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T15 Investments Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 April 2024
T15 Investments Ltd
DIRECTOR AND OTHER INFORMATION

 
Director Iain Tyson
 
 
Company Registration Number 09094103
 
 
Registered Office and Business Address 217 Lightbowne Road
Manchester
M40 9DD
United Kingdom
 
 
Accountants Quarter
Chartered Accountants
St.Annes House
15 Church Street
Co.Antrim
Belfast
BT1 1PG
 
 
Bankers Barclays Bank
  Barclays Leicester
  Leicester
  LE87 2BB
  United Kingdom



T15 Investments Ltd

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of T15 Investments Ltd
for the financial year ended 30 April 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 April 2024 as set out on pages  to 13 which comprise , the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of T15 Investments Ltd, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Balance Sheet for the year ended 30 April 2024 your duty to ensure that T15 Investments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T15 Investments Ltd. You consider that T15 Investments Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of T15 Investments Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St.Annes House
15 Church Street
Co.Antrim
Belfast
BT1 1PG
 
5 December 2024



T15 Investments Ltd
Company Registration Number: 09094103
BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 7,011,575 4,175,102
───────── ─────────
 
Current Assets
Debtors 5 16,683 2,580
Cash and cash equivalents 46,567 117,097
───────── ─────────
63,250 119,677
───────── ─────────
Creditors: amounts falling due within one year 6 (958,352) (266,778)
───────── ─────────
Net Current Liabilities (895,102) (147,101)
───────── ─────────
Total Assets less Current Liabilities 6,116,473 4,028,001
 
Creditors:
amounts falling due after more than one year 7 (2,253,083) (2,676,854)
 
Provisions for liabilities 9 (613,362) -
───────── ─────────
Net Assets 3,250,028 1,351,147
═════════ ═════════
 
Capital and Reserves
Called up share capital 5 5
Revaluation reserve 1,840,086 -
Retained earnings 1,409,937 1,351,142
───────── ─────────
Equity attributable to owners of the company 3,250,028 1,351,147
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 5 December 2024
           
           
________________________________          
Iain Tyson          
Director          
           



T15 Investments Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
T15 Investments Ltd is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 09094103. The registered office of the company is 217 Lightbowne Road, Manchester, M40 9DD, United Kingdom which is also the principal place of business of the company. The principal activity of the entity is that of letting and operating of own or leased real estate. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Fixtures, fittings and equipment - 33.33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 4, (2023 - 4).
 
  2024 2023
  Number Number
 
Director 1 1
Other Employees 3 3
  ───────── ─────────
  4 4
  ═════════ ═════════
           
4. Tangible assets
  Land and Investment Fixtures, Total
  buildings properties fittings and  
  freehold   equipment  
  £ £ £ £
Cost or Valuation
At 1 May 2023 76,056 4,106,560 12,494 4,195,110
Additions - 385,993 - 385,993
Disposals - - (2,327) (2,327)
Revaluation - 2,453,448 - 2,453,448
  ───────── ───────── ───────── ─────────
At 30 April 2024 76,056 6,946,001 10,167 7,032,224
  ───────── ───────── ───────── ─────────
Depreciation
At 1 May 2023 9,126 - 10,882 20,008
Charge for the financial year 1,521 - 1,447 2,968
On disposals - - (2,327) (2,327)
  ───────── ───────── ───────── ─────────
At 30 April 2024 10,647 - 10,002 20,649
  ───────── ───────── ───────── ─────────
Net book value
At 30 April 2024 65,409 6,946,001 165 7,011,575
  ═════════ ═════════ ═════════ ═════════
At 30 April 2023 66,930 4,106,560 1,612 4,175,102
  ═════════ ═════════ ═════════ ═════════
       
5. Debtors 2024 2023
  £ £
 
Other debtors 15,000 -
Taxation  (Note 8) 1,683 2,580
  ───────── ─────────
  16,683 2,580
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 530,580 82,669
Amounts owed to connected parties (Note 11) 401,883 83,165
Taxation  (Note 8) 22,510 97,622
Accruals:
Pension accrual 404 347
Other accruals 2,975 2,975
  ───────── ─────────
  958,352 266,778
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 2,253,083 2,676,854
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 530,580 82,669
Repayable between one and two years 770,572 770,572
Repayable between two and five years 1,482,511 1,906,282
  ───────── ─────────
  2,783,663 2,759,523
  ═════════ ═════════
 
       
8. Taxation 2024 2023
  £ £
 
Debtors:
VAT 1,683 2,580
  ═════════ ═════════
Creditors:
Corporation tax 22,510 97,622
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Property Total Total
  revaluations    
       
    2024 2023
  £ £ £
 
At financial year start - - -
Charged to profit and loss 613,362 613,362 -
  ───────── ───────── ─────────
At financial year end 613,362 613,362 -
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 April 2024.
           
11. Related party transactions
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
T15 Consultancy Limited     401,883 83,165
      ═════════ ═════════
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
13. Changes in Equity
 
Other Comprehensive Income 2024 2023
  £ £
 
Revaluation reserve unrealised movement on revaluation of property 2,453,448 -
  ═════════ ═════════