Registered number
10751312
TAG FREEHOLDS LIMITED
Filleted Accounts
31 May 2024
TAG FREEHOLDS LIMITED
Registered number: 10751312
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 420,000 404,474
Current assets
Cash at bank and in hand 2,311 16,521
Creditors: amounts falling due within one year 4 (4,649) (2,765)
Net current (liabilities)/assets (2,338) 13,756
Total assets less current liabilities 417,662 418,230
Creditors: amounts falling due after more than one year 5 (384,364) (405,897)
Provisions for liabilities (3,881) -
Net assets 29,417 12,333
Capital and reserves
Called up share capital 1 1
Revaluation reserve 7 11,645 -
Profit and loss account 17,771 12,332
Shareholder's funds 29,417 12,333
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T. Gray
Director
Approved by the board on 2 January 2025
TAG FREEHOLDS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 404,474
Surplus on revaluation 15,526
At 31 May 2024 420,000
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 420,000
At 31 May 2023 404,474
Freehold land and buildings: 2024 2023
£ £
Historical cost 404,474 404,474
Cumulative depreciation based on historical cost - -
404,474 404,474
The company owns a residential property from which it receives rental income. The property was revalued by the director as at 31 May 2024 using online resources.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,200 1,200
Taxation and social security costs 1,263 1,060
Other creditors 2,186 505
4,649 2,765
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 293,886 295,085
Other creditors 90,478 110,812
384,364 405,897
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 292,685 292,685
£292,685 relates to a loan made by State Bank of India. This loan has been secured against property owned by the company.
7 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 15,526 -
Deferred taxation arising on the revaluation of land and buildings (3,881) -
At 31 May 2024 11,645 -
8 Related party transactions
As at 31 May 2024 the director was owed £90,478 by the company in respect of monies lent to the company by him in regard to the purchase of the company's property.
9 Controlling party
The controlling party is Mr T. Gray, the sole shareholder.
10 Other information
TAG FREEHOLDS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
39 The Dale
Keston
Kent
BR2 6HW
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