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COMPANY REGISTRATION NUMBER: 07850587
Tinn Criddle Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Tinn Criddle Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Tinn Criddle Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,101,000
1,101,000
Current assets
Debtors
6
8,764
29,899
Cash at bank and in hand
93,323
61,664
---------
--------
102,087
91,563
Creditors: amounts falling due within one year
7
( 135,512)
( 145,434)
---------
---------
Net current liabilities
( 33,425)
( 53,871)
------------
------------
Total assets less current liabilities
1,067,575
1,047,129
Creditors: amounts falling due after more than one year
8
( 28,076)
( 37,033)
Provisions
Taxation including deferred tax
( 75,629)
( 75,464)
------------
------------
Net assets
963,870
934,632
------------
------------
Capital and reserves
Called up share capital
200
200
Revaluation reserve
586,705
586,705
Profit and loss account
376,965
347,727
---------
---------
Shareholders funds
963,870
934,632
---------
---------
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 income statement has not been delivered.
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.
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 .
Tinn Criddle Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr J Hynes
Mr D J Allen
Director
Director
Company registration number: 07850587
Tinn Criddle Properties 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 England and Wales. The address of the registered office is 6 High Street, Alford, LN13 9DX, Lincolnshire.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by investment properties measured at fair value through the Income Statement. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The company is in a net current liabilities position of £33,425 at the balance sheet date. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months and the foreseeable future. The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered 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. 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.
(e) Tangible assets
Investment property is initially recorded 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.
(f) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4).
5. Tangible assets
Investment properties
£
Cost/Valuation
At 1 April 2023 and 31 March 2024
1,101,000
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
1,101,000
------------
At 31 March 2023
1,101,000
------------
Tangible assets held at valuation
The investment properties were valued on 11th April 2023 by Robert Bell & Company who have experience in the location and category of the investment properties being valued.
6. Debtors
2024
2023
£
£
Other debtors
8,764
29,899
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,181
10,320
Trade creditors
2,199
2,200
Corporation tax
6,747
10,499
Directors Loan Accounts
55
255
Other creditors
116,330
122,160
---------
---------
135,512
145,434
---------
---------
The bank loan is secured by a fixed charge over the associated asset.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
28,076
37,033
--------
--------
Incuded within creditors: amounts failing due after more than one year is an amount of £Nil (2023: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by a fixed charge over the associated asset.
9. Related party transactions
The directors made available interest free loans to the company which are repayable on demand. At the balance sheet date the total balance owed to the directors was £ 55 (2023 £255).