Company registration number 07539408 (England and Wales)
TOMATO PLANT PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
TOMATO PLANT PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TOMATO PLANT PROPERTIES LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
875,000
875,000
Current assets
Cash at bank and in hand
581
257
581
257
Creditors: amounts falling due within one year
5
(347,901)
(302,071)
Net current liabilities
(347,320)
(301,814)
Total assets less current liabilities
527,680
573,186
Creditors: amounts falling due after more than one year
6
(366,788)
(382,141)
Provisions for liabilities
(16,512)
(16,512)
Net assets
144,380
174,533
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
144,379
174,532
Total equity
144,380
174,533

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

TOMATO PLANT PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
K D Williams
Director
Company Registration No. 07539408
TOMATO PLANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Tomato Plant Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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, to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is measured at the fair value of the consideration received or receivable for the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Rental income

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

 

Other rental income from investment properties is recognised in the profit and loss proportionally over the performance of the contract or licence agreement, by reference to the stage of completion of the transaction at the end of the reporting period.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, 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. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TOMATO PLANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of the investment property

The fair value of the investment property was arrived at by considering the sales price of similar properties on the open market and contains a degree of estimation.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
875,000

The fair value of the investment property was arrived at on the basis of a valuation carried out by K D Williams, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

TOMATO PLANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
22,000
19,251
Corporation tax
2,224
11,320
Other creditors
323,677
271,500
347,901
302,071

The bank loan is secured against the investment property owned by the company.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
366,788
382,141

The bank loan is secured against the investment property owned by the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
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