Registered number
10056710
Tofino Investments Limited
Filleted Accounts
30 June 2024
Tofino Investments Limited
Registered number: 10056710
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 3,076,361 3,001,240
Current assets
Debtors 5 589,316 540,207
Cash at bank and in hand 30,725 158,135
620,041 698,342
Creditors: amounts falling due within one year 6 (748,257) (383,374)
Net current (liabilities)/assets (128,216) 314,968
Total assets less current liabilities 2,948,145 3,316,208
Creditors: amounts falling due after more than one year 7 (2,252,130) (2,615,130)
Provisions for liabilities (134,661) (134,661)
Net assets 561,354 566,417
Capital and reserves
Called up share capital 1 1
Fair value reserve 8 419,860 419,860
Profit and loss account 141,493 146,556
Shareholders' funds 561,354 566,417
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P J McLaughlin
Director
Approved by the board on 21 March 2025
Tofino Investments Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable and is recongised over the period to whcih the revenue relates.
Interest income
Interest income is recognised in profit and loss using the effective interest method.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or consition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Taxation 2024 2023
£ £
Current year corporation tax charge 19,902 12525
Prior year tax adjustment 9,826 -
Deferred Tax on timing differences - -
29,728 12,525
4 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 3,001,240
Additions 75,121
At 30 June 2024 3,076,361
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 3,076,361
At 30 June 2023 3,001,240
Freehold land and buildings:
£
Cost 2,521,840
Annual revalutation surplus/(deficit):
2020 154,521
2022 400,000
2023 -
2024 -
3,076,361
The valuation of the property at the year end was made by the director, based on professional advice received, on an open market for existing use basis.
5 Debtors 2024 2023
£ £
Other debtors 589,316 540,207
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 32,070 31,878
Taxation and social security costs 22,112 12,525
Other creditors 694,075 338,971
748,257 383,374
Bank loans of £28,315 outstanding at 30 June 2024 (2023 - £28,202) are secured by a fixed charge over the investment property and a first fixed a floating charge over the remainder of the company's assets. The interest rates charged on these loans are 4.30% and 4.63%
Bank loans of £3,755 outstanding at 30 June 2024 (2023 - £3,676) are under the terms of the Government's Bounce Back Loan' scheme and are therefore unsecured. The interest rate charged on this loan is 2.50%
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 264,892 297,153
Other creditors 1,987,238 2,317,977
2,252,130 2,615,130
Bank loans of £261,458 outstanding at 30 June 2024 (2023 - £289,925) are secured by a fixed charge over the investment property and a first fixed a floating charge over the remainder of the company's assets. The interest rates charged on these loans are 4.30% and 4.63%
Bank loans of £3,435 outstanding at 30 June 2024 (2023 - £7,228) are under the terms of the Government's Bounce Back Loan' scheme and are therefore unsecured. The interest rate charged on this loan is 2.50%
The aggregate amount of bank loans repayable more than five years after the balance sheet date is £Nil (2023 - Nil).
8 Revaluation reserve 2024 2023
£ £
At 1 July 2023 419,860 419,860
At 30 June 2024 419,860 419,860
9 Other information
Tofino Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
339 Exning Road
Newmarket
England
CB8 0AT
Tofino Investments Limited 10056710 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2024 P J McLaughlin No description of principal activity 10056710 2022-07-01 2023-06-30 10056710 core:WithinOneYear 2023-06-30 10056710 core:AfterOneYear 2023-06-30 10056710 core:ShareCapital 2023-06-30 10056710 core:OtherReservesSubtotal 2023-06-30 10056710 core:RetainedEarningsAccumulatedLosses 2023-06-30 10056710 core:RevaluationReserve 2022-06-30 10056710 2023-07-01 2024-06-30 10056710 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10056710 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10056710 bus:Director40 2023-07-01 2024-06-30 10056710 1 2023-07-01 2024-06-30 10056710 2 2023-07-01 2024-06-30 10056710 core:LandBuildings 2023-07-01 2024-06-30 10056710 countries:England 2023-07-01 2024-06-30 10056710 bus:FRS102 2023-07-01 2024-06-30 10056710 bus:FilletedAccounts 2023-07-01 2024-06-30 10056710 2024-06-30 10056710 core:WithinOneYear 2024-06-30 10056710 core:AfterOneYear 2024-06-30 10056710 core:ShareCapital 2024-06-30 10056710 core:OtherReservesSubtotal 2024-06-30 10056710 core:RetainedEarningsAccumulatedLosses 2024-06-30 10056710 core:LandBuildings 2024-06-30 10056710 core:RevaluationReserve 2024-06-30 10056710 2023-06-30 10056710 core:LandBuildings 2023-06-30 10056710 core:RevaluationReserve 2023-06-30 iso4217:GBP xbrli:pure