REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 5 APRIL 2024 |
FOR |
TWENTY TEN PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 5 APRIL 2024 |
FOR |
TWENTY TEN PROPERTIES LIMITED |
TWENTY TEN PROPERTIES LIMITED (REGISTERED NUMBER: 01647624) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 July 2023 to 5 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
TWENTY TEN PROPERTIES LIMITED |
COMPANY INFORMATION |
for the period 1 July 2023 to 5 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
TWENTY TEN PROPERTIES LIMITED (REGISTERED NUMBER: 01647624) |
STATEMENT OF FINANCIAL POSITION |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TWENTY TEN PROPERTIES LIMITED (REGISTERED NUMBER: 01647624) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 July 2023 to 5 April 2024 |
1. | STATUTORY INFORMATION |
Twenty Ten Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
Critical judgements in applying the company's policies |
The company includes investment property at fair value, which management calculate by reference to market evidence of transaction values for similar property. |
Critical accounting estimates and assumptions |
The directors do not consider that any estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover comprises rental income receivable and goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment properties are initially measured at cost, including transaction costs. After initial recognition investment properties whose fair value can be measured reliably are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. The company also holds financial instruments in the form of fixed asset investments recognised at fair value. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
TWENTY TEN PROPERTIES LIMITED (REGISTERED NUMBER: 01647624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2023 to 5 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
Fixed asset investments |
Fixed asset investments are listed investments held at fair value. The gain/(loss) on revaluation is recognised through the Income Statement. Investments listed on a recognised stock exchange are valued at the mid-market value at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2023 |
and 5 April 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 30 June 2023 |
TWENTY TEN PROPERTIES LIMITED (REGISTERED NUMBER: 01647624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2023 to 5 April 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 30 June 2023 |
Cost or valuation at 5 April 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 111,728 |
Cost | 691,243 |
802,971 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 30 June 2023 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
TWENTY TEN PROPERTIES LIMITED (REGISTERED NUMBER: 01647624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2023 to 5 April 2024 |
9. | RELATED PARTY DISCLOSURES |
The total amounts outstanding to the directors at the balance sheet date was £56,616 (2023- £77,787). The loans attract a commercial rate of interest and are repayable on demand. |