Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseproperty investment11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13292451 2023-04-01 2024-03-31 13292451 2022-04-01 2023-03-31 13292451 2024-03-31 13292451 2023-03-31 13292451 c:Director1 2023-04-01 2024-03-31 13292451 d:Buildings 2023-04-01 2024-03-31 13292451 d:Buildings 2024-03-31 13292451 d:Buildings 2023-03-31 13292451 d:CurrentFinancialInstruments 2024-03-31 13292451 d:CurrentFinancialInstruments 2023-03-31 13292451 d:Non-currentFinancialInstruments 2024-03-31 13292451 d:Non-currentFinancialInstruments 2023-03-31 13292451 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13292451 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13292451 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 13292451 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13292451 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 13292451 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 13292451 d:ShareCapital 2024-03-31 13292451 d:ShareCapital 2023-03-31 13292451 d:RetainedEarningsAccumulatedLosses 2024-03-31 13292451 d:RetainedEarningsAccumulatedLosses 2023-03-31 13292451 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 13292451 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 13292451 c:FRS102 2023-04-01 2024-03-31 13292451 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13292451 c:FullAccounts 2023-04-01 2024-03-31 13292451 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13292451 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 13292451









TUTTON PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TUTTON PROPERTIES LIMITED
REGISTERED NUMBER: 13292451

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
145,000
152,250

  
145,000
152,250

Current assets
  

Debtors: amounts falling due within one year
 5 
60
78

Cash at bank and in hand
 6 
2,874
1,167

  
2,934
1,245

Creditors: amounts falling due within one year
 7 
(45,468)
(45,224)

Net current liabilities
  
 
 
(42,534)
 
 
(43,979)

Total assets less current liabilities
  
102,466
108,271

Creditors: amounts falling due after more than one year
 8 
(108,700)
(108,700)

  

Net liabilities
  
(6,234)
(429)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(6,235)
(430)

  
(6,234)
(429)


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 her 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 profit and loss account 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 on 28 November 2024.

Page 1

 
TUTTON PROPERTIES LIMITED
REGISTERED NUMBER: 13292451
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024




Hayley Tutton
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

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

1.


General information

The entity is a private company limited by shares. The company is registered in England & Wales, and the Registered Office is located at 33a Atlantic Close, Southampton, Hampshire, SO14 3TA. The principal activity during the period was the acquisition and rental of residential properties for investment purposes. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

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

2.Accounting policies (continued)

 
2.5

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line basis

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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
Page 5

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

2.Accounting policies (continued)


2.10
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

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


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 April 2023
152,250


Revaluations
(7,250)



At 31 March 2024

145,000






Net book value



At 31 March 2024
145,000



At 31 March 2023
152,250


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
60
78

60
78

Page 6

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

5.Debtors (continued)



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,874
1,167

2,874
1,167



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
339
95

Other creditors
44,499
44,499

Accruals and deferred income
630
630

45,468
45,224



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
108,700
108,700

108,700
108,700


The following liabilities were secured:

2024
2023
£
£



Bank loans
108,700
108,700

108,700
108,700

Details of security provided:

The company has obtained two interest-only mortgage totalling £108,700 in order to purchase two properties. Those properties have been used as security against the mortgages. 

Page 7

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

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
108,700
108,700

108,700
108,700

108,700
108,700



10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,874
1,167




Financial assets measured at fair value through profit or loss comprise cash at bank.


11.


Related party transactions

The director, Hayley Tutton,had previously introduced working capital into the company. At year end the balance owed to her was £44,499 (2023 £44,999). 


12.


Controlling party

The company was under the control of the director, Hayley Tutton, during the period who has owned the entire share capital since incorporation. 

 
Page 8