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TYNEHEAD (PROPERTY) LIMITED

Registered Number
00095402
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

TYNEHEAD (PROPERTY) LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

DE GIORGI, Aldo Pasquale
DE GIORGI, Anne
DE GIORGI, Cristina Virginia
DE GIORGI, Joseph Mario
DE GIORGI, Maria Rosanna

Company Secretary

DE GIORGI, Cristina Virginia

Registered Address

5 Hawthorn Road
Newcastle Upon Tyne
NE3 4DE

Registered Number

00095402 (England and Wales)
TYNEHEAD (PROPERTY) LIMITED
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,0282,685
Investment property42,900,0002,900,000
2,902,0282,902,685
Current assets
Debtors5462,786479,349
Cash at bank and on hand2,42311,639
465,209490,988
Creditors amounts falling due within one year6(305,544)(323,706)
Net current assets (liabilities)159,665167,282
Total assets less current liabilities3,061,6933,069,967
Creditors amounts falling due after one year7(1,189,920)(1,258,721)
Provisions for liabilities8(405,000)(405,000)
Net assets1,466,7731,406,246
Capital and reserves
Called up share capital12,00012,000
Profit and loss account1,454,7731,394,246
Shareholders' funds1,466,7731,406,246
The financial statements were approved and authorised for issue by the Board of Directors on 22 April 2025, and are signed on its behalf by:
DE GIORGI, Cristina Virginia
Director
Registered Company No. 00095402
TYNEHEAD (PROPERTY) LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings10
Office Equipment5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 November 234,8961,3466,242
At 31 October 244,8961,3466,242
Depreciation and impairment
At 01 November 232,3871,1703,557
Charge for year481176657
At 31 October 242,8681,3464,214
Net book value
At 31 October 242,028-2,028
At 31 October 232,5091762,685
4.Investment property
The directors consider that £2,900,000 is a fair representation of fair value at the balance sheet date based on market value for existing use. On a historical cost basis the investment property would have been included at an original cost of £939,106 (2023: £939,106).

£
Fair value at 01 November 232,900,000
At 31 October 242,900,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables68,48888,918
Amounts owed by associates and joint ventures / participating interests33,96462,014
Other debtors347,284282,062
Prepayments and accrued income13,05046,355
Total462,786479,349
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables14,64659,291
Bank borrowings and overdrafts68,77065,004
Taxation and social security72,51888,748
Other creditors30,00030,000
Accrued liabilities and deferred income119,61080,663
Total305,544323,706
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,189,9201,258,721
Total1,189,9201,258,721
The loans from Santander are secured by a debenture dated 7 September 2010 with a first legal charge over the property at 82-88 Pilgrim Street, and 1-3 Market Lane, Newcastle upon Tyne. Included within creditors: amounts due after one year is an amount of £869,911 (2023: £955,721) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)405,000405,000
Total405,000405,000
9.Related party transactions
During the year the directors had a loan account with the company. At the balance sheet date the directors owed the company £272,319 (2023: £207,319). This loan is unsecured, interest free and repayable upon demand.