Company registration number 03660448 (England and Wales)
TIMESHARE RESALES INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TIMESHARE RESALES INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
2,675,000
2,675,000
Current assets
Debtors
4
1,889
880
Cash at bank and in hand
150,600
131,282
152,489
132,162
Creditors: amounts falling due within one year
5
(638,618)
(585,796)
Net current liabilities
(486,129)
(453,634)
Total assets less current liabilities
2,188,871
2,221,366
Provisions for liabilities
(198,480)
(198,480)
Net assets
1,990,391
2,022,886
Capital and reserves
Called up share capital
100
100
Revaluation reserve
6
1,044,914
1,044,914
Profit and loss reserves
945,377
977,872
Total equity
1,990,391
2,022,886

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
Ms M Mills
Director
Company registration number 03660448 (England and Wales)
TIMESHARE RESALES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Timeshare Resales International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Talas House, 100 East Street, Sudbury, Suffolk, CO10 2TP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The Balance Sheet of the company at the reporting date reports negative current assets, as has been the case for several years. The opinion of the directors is that the company will have sufficient working capital available to meet all liabilities as they fall due. The financial statements have therefore continued to be prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the rental income consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes..

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

TIMESHARE RESALES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
2,675,000

The open market valuations of the investment properties were considered at the Balance Sheet date by the company directors and revalued accordingly.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
975
-
0
Other debtors
914
880
1,889
880
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
350
Trade creditors
30,175
30,598
Taxation and social security
-
0
637
Other creditors
608,434
554,211
638,618
585,796
TIMESHARE RESALES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
6
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,044,914
1,092,550
Deferred tax on revaluation of tangible assets
-
(47,636)
At the end of the year
1,044,914
1,044,914
7
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
T & L (Holdings) Limited
529,089
540,661

No interest has been paid on these loans and they are considered to be repayable on demand

The following amounts were outstanding at the reporting end date:

Other information

The company was charged £15,000 (2023: £15,000) by Mr P G Mills, a company director, for Company Secretarial and Management Services during the year. There was no balance payable at the end of the accounting period.

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