Company registration number 07900283 (England and Wales)
TRANSOMAS INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TRANSOMAS INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TRANSOMAS INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
23,445,000
23,445,000
Current assets
Debtors
4
13,630,604
13,493,068
Cash at bank and in hand
1,209,241
1,898,476
14,839,845
15,391,544
Creditors: amounts falling due within one year
5
(3,104,840)
(2,880,838)
Net current assets
11,735,005
12,510,706
Total assets less current liabilities
35,180,005
35,955,706
Creditors: amounts falling due after more than one year
6
(8,461,718)
(8,459,308)
Provisions for liabilities
(2,139,236)
(2,139,236)
Net assets
24,579,051
25,357,162
Capital and reserves
Called up share capital
7
13
13
Share premium account
15,655,166
15,655,166
Profit and loss reserves
8,923,872
9,701,983
Total equity
24,579,051
25,357,162
TRANSOMAS INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 February 2025 and are signed on its behalf by:
Mr T Gill
Director
Company registration number 07900283 (England and Wales)
TRANSOMAS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Transomas Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 51 Gloucester Terrace, London, England, W2 3DQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Rental income from operating leases is recognised on a straight-line basis over the time of the relevant lease.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TRANSOMAS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRANSOMAS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
2
3
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
23,445,000

The fair value of the investment properties are based on the valuation carried out by Belleveue Mortlakes Chartered Surveyors on 7 December 2020, an independent valuer not connected with the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. As at the balance sheet date, the directors consider the valuation is still appropriate and the open market value of the investment properties is not significantly different to the valuation stated above.

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
93,188
77,754
Corporation tax recoverable
24,907
-
0
Amounts owed by group undertakings
5,110,395
5,074,466
Other debtors
8,402,114
8,340,848
13,630,604
13,493,068

Other debtors include an amount of £8,265,207 (2021: 8,220,307) due from related parties currently in dispute and amounts due from the director £73,798 (2021: £48,006).

TRANSOMAS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
470
470
Trade creditors
10,236
73,201
Amounts owed to group undertakings
12,669
12,714
Corporation tax
49,446
25,559
Other taxation and social security
-
0
10,639
Other creditors
3,032,019
2,758,255
3,104,840
2,880,838

Other creditors include £2,503,430 (2021: £2,519,976) due to related parties currently in dispute.

6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
8,461,718
8,459,308

The bank loan is secured on the properties of the company. The company is disputing charges on its assets and related parties.

7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,300
1,300
13
13
8
Profit and loss reserves

Profit and loss reserves include unrealised profits in the amount of £8,325,764 (2021: £8,325,764).

9
Contingencies

During the financial year, the Company was in a legal dispute regarding certain historical transactions (the “Legal Dispute”). As at the date of these accounts being approved, the Legal Dispute has concluded and the former director of the Company during the financial year has been made personally liable for the winning parties’ costs (in the circumstances, the parties adverse to the Company). The new directors are considering whether the Company may have claims against the former director of the Company for misappropriation of Company funds, including but not limited to: (1) expenses incurred to pursue the Legal Dispute for illegitimate purposes and for her personal benefit, (2) inflated director’s remuneration, and (3) overcharged management charges. No adjustments, if any, have been reflected in these financial statements, as the full extent of any such misappropriation is yet to be quantified.

 

 

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