Taaffe Investments Ltd |
Registered number: |
10947281 |
Balance Sheet |
as at 29 February 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
- |
|
|
24 |
Investment property |
4 |
|
|
257,500 |
|
|
267,500 |
|
|
|
|
257,500 |
|
|
267,524 |
|
Current assets |
Debtors |
5 |
|
2,758 |
|
|
1,520 |
Cash at bank and in hand |
|
|
1,480 |
|
|
2,417 |
|
|
|
4,238 |
|
|
3,937 |
|
Creditors: amounts falling due within one year |
6 |
|
(74,370) |
|
|
(66,484) |
|
Net current liabilities |
|
|
|
(70,132) |
|
|
(62,547) |
|
Total assets less current liabilities |
|
|
|
187,368 |
|
|
204,977 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(221,029) |
|
|
(217,206) |
|
Provisions for liabilities |
|
|
|
- |
|
|
(1,258) |
|
|
Net liabilities |
|
|
|
(33,661) |
|
|
(13,487) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
4 |
|
|
4 |
Profit and loss account |
9 |
|
|
(33,665) |
|
|
(13,491) |
|
Shareholders' funds |
|
|
|
(33,661) |
|
|
(13,487) |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
Patricia Margaret Mary Taaffe |
Director |
Approved by the board on 27 November 2024 |
|
Taaffe Investments Ltd |
Notes to the Accounts |
for the year ended 29 February 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 rental income earned for the letting of its investment property. Turnover from the letting of the investment property is recognised on an accrued income basis for the period that it is due for. |
|
|
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 |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Investment property |
|
Investment property is initially recognised at cost and then subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account. Deferred tax is provided on these gains or losses at the rate expected to apply when the property is sold. |
|
|
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. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 March 2023 |
364 |
|
At 29 February 2024 |
364 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2023 |
340 |
|
Charge for the year |
24 |
|
At 29 February 2024 |
364 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2024 |
- |
|
At 28 February 2023 |
24 |
|
|
4 |
Investment Property |
£ |
|
|
Fair value at 1 March 2023 |
267,500 |
|
Loss on fair value adjustment |
(10,000) |
|
|
Fair value at 29 February 2024 |
257,500 |
|
|
The investment property fair value was determined by the directors on the basis of recent sales for similar properties in that location. |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
1,430 |
|
1,125 |
|
Deferred tax asset |
|
|
|
|
642 |
|
- |
|
Other debtors |
686 |
|
395 |
|
|
|
|
|
|
2,758 |
|
1,520 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
642 |
- |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Other creditors |
74,370 |
|
66,484 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
221,029 |
|
217,206 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
221,029 |
|
217,206 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
221,029 |
|
217,206 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a fixed charge on the investment property. |
|
|
9 |
Profit and loss reserve |
|
|
Included in the profit and loss reserve are £7,500 (2023: £17,500) of profits which are not available for distribution as they are unrealised. |
|
|
10 |
Related party transactions |
|
|
The company had a loan brought forward from last year of £65,650 (2023: £66,650) from a company under the control of the same directors; this loan is interest free and repayable on demand. A further loan of £870 (2023: nil) was received from the same company and under the same terms. £nil (2023: £1,000) of this loan was repaid in the year and the balance of this loan is £66,520 (2023: £65,650) at the end of the reporting period. |
|
|
11 |
Other information |
|
|
Taaffe Investments Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
20 Colne Road |
|
London |
|
N21 2JD |