Registered number
04152776
Times Square Estates Limited
Filleted Accounts
31 March 2024
Times Square Estates Limited
Registered number: 04152776
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed Assets
Tangible Assets 3 5,000,117 5,000,156
Investments 4 405,254 398,237
5,405,371 5,398,393
Current Assets
Debtors 5 68,556 67,437
Bank and Cash 380,484 310,748
449,040 378,185
Creditors: Due Within One Year 6 (50,653) (38,168)
Net Current Assets 398,387 340,017
Total Assets less Current Liabilities 5,803,758 5,738,410
Provisions for Liabilities 7 (563,308) (561,983)
Net Assets 5,240,450 5,176,427
Capital and Reserves
Called Up Share Capital 875 875
Share Premium 1,492,821 1,492,821
Non Distributable Reserve 8 3,216,416 3,210,726
Profit and Loss Account 530,338 472,005
Shareholders' Funds 5,240,450 5,176,427
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
___________________
Mrs J A Otnes
Director
Approved by the board on 14 November 2024
Times Square Estates Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting Policies
Basis of Preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible Fixed Assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold Buildings no depreciation is being provided
Fixtures, Fittings and Equipment on a reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible Fixed Assets
Land and buildings Fixtures, Fittings & Equipment Total
£ £ £
Cost
At 1 April 2023 5,000,000 7,616 5,007,616
At 31 March 2024 5,000,000 7,616 5,007,616
Depreciation
At 1 April 2023 - 7,460 7,460
Charge for the Year - 39 39
At 31 March 2024 - 7,499 7,499
Net Book Values
At 31 March 2024 5,000,000 117 5,000,117
At 31 March 2023 5,000,000 156 5,000,156
4 Investments
Unlisted
Investments
£
Cost
At 1 April 2023 398,237
Revaluation 7,017
At 31 March 2024 405,254
5 Debtors 2024 2023
£ £
Trade Debtors - 2,417
Other Debtors 68,556 65,020
68,556 67,437
6 Creditors: Due Within One Year 2024 2023
£ £
Other Taxes 15,833 4,872
Other Creditors 34,820 33,296
50,653 38,168
7 Provision for Liabilities 2024 2023
Deferred Tax £ £
At 1 April 2023 561,981 562,363
Net Movement in Year 1,327 (380)
At 31 March 2024 563,308 561,983
Deferred tax has been provided on the increase in the value of the freehold property and the investments which are held by the company in accordance with FRS102.
8 Non Distributable Reserve 2024 2023
£ £
At 1 April 2023 3,210,726 3,212,310
Gain/(loss) on Revaluation of Investments 7,017 (1,956)
Deferred taxation arising on the revaluation of Investments (1,327) 372
At 31 March 2024 3,216,416 3,210,726
9 Other Information
Times Square Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Mountwood Close
Sanderstead
South Croydon
CR2 8RJ
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