment and the directors consider that systematic annual deprecation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
4. TANGIBLE ASSETS
Investment property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 30 September 2022
731,000
31,603
762,603
Revaluations
25,000
25,000
----------
---------
----------
At 29 September 2023
756,000
31,603
787,603
----------
---------
----------
Depreciation
At 30 September 2022
31,493
31,493
Charge for the year
22
22
----------
---------
----------
At 29 September 2023
31,515
31,515
----------
---------
----------
Carrying amount
At 29 September 2023
756,000
88
756,088
----------
---------
----------
At 29 September 2022
731,000
110
731,110
----------
---------
----------
The investment properties were valued by Milburys Estate Agents Ltd.
5. DEBTORS
2023
2022
£
£
Other debtors
71,771
50,099
---------
---------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Corporation tax
39,375
33,575
Other creditors
17,699
16,073
---------
---------
57,074
49,648
---------
---------
7. PROVISIONS
Deferred tax (note 8)
£
At 30 September 2022
102,380
Charge against provision
( 4)
Investment property charge against provision
6,250
----------
At 29 September 2023
108,626
----------
8. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 7)
108,626
102,380
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
16
21
Fair value adjustment of investment property
108,610
102,359
----------
----------
108,626
102,380
----------
----------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had an unsecured interest free loan with the company. The directors loan account was in credit throughout the year and is repayable on demand.