REGISTERED NUMBER: |
Tinord Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Tinord Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
Tinord Limited (Registered number: SC076328) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Tinord Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
PO Box 1000 |
BX2 1LB |
SOLICITORS: |
45 Queen Charlotte Street |
Leith |
Edinburgh |
EH6 7HT |
Tinord Limited (Registered number: SC076328) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
Tinord Limited (Registered number: SC076328) |
Balance Sheet - continued |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 director and authorised for issue on |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Tinord Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director's going concern assessment for the company covers a period of at least 12 months from the date of signing of these financial statements. |
Turnover and revenue recognition |
Turnover represents rent and property sales. |
Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to these incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent. |
Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value. |
Stocks |
The cost of properties held as stock is stated at the lower of cost and net realisable value. No profit is taken in respect of properties sold until settlement has been achieved. |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are stated at market value, which is obtained from the Stock Market for listed investments or with reference to bullion markets for the unlisted investments. Any revaluation gains are recognised in the fair value reserve. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
All loans with related parties are repayable on demand. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 1,270,252 |
Additions | 334,523 |
Disposals | ( |
) | (190,536 | ) |
Revaluations | ( |
) | (209,030 | ) |
At 30 April 2024 | 1,205,209 |
NET BOOK VALUE |
At 30 April 2024 | 1,205,209 |
At 30 April 2023 | 1,270,252 |
The cost and market value of the investments listed on the London Stock Exchange as at 30 April 2024 were £1,7799,186 (2023: £1,599,400) and £991,290 (2023: £1,086,140) respectively. |
The cost and market value of the unlisted investments as at 30 April 2024 were £112,641 (2023: £112,641) and £213,919 (2023: £184,112) respectively. |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 3,097,454 | 3,097,454 |
Investment properties were valued on an open market basis on 30 April 2024 by the director. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
Included within other creditors is a loan from the director. The balance is unsecured and repayable on demand. |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
On revaluation surplus | 2,993,153 | 3,022,000 |
2,998,000 | 3,022,000 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year | ( |
) |
Balance at 30 April 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 6,250 | 6,250 |
B Ordinary | 1p | 31 | 31 |
C Ordinary | 1p | 31 | 31 |
6,312 | 6,312 |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | CALLED UP SHARE CAPITAL - continued |
The rights attached to the classes of shares are as follows: |
The A ordinary shares have no dividend rights and full right to vote on and be counted towards a quorum on any resolution concerning any business or assets of the company, whether at a general meeting or otherwise. |
The B and C ordinary shares have full dividend rights and no right to vote on or be counted towards a quorum on any resolution concerning any business or assets of the company, whether at a general meeting or otherwise. |
On a return of assets on liquidation, capital reduction or otherwise (other than a conversion, redemption or purchase of shares), the assets of the company remaining after the payment of its liabilities (to the extent the company is lawfully able to do so) and after paying any unpaid dividends shall be applied in the following order of priority:- in repayment of the capital paid up or credited as paid up on the A share (including any premium) thereafter in repayment of capital paid up on the B & C shares (including any premium), and the residual (if any) should be divided in the following order;- firstly to the A shares according to the amounts paid up on the shares held by them respectively such sums as represent the net asset value of the company as at the date of adoption of the changes with the balance distributed among the B & C holders. |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 15,671,378 |
Profit for the year |
Revaluation of listed and unlisted investments |
195,866 |
(195,866 |
) |
- |
Release of reserves on disposal of listed and unlisted investments |
68,964 |
(68,964 |
) |
- |
Deferred tax movement | (28,847 | ) | 28,847 | - |
At 30 April 2024 | 15,867,639 |
The fair value reserve represents the net revaluation surplus on listed investments and investment properties that is not readily distributable as realised earnings. |
Tinord Limited (Registered number: SC076328) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year £4,464 was lent to the company (2023: lent £1,253 by the company). At the year end £4,227 (2023: £237 was due to the company by the director) was owed to the director. |