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COMPANY REGISTRATION NUMBER: 01461470
Treffgarne Properties Limited
Filleted Unaudited Financial Statements
30 June 2024
Treffgarne Properties Limited
Financial Statements
Year ended 30 June 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Treffgarne Properties Limited
Officers and Professional Advisers
The board of directors
Mr A Griffiths
Mr W Griffiths
Mrs P Griffiths
Mrs E Marlborough
Registered office
21 Nevill Street
Abergavenny
Gwent
NP7 5AA
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Treffgarne Properties Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
8,085,435
7,820,334
Investments
6
9,763,422
7,229,035
-------------
-------------
17,848,857
15,049,369
CURRENT ASSETS
Debtors
7
5,583,733
4,914,396
Cash at bank and in hand
6,442
405,722
------------
------------
5,590,175
5,320,118
CREDITORS: amounts falling due within one year
8
1,789,372
1,713,942
------------
------------
NET CURRENT ASSETS
3,800,803
3,606,176
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
21,649,660
18,655,545
PROVISIONS
Taxation including deferred tax
6,438
6,236
-------------
-------------
NET ASSETS
21,643,222
18,649,309
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Revaluation reserve
5,762,422
3,228,035
Profit and loss account
15,880,700
15,421,174
-------------
-------------
SHAREHOLDERS FUNDS
21,643,222
18,649,309
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Treffgarne Properties Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
Mr A Griffiths
Director
Company registration number: 01461470
Treffgarne Properties Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. GENERAL INFORMATION
Treffgarne Properties Limited is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are buying and selling of own real estate.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 June 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by s398 of the Companies Act 2006 not to prepare group accounts.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
The methods and significant assumptions used to ascertain the fair value of £9,763,422 and fair value movement of £2,534,387 included in the profit/loss for the year are as follows: Listed investments are valued at market value on a recognised stock exchange at the balance sheet date.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of the debtors and associated impairment provision.
(iii) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes
(iv) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £5,323,346 and fair value movement of £nil included in the profit/loss for the year are as follows:
Land and Buildings were valued at 31st December 2017. The valuation was undertaken by the director, Mr A Griffiths . Although Mr Griffiths does not have a qualification for valuations, he has extensive knowledge of the area at which the properties are located and has been within the property business for many years. He holds a large property portfolio and is therefore sufficient to review the value of the property included in the financial statements.
Judgements and key sources of estimation uncertainty
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: i) Rental Income Income from rentals is recognised in accordance with the terms of the relevant lease. ii) Sale of goods Turnover from the sale of items related to that of a public house and is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on provision of goods. iii) Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Investment Properties - not depreciated
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to Nil (2023: 4 ).
5. TANGIBLE ASSETS
Investment properties
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
7,820,026
342,714
10,346
8,173,086
Additions
265,409
265,409
------------
---------
--------
------------
At 30 June 2024
8,085,435
342,714
10,346
8,438,495
------------
---------
--------
------------
Depreciation
At 1 July 2023
342,579
10,173
352,752
Charge for the year
135
173
308
------------
---------
--------
------------
At 30 June 2024
342,714
10,346
353,060
------------
---------
--------
------------
Carrying amount
At 30 June 2024
8,085,435
8,085,435
------------
---------
--------
------------
At 30 June 2023
7,820,026
135
173
7,820,334
------------
---------
--------
------------
6. INVESTMENTS
Other investments
£
Cost
At 1 July 2023
7,229,035
Revaluations
2,534,387
------------
At 30 June 2024
9,763,422
------------
Impairment
At 1 July 2023 and 30 June 2024
------------
Carrying amount
At 30 June 2024
9,763,422
------------
At 30 June 2023
7,229,035
------------
7. DEBTORS
2024
2023
£
£
Trade debtors
41,568
20,899
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,481,038
2,236,229
Other debtors
2,061,127
2,657,268
------------
------------
5,583,733
4,914,396
------------
------------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,352
6,754
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,134,384
1,069,796
Social security and other taxes
14,776
Other creditors
631,860
637,392
------------
------------
1,789,372
1,713,942
------------
------------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
Ordinary 'A' shares of £ 1 each
40
40
40
40
Ordinary 'B' shares of £ 1 each
40
40
40
40
Ordinary 'C' shares of £ 1 each
10
10
10
10
----
----
----
----
100
100
100
100
----
----
----
----
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The balance at the year end outstanding from the directors was £340,798. (2023: £1,012,072). Interest has been charged on this balance within the group.
11. RELATED PARTY TRANSACTIONS
During the year the company entered into the following transactions: Other related parties
2024 2023
£ £
Balance due from Other related parties 1,522,181 1,434,490
No interest has been charged on these balances. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.