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Registration number: 00695384

Tofay Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Tofay Investments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tofay Investments Limited

(Registration number: 00695384)
Statement of Financial Position as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,102

20,138

Investment property

5

667,495

667,495

 

682,597

687,633

Current assets

 

Debtors

6

1,250

1,276

Cash at bank and in hand

 

22,670

2,459

 

23,920

3,735

Creditors: Amounts falling due within one year

7

(169,246)

(167,248)

Net current liabilities

 

(145,326)

(163,513)

Total assets less current liabilities

 

537,271

524,120

Creditors: Amounts falling due after more than one year

7

(62,118)

(71,388)

Provisions for liabilities

(2,869)

(3,826)

Net assets

 

472,284

448,906

Capital and reserves

 

Called up share capital

50

50

Share premium reserve

62,758

62,758

Profit and loss account

409,476

386,098

Shareholders' funds

 

472,284

448,906

For the financial year ending 5 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 

 

Tofay Investments Limited

(Registration number: 00695384)
Statement of Financial Position as at 5 April 2024 (continued)


Mrs S A Sato
Director

 

Tofay Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Morwenna
Sidmouth Road
Lyme Regis
Dorset
DT7 3ES

Principal activity

The principal activity of the company is that of property dealing and letting.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Tofay Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

 

Tofay Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

2

Accounting policies (continued)

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Tofay Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 6 April 2023

28,964

28,964

At 5 April 2024

28,964

28,964

Depreciation

At 6 April 2023

8,826

8,826

Charge for the year

5,036

5,036

At 5 April 2024

13,862

13,862

Carrying amount

At 5 April 2024

15,102

15,102

At 5 April 2023

20,138

20,138

5

Investment properties

2024
£

At 6 April

667,495

At 5 April

667,495

The investment properties are included at fair value. The valuations have been confirmed by the directors. There has been no deferred tax asset recognised on the investment property.

There has been no valuation of investment property by an independent valuer.

 

Tofay Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

567

-

Prepayments

683

1,276

1,250

1,276

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

6,063

6,121

Trade creditors

644

-

Taxation and social security

8,245

2,741

Accruals and deferred income

10,219

11,113

Other creditors

144,075

147,273

169,246

167,248

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

62,118

71,388

8

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Share premium account:
This reserve records the amount above the nominal value received for shares sold, less transaction costs.

 

Tofay Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 6 April 2023
£

Advance/(credit)
to director
£

Repayments by director
£

At 5 April 2024
£

Directors

(147,202)

10,891

(7,693)

(144,004)

         
       

 

2023

At 6 April 2022
£

Advance/(credit) to director
£

Repayments by director
£

At 5 April 2023
£

Directors

(5,209)

(134,300)

(7,693)

(147,202)