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REGISTERED NUMBER: 11572431 (England and Wales)


TXS Properties Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2024






TXS Properties Limited (Registered number: 11572431)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


TXS Properties Limited

Company Information
for the year ended 31 March 2024







DIRECTOR: Mr K Seymenoglu





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 11572431 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
TXS Properties Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TXS Properties Limited for the year ended 31 March 2024 which comprise the Abridged Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of TXS Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TXS Properties Limited and state those matters that we have agreed to state to the director of TXS Properties Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TXS Properties Limited and its director for our work or for this report.

It is your duty to ensure that TXS Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TXS Properties Limited. You consider that TXS Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of TXS Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


29 November 2024

TXS Properties Limited (Registered number: 11572431)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 4,455 5,570
Investment property 5 1,000,000 1,000,000
1,004,455 1,005,570

CURRENT ASSETS
Debtors 6 76,672 77,557
Cash at bank and in hand 6,451 3,972
83,123 81,529
CREDITORS
Amounts falling due within one year 7 1,503,764 1,502,277
NET CURRENT LIABILITIES (1,420,641 ) (1,420,748 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(416,186

)

(415,178

)

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 (323,874 ) (323,874 )
Retained earnings 10 (92,412 ) (91,404 )
SHAREHOLDERS' FUNDS (416,186 ) (415,178 )

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

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

The director acknowledges his 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.

TXS Properties Limited (Registered number: 11572431)

Statement of Financial Position - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





Mr K Seymenoglu - Director


TXS Properties Limited (Registered number: 11572431)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

TXS Properties 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. ACCOUNTING POLICIES

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

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue earned from investments in properties. The revenue is recognised on an accrual basis in accordance with the tenancy agreement.

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 machinery - 20% on reducing balance
Fixtures and fittings - 20% 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 Statement of Income and Retained Earnings, 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 statement of financial position date.


TXS Properties Limited (Registered number: 11572431)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 financial statements have been prepared on the going concern basis on the grounds that parent company and director will continue to provide sufficient finance to meet the liabilities as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,898 11,825 13,723
DEPRECIATION
At 1 April 2023 1,172 6,981 8,153
Charge for year 146 969 1,115
At 31 March 2024 1,318 7,950 9,268
NET BOOK VALUE
At 31 March 2024 580 3,875 4,455
At 31 March 2023 726 4,844 5,570

TXS Properties Limited (Registered number: 11572431)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,000,000
NET BOOK VALUE
At 31 March 2024 1,000,000
At 31 March 2023 1,000,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 (399,844 )
Cost 1,399,844
1,000,000

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

2024 2023
£    £   
Cost 1,399,844 1,399,844

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 79
Other debtors 76,672 77,478
76,672 77,557

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,643 16
Amounts owed to group undertakings 1,499,254 1,499,254
Other creditors 2,867 3,007
1,503,764 1,502,277

TXS Properties Limited (Registered number: 11572431)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. DEFERRED TAX
£   
Balance at 1 April 2023 (74,912 )
Charge to Statement of Income and Retained Earnings during year 55
Balance at 31 March 2024 (74,857 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 (91,404 ) (323,874 ) (415,278 )
Deficit for the year (1,008 ) (1,008 )
At 31 March 2024 (92,412 ) (323,874 ) (416,286 )

11. RELATED PARTY DISCLOSURES

Transactions with related parties:

1.At balance sheet date company owe £566 (2023: £566) to key management personnel. Interest free loan payable on demand and is presented within creditors.

2.At balance sheet company owe £1,499,254 (2023:£1,499,254) to company under common control. Interest free loan payable on demand and is presented within creditors.