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Tetris UK Property Limited

Registered Number
13776362
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

Tetris UK Property Limited
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Marcus Mapleston
Phillip Proctor

Registered Address

251 Mansfield Road
Nottingham
NG1 3FT

Registered Number

13776362 (England and Wales)
Tetris UK Property Limited
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments34,180,0003,880,000
4,180,0003,880,000
Current assets
Debtors23,3482,506
Cash at bank and on hand95,01410,206
118,36212,712
Creditors amounts falling due within one year(1,181,726)(1,181,653)
Net current assets (liabilities)(1,063,364)(1,168,941)
Total assets less current liabilities3,116,6362,711,059
Creditors amounts falling due after one year4(2,339,925)(2,339,925)
Provisions for liabilities(186,867)(92,394)
Net assets589,844278,740
Capital and reserves
Called up share capital100100
Profit and loss account589,744278,640
Shareholders' funds589,844278,740
The financial statements were approved and authorised for issue by the Board of Directors on 13 February 2025, and are signed on its behalf by:
Phillip Proctor
Director
Registered Company No. 13776362
Tetris UK Property Limited
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of investment properties measured at fair value through profit & loss 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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents rental income due for the period under operating leases all of which relate to properties in the United Kingdom.
Current taxation
Current tax represents the amount of tax payable or receivable in respect of taxable profit (or loss) for the current, or past, reporting periods. It is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted or substantively enacted by the balance sheet date.
Deferred tax
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.
Impairment of non-financial assets policy
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.
Investments
Investment property is carried at fair value determined annually. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year22
3.Fixed asset investments
The fair value of the properties were made in the year by the directors, who have experience in the location and class of properties, on an open market value for existing use basis. No further input from an independent valuer was deemed to be required.

Total

£
Cost or valuation
At 01 August 233,880,000
Revaluations400,000
Disposals(100,000)
At 31 July 244,180,000
Net book value
At 31 July 244,180,000
At 31 July 233,880,000
4.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts2,339,9252,339,925
Total2,339,9252,339,925
Included within creditors: amounts falling due after more than one year is an amount of £2,339,925 (2023: 2,339,925) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
5.Other commitments
There are legal charges over the properties operated by the company.
6.Related party transactions
During the period the company provided and received short and long term loans from related parties. The balances outstanding due from/(to) related parties at 31 July 2024 are as follows: Amounts due from group undertakings £1,200 (2023: £1,200) Amounts due to group undertakings (£1,178,055) (2023: (£1,164,961))
7.Further information regarding the company's financial position
Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in the revaluation reserve, which is an unrealised surplus that does not form part of the company's distributable reserve. FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Consequently, the Profit and Loss Account reserve at 31 July 2024 includes a non-distributable amount of £565,989 (2023: £277,182).