Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The principal activity of the company is that of property investment.2023-04-01false12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 3776630 2023-04-01 2024-03-31 3776630 2022-01-01 2023-03-31 3776630 2024-03-31 3776630 2023-03-31 3776630 c:Director1 2023-04-01 2024-03-31 3776630 d:FurnitureFittings 2023-04-01 2024-03-31 3776630 d:FurnitureFittings 2024-03-31 3776630 d:FurnitureFittings 2023-03-31 3776630 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 3776630 d:OfficeEquipment 2023-04-01 2024-03-31 3776630 d:FreeholdInvestmentProperty 2024-03-31 3776630 d:FreeholdInvestmentProperty 2023-03-31 3776630 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 3776630 d:CurrentFinancialInstruments 2024-03-31 3776630 d:CurrentFinancialInstruments 2023-03-31 3776630 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 3776630 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 3776630 d:ShareCapital 2024-03-31 3776630 d:ShareCapital 2023-03-31 3776630 d:InvestmentPropertiesRevaluationReserve 2024-03-31 3776630 d:InvestmentPropertiesRevaluationReserve 2023-03-31 3776630 d:RetainedEarningsAccumulatedLosses 2024-03-31 3776630 d:RetainedEarningsAccumulatedLosses 2023-03-31 3776630 c:OrdinaryShareClass1 2023-04-01 2024-03-31 3776630 c:OrdinaryShareClass1 2024-03-31 3776630 c:OrdinaryShareClass1 2023-03-31 3776630 c:FRS102 2023-04-01 2024-03-31 3776630 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 3776630 c:FullAccounts 2023-04-01 2024-03-31 3776630 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 3776630 2 2023-04-01 2024-03-31 3776630 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 3776630









TAILORED PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TAILORED PROPERTIES LIMITED
REGISTERED NUMBER: 3776630

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
549
687

Investment property
 5 
1,354,000
1,377,000

  
1,354,549
1,377,687

Current assets
  

Debtors: amounts falling due within one year
 6 
-
7,705

Cash at bank and in hand
 7 
32,016
64,681

  
32,016
72,386

Creditors: amounts falling due within one year
 8 
(2,530)
(998)

Net current assets
  
 
 
29,486
 
 
71,388

Total assets less current liabilities
  
1,384,035
1,449,075

Provisions for liabilities
  

Deferred tax
  
(142,362)
(154,837)

  
 
 
(142,362)
 
 
(154,837)

Net assets
  
1,241,673
1,294,238


Capital and reserves
  

Called up share capital 
 9 
100
100

Investment property reserve
  
747,750
765,000

Profit and loss account
  
493,823
529,138

  
1,241,673
1,294,238


Page 1

 
TAILORED PROPERTIES LIMITED
REGISTERED NUMBER: 3776630
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B G Taylor
Director

Date: 22 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales under  company number 3776630.
The principal activity of the company is that of property investment.
 
The Registered Office address is 35 Ballards Lane, London N3 1XW.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover comprises rental income, which is recognised over the period to which it relates.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20%
Reducing balance
Office equipment
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the director 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. Changes in fair value are recognised in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at
Page 5

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting
Financial assets and liabilities are offset and 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. 

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

Year ended
31 March
01 January 2022  to
31 March
2024
2023
£
£

Wages and salaries
9,100
9,100

Cost of defined contribution scheme
38,333
40,000

47,433
49,100


The average monthly number of employees, including directors, during the year was 1 (2023 - 2).

Page 6

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 April 2023
11,814



At 31 March 2024

11,814



Depreciation


At 1 April 2023
11,127


Charge for the year on owned assets
138



At 31 March 2024

11,265



Net book value



At 31 March 2024
549



At 31 March 2023
687

Page 7

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
1,377,000


Deficit on revaluation
(23,000)



At 31 March 2024
1,354,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
446,996
446,996

446,996
446,996


6.


Debtors

2024
2023
£
£


Other debtors
-
7,705

-
7,705



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
32,016
64,681

32,016
64,681


Page 8

 
TAILORED PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
30
-

Accruals and deferred income
2,500
998

2,530
998



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. No contributions were outstanding at the  reporting date.


11.


Related party transactions

Included within other debtors is a balance of £nil (2023: £7,705) owed by the director. The amount is unsecured and has no fixed repayment date.  
 

 
Page 9