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 |