Tuckers Property Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Tuckers Property Ltd

(Registration number: 07441427)
Statement of Financial Position as at 31 August 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,350,000	1,350,000
Current assets
Debtors	5	-	5,146
Cash at bank and in hand		80,223	41,625
		80,223	46,771
Creditors: Amounts falling due within one year	6	(729,110)	(685,154)
Net current liabilities		(648,887)	(638,383)
Total assets less current liabilities		701,113	711,617
Provisions for liabilities		(80,914)	(80,914)
Net assets		620,199	630,703
Capital and reserves
Called up share capital		100	100
Profit and loss account		620,099	630,603
Shareholders' funds		620,199	630,703

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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 1 April 2025
 

Mr James Tucker Director

Tuckers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 Lee Road
Lynton
Devon
EX35 6HW

Principal activity

The principal activity of the company is the letting and operation of real estate.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Tuckers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	No depreciation is applied to investment properties.

Tuckers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 September 2023	1,350,000	1,350,000
At 31 August 2024	1,350,000	1,350,000
Depreciation
Carrying amount
At 31 August 2024	1,350,000	1,350,000
At 31 August 2023	1,350,000	1,350,000

Included within the net book value of land and buildings above is £1,350,000 (2023 - £1,350,000) in respect of freehold land and buildings.
 

Tuckers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

The above freehold properties relate to investment properties. These were valued by the director on 31 August 2024.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amounts that would have been recognised if the assets had been carried under the historical cost model as at 31 August 2024 are as follows:

Aggregate cost: £957,625

Aggregate depreciation: £NIL

Carrying amount: £957,625

5

Debtors

	Note	2024 £	2023 £
Amounts owed by related parties	8	-	5,146
		-	5,146

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	42,939	-
Taxation and social security		6,444	6,102
Accruals and deferred income		86,845	61,511
Other creditors		592,882	617,541
		729,110	685,154

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Included within the profit and loss account is non-distributable reserves totalling £317,633.

Tuckers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

8	Related party transactions

Transactions with the director

2024	At 1 September 2023 £	Advances to director £	At 31 August 2024 £
Director	(467,541)	24,659	(442,882)

2023	At 1 September 2022 £	Advances to director £	At 31 August 2023 £
Director	(467,624)	83	(467,541)

Interest has been charged on the above loan at the rate of 6%.

Summary of transactions with entities with joint control or significant interest

During the year the company entered into transactions with related parties. The value of transactions entered into with related parties was £48,085 (2023: £4,000). The balance owed to the connected company as at 31 August 2024 was £42,939 (2023: £5,146 owed by the connected company).

This loan is interest free and repayable on demand.
 

9	Controlling party

The ultimate controlling party is Tuckers Holdings Limited.