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Registration number: 15508667

Tauro Properties Ltd

Unaudited Financial Statements

for the Period from 20 February 2024 to 30 September 2024

 

Tauro Properties Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Tauro Properties Ltd

(Registration number: 15508667)
Balance Sheet as at 30 September 2024

Note

2024
£

Fixed assets

 

Investment property

4

299,000

Current assets

 

Debtors

5

1,590

Cash at bank and in hand

 

3,586

 

5,176

Creditors: Amounts falling due within one year

6

(90,520)

Net current liabilities

 

(85,344)

Total assets less current liabilities

 

213,656

Creditors: Amounts falling due after more than one year

6

(223,756)

Net liabilities

 

(10,100)

Capital and reserves

 

Called up share capital

100

Other reserves

(3,417)

Retained earnings

(6,783)

Shareholders' deficit

 

(10,100)

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

Director's responsibilities:

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

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

Mr Paul Michael Johnson
Director

   
     
 

Tauro Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 20 February 2024 to 30 September 2024

1

General information

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

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
The Rowan
Faints Close
Cheshunt
Herts
EN7 5RG

These financial statements were authorised for issue by the director on 31 October 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £85,344 and retained losses of £6,783. The director has pledged to continue to financially support the company for the foreseeable future. On this basis, the director feels it is appropriate to prepare these financial statements on a going concern basis.

 

Tauro Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 20 February 2024 to 30 September 2024

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties in the ordinary course of the company’s activities.

Turnover is recognised on an accruals basis and rents are deferred or accrued where necessary.

Tax

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Depreciation

Asset class

Depreciation method and rate

Investment property

No depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real
estate determined annually by the directors or external valuers. Any changes in fair value are
recognised in profit or loss account. This accounting policy is in accordance with FRS102.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from tenants for rental of the investment property in the ordinary course of business.

Trade debtors are recognised at the transaction price.

 

Tauro Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 20 February 2024 to 30 September 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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Investment properties

2024
£

Additions

302,417

Fair value adjustments

(3,417)

At 30 September

299,000


The property was subject to a valuation by an independent third party during the process of arrranging a mortgage on the property concerned.

5

Debtors

Current

2024
£

Prepayments

27

Other debtors

1,563

 

1,590

 

Tauro Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 20 February 2024 to 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Accruals and deferred income

2,600

Other creditors

87,920

90,520

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

7

223,756


Creditors includes an interest only mortgage on the investment property of £223,756 due after more
than 5 years.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

Other borrowings

223,756


The amount shown under loans and borrowings is referred to in note 6 to these financial statements.

8

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £1 each

100

100

     

New shares allotted

During the period 100 Ordinary shares having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100. The shares were allotted on incorporation of the company.

 

Tauro Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 20 February 2024 to 30 September 2024

9

Related party transactions

Summary of transactions with other related parties

At the balance sheet date, the company owed £87,920 to Pjohnson Holdings Limited, a company under common control.