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REGISTERED NUMBER: 01544772 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

TUFTREE LIMITED

TUFTREE LIMITED (REGISTERED NUMBER: 01544772)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TUFTREE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: J E A Shaddick
Mrs M C Shaddick
Mrs G Gutrige
S J A Shaddick
Mrs F Shaddick





SECRETARY: J E A Shaddick





REGISTERED OFFICE: 2 The Links
HERNE BAY
Kent
CT6 7GQ





BUSINESS ADDRESS: Updown House
Ramsgate Road
MARGATE
Kent
CT9 4DT





REGISTERED NUMBER: 01544772 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
2 The Links
HERNE BAY
Kent
CT6 7GQ

TUFTREE LIMITED (REGISTERED NUMBER: 01544772)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 124,730 119,604
Investments 6 75,308 96,422
Investment property 7 6,987,932 6,984,632
7,187,970 7,200,658

CURRENT ASSETS
Debtors 8 1,930,560 1,938,654
Cash at bank and in hand 301,311 368,162
2,231,871 2,306,816
CREDITORS
Amounts falling due within one year 9 421,391 497,105
NET CURRENT ASSETS 1,810,480 1,809,711
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,998,450

9,010,369

CREDITORS
Amounts falling due after more than one
year

10

(700,000

)

(700,000

)

PROVISIONS FOR LIABILITIES (406,424 ) (410,825 )
NET ASSETS 7,892,026 7,899,544

CAPITAL AND RESERVES
Called up share capital 11 1,972 1,972
Other reserves 8,755 8,755
Merger reserve 980,853 980,853
Fair value reserve 12 2,255,672 2,255,672
Retained earnings 4,644,774 4,652,292
SHAREHOLDERS' FUNDS 7,892,026 7,899,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TUFTREE LIMITED (REGISTERED NUMBER: 01544772)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th November 2024 and were signed on its behalf by:




Mrs M C Shaddick - Director



J E A Shaddick - Director


TUFTREE LIMITED (REGISTERED NUMBER: 01544772)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Tuftree Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the amounts received in respect of rents and services supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and equipment - 15% on reducing balance and 7.5% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern. The assumption is based on the fact that the company has positive working capital, and in addition, access to bank borrowings if required to meet short term working capital needs.

TUFTREE LIMITED (REGISTERED NUMBER: 01544772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Office
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 92,984 158,984 11,001 2,427 265,396
Additions - 15,475 17,830 - 33,305
At 31st March 2024 92,984 174,459 28,831 2,427 298,701
DEPRECIATION
At 1st April 2023 7,228 136,237 1,198 1,129 145,792
Charge for year 11,251 9,537 7,210 181 28,179
At 31st March 2024 18,479 145,774 8,408 1,310 173,971
NET BOOK VALUE
At 31st March 2024 74,505 28,685 20,423 1,117 124,730
At 31st March 2023 85,756 22,747 9,803 1,298 119,604

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st April 2023 96,422
Disposals (21,114 )
At 31st March 2024 75,308
NET BOOK VALUE
At 31st March 2024 75,308
At 31st March 2023 96,422

Cost or valuation at 31st March 2024 is represented by:

Other
investments
£   
Valuation in 2024 75,308

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 6,984,632
Additions 3,300
At 31st March 2024 6,987,932
NET BOOK VALUE
At 31st March 2024 6,987,932
At 31st March 2023 6,984,632

TUFTREE LIMITED (REGISTERED NUMBER: 01544772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. INVESTMENT PROPERTY - continued

In the opinion of the directors the above freehold investment properties has a minimum open market value on existing use basis of £6,987,932 at 31st March 2024. (2023: £6,984,632).

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2024 6,987,932

If freehold investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,330,576 4,327,276

Freehold investment property was valued on an open market basis on 31st March 2024 by the directors .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,615,337 1,634,295
Other debtors 306,610 296,571
Prepayments 8,613 7,788
1,930,560 1,938,654

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 6,548 -
Other creditors 8,963 5,965
Creditors and accruals 12,712 12,756
Directors' loan accounts 393,168 478,384
421,391 497,105

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 700,000 700,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,969 Ordinary £1 1,969 1,969
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1,972 1,972

TUFTREE LIMITED (REGISTERED NUMBER: 01544772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

12. RESERVES
Fair
value
reserve
£   
At 1st April 2023
and 31st March 2024 2,255,672

Merger Reserve
The reserve represents an undistributable reserve arising on the transfer of freehold investment properties from Shaddick & Co Limited, a whole owned subsidiary, and Kelldown Limited an associated company. The reserve will become distributable only when the relevant properties are sold.