Registration number:
Tillfield Limited
for the Year Ended 31 August 2024
Tillfield Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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Tillfield Limited
(Registration number: 02045948)
Balance Sheet as at 31 August 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and Loss Account |
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Total equity |
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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:
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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
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Mr N P Shah
Company secretary and director
Tillfield Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Tillfield Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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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.
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments and acrrued income |
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Other debtors |
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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
Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Corporation tax |
63,034 |
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Other taxes and social security |
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Other creditors |
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Directors' current accounts |
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Accruals and deferred income |
36,045 |
44,577 |
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The bank facility provided has been secured by a debenture that was created on 23 February 1998.
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.