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Registration number: 11134146

TPD Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

TPD Properties Limited

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Statement of Financial Position

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

TPD Properties Limited

Company Information

Director

Mr Torlork Singh

Registered office

5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

TPD Properties Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Torlork Singh

Principal activity

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

Small companies provision statement

This report has 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.

Approved and authorised by the director on 23 January 2025
 

.........................................
Mr Torlork Singh
Director

 

TPD Properties Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
TPD Properties Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of TPD Properties Limited for the year ended 31 March 2024 as set out on pages 5 to 11 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of TPD Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of TPD Properties Limited and state those matters that we have agreed to state to the Board of Directors of TPD Properties Limited, 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/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TPD Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that TPD Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of TPD Properties Limited. You consider that TPD Properties Limited 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 accounts of TPD Properties Limited. 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 accounts.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

23 January 2025

 

TPD Properties Limited

(Registration number: 11134146)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,365,000

7,505,000

Current assets

 

Debtors

5

1,483,025

1,190,848

Cash at bank and in hand

 

74,757

195,317

 

1,557,782

1,386,165

Creditors: Amounts falling due within one year

6

(5,009,152)

(4,918,024)

Net current liabilities

 

(3,451,370)

(3,531,859)

Total assets less current liabilities

 

5,913,630

3,973,141

Provisions for liabilities

(465,000)

-

Net assets

 

5,448,630

3,973,141

Capital and reserves

 

Called up share capital

7

3,089,575

3,089,575

Revaluation reserve

1,395,000

-

Retained earnings

964,055

883,566

Shareholders' funds

 

5,448,630

3,973,141

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 23 January 2025
 

.........................................
Mr Torlork Singh
Director

 

TPD Properties Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

3,089,575

-

883,565

3,973,140

Profit for the year

-

-

80,490

80,490

Other comprehensive income

-

1,395,000

-

1,395,000

Total comprehensive income

-

1,395,000

80,490

1,475,490

At 31 March 2024

3,089,575

1,395,000

964,055

5,448,630

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

3,089,575

714,277

3,803,852

Profit for the year

-

169,289

169,289

At 31 March 2023

3,089,575

883,566

3,973,141

 

TPD Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN
England

These financial statements were authorised for issue by the director on 23 January 2025.

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

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 sales/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 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.

 

TPD Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

TPD Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 income statement 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

7,505,000

7,505,000

Revaluations

1,860,000

1,860,000

At 31 March 2024

9,365,000

9,365,000

Depreciation

Carrying amount

At 31 March 2024

9,365,000

9,365,000

At 31 March 2023

7,505,000

7,505,000

Included within the net book value of land and buildings above is £9,365,000 (2023 - £7,505,000) in respect of freehold land and buildings.
 

Revaluation

 

TPD Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The fair value of the company's Freehold properties was revalued on 5 December 2023 by an independent valuer.
78-84 Cranbrook road were revalued during the year. The name and qualification of the independent valuer are Ringley Group Limited RICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £7,505,000 (2023 - £7,505,000).

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

10,365

7,515

Amounts owed by related parties

1,472,560

1,183,233

Other debtors

 

100

100

   

1,483,025

1,190,848

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,530,000

4,650,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

84,000

-

Taxation and social security

 

114,764

90,186

Accruals and deferred income

 

104,842

108,307

Other creditors

 

175,546

69,531

 

5,009,152

4,918,024


The bank loan is secured by a first legal charges over the freehold properties owned by the TPD Properties Limited.

The rate of interest per annum applicable on the loan is 2.83% over LIBOR.

7

Share capital

Allotted, called up and fully paid shares

 

TPD Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,089,575

3,089,575

3,089,575

3,089,575

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,395,000

1,395,000

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,530,000

4,650,000

10

Parent and ultimate parent undertaking

The ultimate controlling party is T Singh.