REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TARGET PERFORMANCE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TARGET PERFORMANCE LIMITED |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
TARGET PERFORMANCE LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
STATEMENT OF FINANCIAL POSITION |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
STATEMENT OF FINANCIAL POSITION - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Target Performance Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believed to be reasonable under the circumstances. |
Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the fair value of investment properties and the fair value of listed equity investments. |
Revenue |
Revenue is the total amount receivable in the ordinary course of business for property and related income, excluding value added tax. Property and related income principally comprises grants for leasehold extensions, disposals of freehold interests and ground rents receivable. |
Grants for leasehold extensions and disposals of freehold interests are recognised on contract completion. |
Ground rents receivable are recognised on a straight line basis over the period of the lease. |
The principal source of other income comprises dividends from listed equity investments which are recognised on the ex-dividend date. |
Tangible fixed assets |
Office furniture & equipment | - |
Investment properties, which consist of freehold reversionary interests, are initially measured at transaction price and subsequently carried at fair value. |
Fair value is determined by the director taking account of current market conditions and recent transactions undertaken by the company. |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
a) Basic financial assets |
Listed equity investment are initially measured at transaction price and subsequently carried at fair value. |
Fair value of equities which are traded on an active market are included at the quoted price on the relevant day or, if that is not a business day, on the immediately preceding business day. Equities are valued at mid-market price. |
Trade and other debtors, current asset investments and bank balances are initially measured at transaction price and subsequently carried at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
A financial asset is derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
b) Basic financial liabilities |
Trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being the transaction price less any amounts settled. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable. |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Term deposits with an original maturity date of more than three months are classified as current asset investments in the balance sheet. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Office |
Investment | furniture |
properties | & equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Office |
Investment | furniture |
properties | & equipment | Totals |
£ | £ | £ |
Valuation in 2024 | 169,939 | - | 169,939 |
Cost | 2,349 | 3,959 | 6,308 |
172,288 | 3,959 | 176,247 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 2,349 | 2,349 |
Investment properties were valued on a fair value basis basis on 31 March 2024 by the director . |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 22,168 |
Cost | 97,092 |
119,260 |
If listed investments had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 97,092 | 97,092 |
Listed investments were valued on a fair value basis on 31 March 2024 by the director . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Short term deposit |
TARGET PERFORMANCE LIMITED (REGISTERED NUMBER: 01607109) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Unclaimed dividend |
Accruals |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax on revaluation | 46,600 | 45,600 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
The deferred tax provision is based on a tax rate 25% effective from 1 April 2023 ( 2023: 25%). |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 297,926 |
Profit for the year | - |
Transfer | (3,103 | ) | 3,103 | - |
At 31 March 2024 | 304,770 |