3
01/04/2023
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
09226420
2023-04-01
2024-03-31
09226420
2024-03-31
09226420
2023-03-31
09226420
2022-04-01
2023-03-31
09226420
2023-03-31
09226420
2022-03-31
09226420
bus:Director1
2023-04-01
2024-03-31
09226420
core:IntangibleAssetsOtherThanGoodwill
2023-03-31
09226420
core:IntangibleAssetsOtherThanGoodwill
2024-03-31
09226420
core:LandBuildings
core:LongLeaseholdAssets
2023-03-31
09226420
core:FurnitureFittingsToolsEquipment
2023-03-31
09226420
core:LandBuildings
core:LongLeaseholdAssets
2024-03-31
09226420
core:FurnitureFittingsToolsEquipment
2024-03-31
09226420
core:WithinOneYear
2024-03-31
09226420
core:WithinOneYear
2023-03-31
09226420
core:AfterOneYear
2024-03-31
09226420
core:AfterOneYear
2023-03-31
09226420
core:ShareCapital
2024-03-31
09226420
core:ShareCapital
2023-03-31
09226420
core:RevaluationReserve
2024-03-31
09226420
core:RevaluationReserve
2023-03-31
09226420
core:RetainedEarningsAccumulatedLosses
2024-03-31
09226420
core:RetainedEarningsAccumulatedLosses
2023-03-31
09226420
core:IntangibleAssetsOtherThanGoodwill
2023-04-01
2024-03-31
09226420
core:LandBuildings
core:LongLeaseholdAssets
2023-04-01
2024-03-31
09226420
core:FurnitureFittingsToolsEquipment
2023-04-01
2024-03-31
09226420
core:IntangibleAssetsOtherThanGoodwill
2023-03-31
09226420
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
09226420
core:Non-currentFinancialInstruments
2024-03-31
09226420
core:Non-currentFinancialInstruments
2023-03-31
09226420
core:LandBuildings
core:LongLeaseholdAssets
2023-03-31
09226420
core:FurnitureFittingsToolsEquipment
2023-03-31
09226420
bus:SmallEntities
2023-04-01
2024-03-31
09226420
bus:AuditExempt-NoAccountantsReport
2023-04-01
2024-03-31
09226420
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
09226420
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
09226420
bus:FullAccounts
2023-04-01
2024-03-31
09226420
2
2023-04-01
2024-03-31
Company registration number:
09226420
Tuckers Downs Limited
Trading as
Tuckers Downs Limited
Unaudited filleted financial statements
31 March 2024
Tuckers Downs Limited
Contents
Statement of financial position
Notes to the financial statements
Tuckers Downs Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
869 |
|
|
|
2,387 |
|
|
Tangible assets |
|
6 |
56,680 |
|
|
|
62,859 |
|
|
Investments |
|
7 |
1,203,345 |
|
|
|
1,203,345 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,260,894 |
|
|
|
1,268,591 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks and work in progress |
|
|
267,145 |
|
|
|
- |
|
|
Debtors |
|
8 |
25,185 |
|
|
|
1,080 |
|
|
Cash at bank and in hand |
|
|
6,110 |
|
|
|
25,231 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
298,440 |
|
|
|
26,311 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
584,291) |
|
|
|
(
302,490) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
285,851) |
|
|
|
(
276,179) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
975,043 |
|
|
|
992,412 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
10 |
|
|
(
611,647) |
|
|
|
(
621,647) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
72,400) |
|
|
|
(
69,953) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
290,996 |
|
|
|
300,812 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Revaluation reserve |
|
|
|
|
265,697 |
|
|
|
265,697 |
Profit and loss account |
|
|
|
|
25,297 |
|
|
|
35,113 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
290,996 |
|
|
|
300,812 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 December 2024
, and are signed on behalf of the board by:
Mrs. Helen Eileen Angove
Director
Company registration number:
09226420
Tuckers Downs Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sunrise Farm, 68, Bosence Road, Townshend, Hayle, TR27 6AL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
Including Directors.
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
13,032 |
12,708 |
|
Social security costs |
|
479 |
408 |
|
|
|
_______ |
_______ |
|
|
|
13,511 |
13,116 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Intangible assets
|
|
Other intangible assets |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
8,722 |
8,722 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2023 |
6,335 |
6,335 |
|
|
|
|
|
Charge for the year |
1,518 |
1,518 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
7,853 |
7,853 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
869 |
869 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
2,387 |
2,387 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 |
27,330 |
72,512 |
99,842 |
|
|
|
|
|
Additions |
- |
9,007 |
9,007 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
27,330 |
81,519 |
108,849 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
2,730 |
34,252 |
36,982 |
|
|
|
|
|
Charge for the year |
2,731 |
12,456 |
15,187 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
5,461 |
46,708 |
52,169 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
21,869 |
34,811 |
56,680 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
24,600 |
38,260 |
62,860
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
1,203,345 |
1,203,345 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
1,203,345 |
1,203,345 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
1,203,345 |
1,203,345 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
Other loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
|
|
Aggregate cost |
875,325 |
875,325 |
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
875,325 |
875,325 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
|
|
Aggregate cost |
875,325 |
875,325 |
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
875,325 |
875,325 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
2,169 |
399 |
|
Other debtors |
|
23,016 |
681 |
|
|
|
_______ |
_______ |
|
|
|
25,185 |
1,080 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,000 |
10,000 |
|
Social security and other taxes |
|
- |
2,376 |
|
Other creditors |
|
574,291 |
290,114 |
|
|
|
_______ |
_______ |
|
|
|
584,291 |
302,490 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Yorkshire Building Society have a Legal Charges dated 10th August 2022, over the freehold investment property. The interest rate is fixed until 31st July 2027 at 3.85% and will then revert to the building society's standard variable rate.
10.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
11,647 |
21,647 |
|
Other creditors |
|
600,000 |
600,000 |
|
|
|
_______ |
_______ |
|
|
|
611,647 |
621,647 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £ 600,000
(2023 £ 600,000 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The company entered into a loan arrangement with Yorkshire Building Society, during the year. The loan is for a term of 17 years and is on an interest only basis. The interest rate is fixed until 31st July 2027 at 3.85% and will then revert to the building society's standard variable rate.
11.
Directors advances, credits and guarantees
There were no Directors loans,credits or guarantees in the year.
12.
Controlling party
The controlling parties are
Mrs H Angove and Mr R Angove
who are the joint shareholders.
13.
Covid-19 pandemic
The business has been affected by the Covid 19 pandemic and has continued to receive financial assistance from the Government Covid 19 loan schemes during the year.