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COMPANY REGISTRATION NUMBER: 11837548
Talo Properties Limited
Filleted Unaudited Financial Statements
28 February 2025
Talo Properties Limited
Financial Statements
Year ended 28 February 2025
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3 to 4
Talo Properties Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Talo Properties Limited
Year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Talo Properties Limited for the year ended 28 February 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Talo Properties Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Talo Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Talo Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Talo Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Talo Properties Limited. You consider that Talo Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Talo Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
21 May 2025
Talo Properties Limited
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
4
161,255
Current assets
Cash at bank and in hand
101,872
11,455
Creditors: amounts falling due within one year
5
89,404
75,483
---------
--------
Net current assets/(liabilities)
12,468
( 64,028)
--------
---------
Total assets less current liabilities
12,468
97,227
Creditors: amounts falling due after more than one year
6
120,950
--------
---------
Net assets/(liabilities)
12,468
( 23,723)
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
12,368
( 23,823)
--------
--------
Shareholders funds/(deficit)
12,468
( 23,723)
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 28 February 2025 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 .
These financial statements were approved by the board of directors and authorised for issue on 18 May 2025 , and are signed on behalf of the board by:
Mrs L T Russell
Mr B H Russell
Director
Director
Company registration number: 11837548
Talo Properties Limited
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thorn House, Low Bradfield, Sheffield, South Yorkshire, S6 6LB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year for rent.
Income tax
The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold property
£
Cost
At 1 March 2024
161,255
Disposals
( 161,255)
---------
At 28 February 2025
---------
Depreciation
At 1 March 2024 and 28 February 2025
---------
Carrying amount
At 28 February 2025
---------
At 29 February 2024
161,255
---------
5. Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
2,937
Other creditors
86,467
75,483
--------
--------
89,404
75,483
--------
--------
6. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
120,950
----
---------
Bank loans and overdrafts includes £Nil (2024 £120,950) in respect of a bank loan secured upon the company's assets. This was repaid in full during the year.