Acorah Software Products - Accounts Production 14.6.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 07197275 Mr Alex Tustin Mrs Catherine Takhtay Mrs Brie Tustin true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07197275 2023-06-30 07197275 2024-06-30 07197275 2023-07-01 2024-06-30 07197275 frs-core:CurrentFinancialInstruments 2024-06-30 07197275 frs-core:Non-currentFinancialInstruments 2024-06-30 07197275 frs-core:ComputerEquipment 2024-06-30 07197275 frs-core:ComputerEquipment 2023-07-01 2024-06-30 07197275 frs-core:ComputerEquipment 2023-06-30 07197275 frs-core:FurnitureFittings 2024-06-30 07197275 frs-core:FurnitureFittings 2023-07-01 2024-06-30 07197275 frs-core:FurnitureFittings 2023-06-30 07197275 frs-core:MotorVehicles 2024-06-30 07197275 frs-core:MotorVehicles 2023-07-01 2024-06-30 07197275 frs-core:MotorVehicles 2023-06-30 07197275 frs-core:RevaluationReserve 2023-06-30 07197275 frs-core:RevaluationReserve 2024-06-30 07197275 frs-core:ShareCapital 2024-06-30 07197275 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 07197275 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07197275 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 07197275 frs-bus:SmallEntities 2023-07-01 2024-06-30 07197275 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07197275 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07197275 1 2023-07-01 2024-06-30 07197275 frs-bus:Director1 2023-07-01 2024-06-30 07197275 frs-bus:Director2 2023-07-01 2024-06-30 07197275 frs-bus:Director3 2023-07-01 2024-06-30 07197275 frs-countries:EnglandWales 2023-07-01 2024-06-30 07197275 2022-06-30 07197275 2023-06-30 07197275 2022-07-01 2023-06-30 07197275 frs-core:CurrentFinancialInstruments 2023-06-30 07197275 frs-core:Non-currentFinancialInstruments 2023-06-30 07197275 frs-core:RevaluationReserve 2023-06-30 07197275 frs-core:ShareCapital 2023-06-30 07197275 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 07197275
Tustin Properties Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Xerxes Associates LLP
Warnford Court
29 Throgmorton Street
London
EC2N 2AT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07197275
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,174 19,599
Investment Properties 5 12,023,997 12,023,997
12,039,171 12,043,596
CURRENT ASSETS
Debtors 6 19,823 15,618
Investments 7 2 2
Cash at bank and in hand 67,399 109,127
87,224 124,747
Creditors: Amounts Falling Due Within One Year 8 (112,451 ) (130,720 )
NET CURRENT ASSETS (LIABILITIES) (25,227 ) (5,973 )
TOTAL ASSETS LESS CURRENT LIABILITIES 12,013,944 12,037,623
Creditors: Amounts Falling Due After More Than One Year 9 (1,124,159 ) (1,178,013 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,100,495 ) (1,100,495 )
NET ASSETS 9,789,290 9,759,115
CAPITAL AND RESERVES
Called up share capital 11 5,052,150 5,052,150
Revaluation reserve 12 5,502,477 5,502,477
Profit and Loss Account (765,337 ) (795,512 )
SHAREHOLDERS' FUNDS 9,789,290 9,759,115
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alex Tustin
Director
24/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tustin Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07197275 . The registered office is C/O Xerxes Associates Llp, 29 Throgmorton Street, London, EC2N 2AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing basis
Fixtures & Fittings 25% reducing basis
Computer Equipment 33% reducing balance
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 7,399 185,057 2,270 194,726
Additions - - 698 698
As at 30 June 2024 7,399 185,057 2,968 195,424
Depreciation
As at 1 July 2023 3,237 169,620 2,270 175,127
Provided during the period 1,040 3,852 231 5,123
As at 30 June 2024 4,277 173,472 2,501 180,250
Net Book Value
As at 30 June 2024 3,122 11,585 467 15,174
As at 1 July 2023 4,162 15,437 - 19,599
5. Investment Property
2024
£
Fair Value
As at 1 July 2023 and 30 June 2024 12,023,997
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 6,521,520 6,521,520
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 15,823 11,618
Other debtors 4,000 4,000
19,823 15,618
7. Current Asset Investments
2024 2023
£ £
Unlisted investments 2 2
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,648 10,648
Corporation tax 15,431 21,266
Other taxes and social security 2,421 2,585
Sundry creditors 80,557 93,192
Other creditor 3,394 3,029
112,451 130,720
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,124,159 1,178,013
10. Secured Creditors
Of the creditors the following amounts are secured by way of a legal charge over the freehold and
leasehold properties of the company . 
2024 2023
£ £
Bank loans and overdrafts 1,120,491 1,167,145
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5,052,150 5,052,150
12. Reserves
Revaluation Reserve
£
As at 1 July 2023 5,502,477
As at 30 June 2024 5,502,477
13. Ultimate Controlling Party
The company's ultimate controlling party is the Tustin family.by virtue of his ownership of 100% of the issued share capital in the company.
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