REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 September 2024 |
for |
Teesdale South Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 September 2024 |
for |
Teesdale South Limited |
Teesdale South Limited (Registered number: 04130043) |
Contents of the Financial Statements |
for the Year Ended 29 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Teesdale South Limited |
Company Information |
for the Year Ended 29 September 2024 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Teesdale South Limited (Registered number: 04130043) |
Balance Sheet |
29 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Teesdale South Limited (Registered number: 04130043) |
Notes to the Financial Statements |
for the Year Ended 29 September 2024 |
1. | STATUTORY INFORMATION |
Teesdale South Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Notwithstanding the net liabilities at 29 September 2024 of £317,842 (2023: £317,842) the financial statements have been prepared on a going concern basis. This basis assumes the continuing support of the company's group companies. The directors have received confirmation of such support from the group companies. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Investments in subsidiaries/associates |
Investments in subsidiaries/associates are measured at cost less impairment. |
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. |
Impairment |
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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Teesdale South Limited (Registered number: 04130043) |
Notes to the Financial Statements - continued |
for the Year Ended 29 September 2024 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 30 September 2023 |
and 29 September 2024 |
NET BOOK VALUE |
At 29 September 2024 |
At 29 September 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Owing from group undertakings | 149 | 149 |
Owing from associated undertakings | 9,246 | 9,246 |
As shown above, debtors include £9,395 (2023: £9,395) owing from group and associated undertakings. Due to liquidity concerns within the property sector generally, and therefore within the group and associated debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the directors to be greater than one year for a significant proportion of these amounts. There are no formal terms of repayment for these balances. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Owing to associated undertakings | 50,813 | 50,813 |
Owed to group undertakings | 2,706,423 | 2,706,423 |
Accrued expenses |
As shown above, creditors include £2,757,236 (2023: £2,757,236) owing to associated and group undertakings. The company is dependent upon the support of its group and associated companies with regard to the timing of the payment of these group and associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the associated and group companies, the timescale for payment of these balances is unknown. The directors consider that this will be more than one year from the balance sheet date. There are no formal terms of payment for these associated and group company balances |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Teesdale South Limited (Registered number: 04130043) |
Notes to the Financial Statements - continued |
for the Year Ended 29 September 2024 |
9. | RELATED PARTY DISCLOSURES |
Other related parties - common control |
2024 | 2023 |
£ | £ |
Provision of finance |
- |
296 |
Balance at year end - debtor | 9,246 | 9,246 |
Balance at year end - creditor | (50,813 | ) | (50,813 | ) |
The above debtor balance at the year end is net of a bad debt provision of £5,545 (2023 : £5,545). |
10. | PARENT UNDERTAKING |
The immediate and ultimate parent company is Arkgrove Limited. These financial statements are included in the consolidated financial statements of Arkgrove Limited. The parent's registered office address is the same as Teesdale South Limited as detailed on the Company Information page. |