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Company registration number: 10146716
T & T Property Services Ltd
Unaudited filleted financial statements
30 April 2024
T & T Property Services Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
T & T Property Services Ltd
Directors and other information
Directors Mr A Becker
Mrs T Nguyen
Company number 10146716
Registered office 26 North Western Avenue
Watford
Hertfordshire
WD25 0AE
Business address 26 North Western Avenue
Watford
Hertfordshire
WD25 0AE
Accountants Faux & Company
63 Bowmans Way
Dunstable
Bedfordshire
LU6 3LF
T & T Property Services Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of T & T Property Services Ltd
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T & T Property Services Ltd for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of T & T Property Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of T & T Property Services Ltd and state those matters that we have agreed to state to the board of directors of T & T Property Services Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T & T Property Services Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that T & T Property Services 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 T & T Property Services Ltd. You consider that T & T Property Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of T & T Property Services Ltd. For this reason, we have not verified the 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.
Faux & Company
Chartered Certified Accountants
63 Bowmans Way
Dunstable
Bedfordshire
LU6 3LF
11 January 2025
T & T Property Services Ltd
Statement of financial position
30 April 2024
30/04/24 30/04/23
Note £ £ £ £
Fixed assets
Tangible assets 5 2,646 2,487
Investments 6 605,090 605,090
_______ _______
607,736 607,577
Current assets
Debtors 7 53,917 12,000
Cash at bank and in hand 69,280 73,531
_______ _______
123,197 85,531
Creditors: amounts falling due
within one year 8 ( 140,532) ( 153,265)
_______ _______
Net current liabilities ( 17,335) ( 67,734)
_______ _______
Total assets less current liabilities 590,401 539,843
Creditors: amounts falling due
after more than one year 9 ( 383,011) ( 401,914)
Provisions for liabilities ( 778) -
_______ _______
Net assets 206,612 137,929
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 206,512 137,829
_______ _______
Shareholders funds 206,612 137,929
_______ _______
For the year ending 30 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 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 11 January 2025 , and are signed on behalf of the board by:
Mr A Becker
Director
Company registration number: 10146716
T & T Property Services Ltd
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 100 95,545 95,645
Profit for the year 44,684 44,684
_______ _______ _______
Total comprehensive income for the year - 44,684 44,684
Dividends paid and payable ( 2,400) ( 2,400)
_______ _______ _______
Total investments by and distributions to owners - ( 2,400) ( 2,400)
_______ _______ _______
At 30 April 2023 and 1 May 2023 100 137,829 137,929
Profit for the year 72,683 72,683
_______ _______ _______
Total comprehensive income for the year - 72,683 72,683
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______
Total investments by and distributions to owners - ( 4,000) ( 4,000)
_______ _______ _______
At 30 April 2024 100 206,512 206,612
_______ _______ _______
T & T Property Services Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 26 North Western Avenue, Watford, Hertfordshire, WD25 0AE.
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.
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:
Fittings fixtures and equipment - 20 % reducing balance
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.
Investment property
Investment property is included at Fair value. Gains and losses are recognised in the Income statement. Deferred taxation is applied at the rate expected to apply when the property is sold. The properties held by the company are all investment properties on long leases and have been valued by the directors in light of market circumstances and or estimated values where most appropriate.
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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2023 4,496 4,496
Additions 809 809
_______ _______
At 30 April 2024 5,305 5,305
_______ _______
Depreciation
At 1 May 2023 2,010 2,010
Charge for the year 649 649
_______ _______
At 30 April 2024 2,659 2,659
_______ _______
Carrying amount
At 30 April 2024 2,646 2,646
_______ _______
At 30 April 2023 2,486 2,486
_______ _______
Investment property
Investment properties comprise flats with long leases that are rented by the company to residential tenants. On review of the investment properties, the directors consider that the cost of these represents closely the fair value of the properties at the balance sheet date.
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 May 2023 and 30 April 2024 605,090 605,090
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 605,090 605,090
_______ _______
At 30 April 2023 605,090 605,090
_______ _______
7. Debtors
30/04/24 30/04/23
£ £
Trade debtors 53,917 12,000
_______ _______
8. Creditors: amounts falling due within one year
30/04/24 30/04/23
£ £
Bank loans and overdrafts 14,903 18,195
Corporation tax 21,325 19,894
Social security and other taxes 7,702 12,860
Other creditors 96,602 102,316
_______ _______
140,532 153,265
_______ _______
9. Creditors: amounts falling due after more than one year
30/04/24 30/04/23
£ £
Bank loans and overdrafts 153,011 171,914
Other creditors 230,000 230,000
_______ _______
383,011 401,914
_______ _______
The long leasehold property held by the company are flats that are subject to interest only mortgages, secured on the said properties, of between 20 to 25 years in length.
Included within creditors: amounts falling due after more than one year is an amount of £ 94,525 (2023 £ 100,263 ) 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.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 30/04/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A Becker ( 326,193) 2,973 ( 323,220)
Mrs T Nguyen ( 2,823) 1,461 ( 1,362)
_______ _______ _______
( 329,016) 4,434 ( 324,582)
_______ _______ _______
Period ended 30/04/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A Becker ( 273,608) ( 52,585) ( 326,193)
Mrs T Nguyen ( 1,296) ( 1,527) ( 2,823)
_______ _______ _______
( 274,904) ( 54,112) ( 329,016)
_______ _______ _______
£230,000 of A P Becker's loan account to the company is shown in creditors outstanding after more than one year.