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TAMARIT HOLDINGS LIMITED

Registered Number
10890568
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

TAMARIT HOLDINGS LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

Marc Paul Tan

Registered Address

New Burlington House
1075 Finchley Road
London
NW11 0PU

Registered Number

10890568 (England and Wales)
TAMARIT HOLDINGS LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property312,509,16012,507,660
12,509,16012,507,660
Current assets
Debtors4755,164535,433
Cash at bank and on hand288915
755,452536,348
Creditors amounts falling due within one year5(2,089,389)(1,772,027)
Net current assets (liabilities)(1,333,937)(1,235,679)
Total assets less current liabilities11,175,22311,271,981
Creditors amounts falling due after one year6(7,930,050)(8,033,232)
Provisions for liabilities7(630,000)(630,000)
Net assets2,615,1732,608,749
Capital and reserves
Called up share capital100100
Profit and loss account2,615,0732,608,649
Shareholders' funds2,615,1732,608,749
The financial statements were approved and authorised for issue by the Director on 23 May 2025, and are signed on its behalf by:
Marc Paul Tan
Director
Registered Company No. 10890568
TAMARIT HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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.
Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, notwithstanding the company's net current liabilities, which the director believes to be appropriate because the company has a committed bank facility to cover its working capital requirements while developing its investment property and the parent undertaking has agreed not to seek repayment of its loan until the company has sufficient funds to do so.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - i. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and ii. No depreciation is provided in respect of investment properties applying the fair value model. The cost of investment property includes all purchase and development costs and finance costs relating to the development stage of the property. Investment property fair value is determined by the director based on recent professional valuations and his understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
2.Average number of employees

20242023
Average number of employees during the year00
3.Investment property
The company's investment property was valued by the director at 31 October 2021 based on a professional valuation carried out on behalf of the Company's lender during the period and on his understanding of property market conditions and the specific property concerned. Residential properties are valued using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the property is £9,169,656.

£
Fair value at 01 August 2312,507,660
Additions1,500
At 31 July 2412,509,160
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables7,66240,642
Other debtors741,160488,799
Prepayments and accrued income6,3425,992
Total755,164535,433
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables45,54538,294
Bank borrowings and overdrafts120,000120,000
Other creditors1,893,0701,436,639
Accrued liabilities and deferred income30,774177,094
Total2,089,3891,772,027
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts7,212,1497,340,130
Amounts owed to related parties717,901693,102
Total7,930,0508,033,232
The bank loan is secured on the investment property held by the company. The amount due to the parent undertaking bears interest at a rate of 5% compounded annually.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)630,000630,000
Total630,000630,000
8.Related party transactions
Included in other debtors is an amount of £553,305 (2023: £36,849) owed by companies with the same director as the Company. Included in other creditors is an amount of £353,390 (2023: £182,975) owed to companies with the same director as the Company.