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Registered number: 14121599
Tibeca Property Solutions Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14121599
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 317 194
Investment Properties 5 1,040,221 293,474
1,040,538 293,668
CURRENT ASSETS
Debtors 6 3,521 10
Cash at bank and in hand 26,816 55,583
30,337 55,593
Creditors: Amounts Falling Due Within One Year 7 (4,863 ) (151,679 )
NET CURRENT ASSETS (LIABILITIES) 25,474 (96,086 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,066,012 197,582
Creditors: Amounts Falling Due After More Than One Year 8 (613,450 ) (210,700 )
NET ASSETS/(LIABILITIES) 452,562 (13,118 )
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 452,552 (13,128 )
SHAREHOLDERS' FUNDS 452,562 (13,118)
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R J Stevens
Director
T O Stevens
Director
18/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tibeca Property Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14121599 . The registered office is Unit 11 Riverside Park, Dogflud Way, Farnham, Surrey, GU9 7UG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises revenue recognised by the company in respect of rents receivable for the year adjusted for any deferred or accrued income as necessary.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Fixtures & Fittings 25% Straight line
2.4. Investment Properties
Investment property is carried at fair value determined annually at the balance sheet date and derived from current market rents and investment property yields for comparable real estate. Any surplus or deficit is dealt with through the profit and loss account.
No depreciation is provided in respect of investment properties.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
2.7. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.
2.8. Trade and other 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 June 2023 259
Additions 250
As at 31 May 2024 509
Depreciation
As at 1 June 2023 65
Provided during the period 127
As at 31 May 2024 192
Net Book Value
As at 31 May 2024 317
As at 1 June 2023 194
5. Investment Property
31 May 2024
£
Fair Value
As at 1 June 2023 293,474
Additions 746,747
As at 31 May 2024 1,040,221
6. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Prepayments and accrued income 2,057 -
Amounts owed by group undertakings 1,464 10
3,521 10
7. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Corporation tax 2,895 -
Other creditors - 150,000
Accruals and deferred income 1,968 1,679
4,863 151,679
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8. Creditors: Amounts Falling Due After More Than One Year
31 May 2024 31 May 2023
£ £
Bank loans 613,450 210,700
Included within long term creditors are loans due for repayment after 5 years totalling £613,450 (2023: £210,700). The loans are secured with a charge over the companies assets.
9. Share Capital
31 May 2024 31 May 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1.00 each 10 10
10. Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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