2 06/07/2023 05/04/2024 2024-04-05 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-07-06 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 14984826 2023-07-06 2024-04-05 14984826 2024-04-05 14984826 2023-07-05 14984826 core:MotorVehicles 2023-07-06 2024-04-05 14984826 bus:OrdinaryShareClass1 2023-07-06 2024-04-05 14984826 bus:Director1 2023-07-06 2024-04-05 14984826 bus:Director2 2023-07-06 2024-04-05 14984826 core:MotorVehicles 2024-04-05 14984826 core:DeferredTaxation 2023-07-06 2024-04-05 14984826 core:WithinOneYear 2024-04-05 14984826 core:AfterOneYear 2024-04-05 14984826 core:ShareCapital 2024-04-05 14984826 core:RetainedEarningsAccumulatedLosses 2024-04-05 14984826 bus:OrdinaryShareClass1 core:ShareCapital 2024-04-05 14984826 bus:OrdinaryShareClass1 2024-04-05 14984826 core:AcceleratedTaxDepreciationDeferredTax 2024-04-05 14984826 core:DeferredTaxation 2024-04-05 14984826 bus:Director1 2024-04-05 14984826 bus:Director2 2024-04-05 14984826 bus:SmallEntities 2023-07-06 2024-04-05 14984826 bus:AuditExempt-NoAccountantsReport 2023-07-06 2024-04-05 14984826 bus:SmallCompaniesRegimeForAccounts 2023-07-06 2024-04-05 14984826 bus:PrivateLimitedCompanyLtd 2023-07-06 2024-04-05 14984826 bus:FullAccounts 2023-07-06 2024-04-05
TCS Property Limited
Unaudited filleted financial statements
05 April 2024
Company registration number: 14984826
TCS Property Limited
Contents
Statement of financial position
Notes to the financial statements
TCS Property Limited
Statement of financial position
5 April 2024
05/04/24
Note £ £
Fixed assets
Tangible assets 6 14,223
_______
14,223
Current assets
Stocks and work in progress 285,514
Debtors 7 653
Cash at bank and in hand 6,411
_______
292,578
Creditors: amounts falling due
within one year 8 ( 283,103)
_______
Net current assets 9,475
_______
Total assets less current liabilities 23,698
Creditors: amounts falling due
after more than one year 9 ( 10,171)
Provisions for liabilities 10 ( 3,556)
_______
Net assets 9,971
_______
Capital and reserves
Called up share capital 12 100
Profit and loss account 9,871
_______
Shareholders funds 9,971
_______
For the period ending 05 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr Christopher Bate
Director
Company registration number: 14984826
TCS Property Limited
Notes to the financial statements
Period ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Jessop House, Outrams Wharf, Little Eaton, Derby, DE21 5EL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2
5. Tax on profit
Major components of tax expense
Period
ended
05/04/24
£
Deferred tax:
Origination and reversal of timing differences 3,556
_______
Tax on profit 3,556
_______
6. Tangible assets
Motor vehicles Total
£ £
Cost
At 6 July 2023 - -
Additions 14,841 14,841
_______ _______
At 5 April 2024 14,841 14,841
_______ _______
Depreciation
At 6 July 2023 - -
Charge for the period 618 618
_______ _______
At 5 April 2024 618 618
_______ _______
Carrying amount
At 5 April 2024 14,223 14,223
_______ _______
7. Debtors
05/04/24
£
Other debtors 653
_______
8. Creditors: amounts falling due within one year
05/04/24
£
Other loans 273,000
Trade creditors 162
Other creditors 9,941
_______
283,103
_______
9. Creditors: amounts falling due after more than one year
05/04/24
£
Other creditors 10,171
_______
10. Provisions
Deferred tax (note 11) Total
£ £
At 6 July 2023 - -
Movement in the period 3,556 3,556
_______ _______
At 5 April 2024 3,556 3,556
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
05/04/24
£
Included in provisions (note 10) 3,556
_______
The deferred tax account consists of the tax effect of timing differences in respect of:
05/04/24
£
Accelerated capital allowances 3,556
_______
12. Called up share capital
Authorised share capital
05/04/24
No £
Ordinary £1 shares shares of £ 1.00 each 100 100
_______ _______
Issued, called up and fully paid
05/04/24
No £
Ordinary £1 shares shares of £ 1.00 each 100 100
_______ _______
Share movements
No £
Ordinary £1 shares :
At 6 July 2023 - -
Issue of shares 100 100
_______ _______
At 5 April 2024 100 100
_______ _______
During the period 100 Ordinary £1 shares were issued at par.
13. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 05/04/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Christopher Bate - 74 ( 4,637) ( 4,563)
Mr Thomas Betteridge - 34 - 34
_______ _______ _______ _______
- 108 ( 4,637) ( 4,529)
_______ _______ _______ _______
During the period a loan in the sum of £180,000 was receiced from Energy Save Experts Limited a company which C. Bate and T. Betteridge are directors of. Interest in the sum of £1,881 has been paid in respect of this loan during the period.
14. Controlling party
The company is controlled by the directors.