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Town Centre Estates Limited























Unaudited

Financial statements



For the year ended 31 March 2023



Registered number: 09915641

 
Town Centre Estates Limited - Registered number:09915641



Statement of financial position
As at 31 March 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
-
1

  
-
1

Current assets
  

Debtors
 5 
538,898
538,519

Cash at bank and in hand
  
4
5

  
538,902
538,524

Creditors: amounts falling due within one year
 6 
(75,420)
(67,635)

Net current assets
  
 
 
463,482
 
 
470,889

Total assets less current liabilities
  
463,482
470,890

Creditors: amounts falling due after more than one year
 7 
(8,907)
(9,219)

  

Net assets
  
454,575
461,671


Capital and reserves
  

Share capital
  
200
200

Profit and loss account
  
454,375
461,471

  
454,575
461,671


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
Town Centre Estates Limited - Registered number:09915641



Statement of financial position (continued)
As at 31 March 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue and signed by: 




R J Brock
Director

Date: 20 February 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
Town Centre Estates Limited
 


Statement of changes in equity
For the year ended 31 March 2023


Share capital
Profit and loss account - non distributable
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
200
25,000
151,282
176,482



Comprehensive income for the year
-
-
285,189
285,189

Surplus on revaluation of other fixed assets
-
-
25,000
25,000


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(25,000)
-
(25,000)



At 1 April 2022
200
-
461,471
461,671



Comprehensive expenses for the year
-
-
(7,096)
(7,096)


At 31 March 2023
200
-
454,375
454,575


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
Town Centre Estates Limited
 
 

Notes to the financial statements
For the year ended 31 March 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office is C/O Third Floor, 130 Wood Street, London, EC2V 6DL and the registered number is 09915641. The principal place of business address is 45-47 High Street, Newport, TF10 7AT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102,'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
Town Centre Estates Limited
 


Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties,
loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary company

£





At 1 April 2022
1


Disposals
(1)



At 31 March 2023
-




Page 5

 
Town Centre Estates Limited
 
 

Notes to the financial statements
For the year ended 31 March 2023

5.


Debtors

2023
2022
£
£


Other debtors
538,538
538,519

Prepayments
360
-

538,898
538,519



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
1,445
2,425

Trade creditors
52,638
51,876

Other creditors
10,997
7,994

Accruals
10,340
5,340

75,420
67,635



7.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
8,907
9,219

8,907
9,219


Page 6

 
Town Centre Estates Limited
 
 

Notes to the financial statements
For the year ended 31 March 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,445
2,425


1,445
2,425


Amounts falling due 2-5 years

Bank loans
8,907
9,219


8,907
9,219


10,352
11,644



9.


Related party transactions

During the year, the director received repayments of £479 (2022: £253,298) and paid to the company £3,482 (2022: £34,481). At the year end, the company owed the director £10,997 (2022: £7,994).


Page 7