Company registration number 08818137 (England and Wales)
TIBSHELF INVESTMENTS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TIBSHELF INVESTMENTS LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TIBSHELF INVESTMENTS LTD.
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
905,000
905,769
Current assets
Debtors
4
6,975
19,349
Cash at bank and in hand
46,748
42,249
53,723
61,598
Creditors: amounts falling due within one year
5
(1,058,100)
(1,028,295)
Net current liabilities
(1,004,377)
(966,697)
Net liabilities
(99,377)
(60,928)
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
(99,577)
(61,128)
Total equity
(99,377)
(60,928)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
S D Rye
Director
Company registration number 08818137 (England and Wales)
TIBSHELF INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Tibshelf Investments Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Mansfield Road, Tibshelf, Alfreton, Derbyshire, DE55 5NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements show accumulated losses of £99,577 (2022: £61,128) with negative shareholders' funds at the year end of £99,377 (2022: £60,928). The directors do not consider the position to be a concern and believe that it is appropriate for the financial statements to be prepared on the going concern basis.
1.3
Turnover
Turnover is that of rent receivable.
1.4
Investment properties
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TIBSHELF INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 April 2022
905,769
Revaluations
(769)
At 31 March 2023
905,000
The fair value of of the investment properties has been arrived at on the basis of a valuation carried out in February 2023 by W A Barnes LLP Chartered Surveyors, who are not connected with the company. The director believe the valuation at the year end is in line with valuations carried out with these valuations.
TIBSHELF INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,894
17,749
Other debtors
2,081
1,600
6,975
19,349
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,058,100
1,028,295
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
200
200
200
200
7
Related party transactions
Amounts due to Dennis Rye Limited as at 31 March 2023 were £971,277 (2022: £960,447), a company in which S Rye and K Martin are directors.