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Registration number: 02045948

Tillfield Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Tillfield Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Tillfield Limited

Company Information

Directors

Mrs K P Shah

Mr S P Shah

Mr N P Shah

Company secretary

Mr N P Shah

Registered office

Kanchan House
2 Peall Road
Croydon
Surrey
CR0 3EX
 

Accountants

Ashton Shah & Co
Chartered Certified Accountants
Laxmi House
2-B Draycott Avenue
Kenton
Harrow
Middlesex
HA3 0BU

 

Tillfield Limited

(Registration number: 02045948)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

4,073,461

 

4,072,167

Current assets

   

 

Stocks

889,939

 

1,069,114

 

Debtors

5

1,513,840

 

1,487,180

 

Cash at bank and in hand

 

2,076,198

 

1,221,369

 

 

4,479,977

 

3,777,663

 

Creditors: Amounts falling due within one year

6

(4,086,558)

 

(4,106,081)

 

Net current assets/(liabilities)

   

393,419

 

(328,418)

Total assets less current liabilities

   

4,466,880

 

3,743,749

Provisions for liabilities

 

(42,366)

 

(48,284)

Net assets

   

4,424,514

 

3,695,465

Capital and reserves

   

 

Called up share capital

12,286

 

12,286

 

Share premium reserve

397,764

 

397,764

 

Profit and Loss Account

4,014,464

 

3,285,415

 

Total equity

   

4,424,514

 

3,695,465

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

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Tillfield Limited

(Registration number: 02045948)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 22 February 2025 and signed on its behalf by:
 

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

Mr N P Shah

Company secretary and director

 

Tillfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Kanchan House
2 Peall Road
Croydon
Surrey
CR0 3EX

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements are presented in Pound Sterling, which is the functional currency of the company.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Deferred Tax

Deferred tax is recognised, in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Tillfield Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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 calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Buildings

Over 50 years

Improvements to property

Over 20 years

Fixtures and fittings

20% reducing balance

Motor vehicles

Over 5 years

Investments

Investments are recognised initially at fair value which is normally the transaction price. Subsequently, they are measured at fair value through profit or loss except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available.

If a reliable measure of fair value is no longer available, the equity instrument's fair value on the last date the instrument was reliably measurable is treated as the cost of the instrument.

Interest income on debt securities, where applicable, is recognised in income when receivable. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

Tillfield Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 16).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

3,943,144

423,458

149,693

4,516,295

Additions

-

96,117

-

96,117

At 31 August 2024

3,943,144

519,575

149,693

4,612,412

Depreciation

At 1 September 2023

64,111

335,940

44,077

444,128

Charge for the year

28,157

36,727

29,939

94,823

At 31 August 2024

92,268

372,667

74,016

538,951

Carrying amount

At 31 August 2024

3,850,876

146,908

75,677

4,073,461

At 31 August 2023

3,879,033

87,518

105,616

4,072,167

Included within the net book value of land and buildings above is £3,848,000 (2023 - £3,874,000) in respect of freehold land and buildings and £2,876 (2023 - £5,033) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

162,763

204,353

Prepayments and acrrued income

79,864

54,844

Other debtors

1,271,213

1,227,983

1,513,840

1,487,180

Details of other debtors

Other debtors include loans totalling £1,130,000 (2023: £1,130,000) provided by the company. The interest receivable on these loans varies between 8% -15% per annum payable on the redemption date. No interest has been accrued for the year as the ultimate borrower has gone into administration and it is unlikely any interest will be received.

 

Tillfield Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

159,584

117,430

Corporation tax

 

63,034

-

Other taxes and social security

 

7,403

30,606

Other creditors

 

3,818,434

3,904,851

Directors' current accounts

7

2,058

8,617

Accruals and deferred income

 

36,045

44,577

 

4,086,558

4,106,081

The bank facility provided has been secured by a debenture that was created on 23 February 1998.

7

Related party transactions

Transactions with directors

Mrs K P Shah, Mr S P Shah and Mr N P Shah
(Directors)

At the balance sheet date, the amount due to the directors was £2,058 (2023: £8,617). The amount owed to the Directors' is interest free.

At the balance sheet date, the amount due to Hirubai Property Partnership was £3,811,500 (2023: £3,900,000) which has been included within Other Creditors. The outstanding balance is interest free with no fixed repayment terms agreed.

The partners in Hirubai Property Partnership consist of Mr N P Shah and the directors' close family members.