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Company registration number: 00716908







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2024


TENNAY PROPERTIES LIMITED






































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TENNAY PROPERTIES LIMITED
 


 
COMPANY INFORMATION


Directors
B. F. Allan 
N. D. Allan 




Registered number
00716908



Registered office
Dial House
Govett Avenue

Shepperton

Middlesex

TW17 8AG




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY




Bankers
Lloyds Bank plc
Connaught House

Alexandra Terrace

Guildford

Surrey

GU1 3DA




Solicitors
Moore Barlow LLP
Concord House

165 Church Street East

Woking

Surrey

GU21 6HJ





 


TENNAY PROPERTIES LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9


 


TENNAY PROPERTIES LIMITED
REGISTERED NUMBER:00716908



STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
266,836
233,554

Investment property
 4 
17,232,250
16,648,250

  
17,499,086
16,881,804

Current assets
  

Stocks
  
-
953,117

Debtors: amounts falling due within one year
 5 
472,868
171,328

Cash at bank and in hand
  
1,583,696
159,682

  
2,056,564
1,284,127

Creditors: amounts falling due within one year
 6 
(2,552,891)
(3,016,562)

Net current liabilities
  
 
 
(496,327)
 
 
(1,732,435)

Total assets less current liabilities
  
17,002,759
15,149,369

Creditors: amounts falling due after more than one year
 7 
(960,204)
-

Provisions for liabilities
  

Deferred tax
 10 
(1,635,914)
(1,423,597)

  
 
 
(1,635,914)
 
 
(1,423,597)

Net assets
  
14,406,641
13,725,772


Capital and reserves
  

Allotted, called up and fully paid share capital
  
100
100

Profit and loss account
  
14,406,541
13,725,672

  
14,406,641
13,725,772


Page 1

 


TENNAY PROPERTIES LIMITED
REGISTERED NUMBER:00716908


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N. D. Allan
B. F. Allan
Director
Director


Date: 7 July 2025
Date: 17 July 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Tennay Properties Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is disclosed on the Company Information page. The registered office is also the trading address of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in sterling and are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is in a strong financial position with year end net assets of  £14,406,641 (2023: £13,725,772)  and cash of £1,583,696 (2023: £159,682). In addition to this, the Company holds an unencumbered commercial property portfolio of £17,232,250 (2023: £16,648,250) with a well diversified range of tenants. For these reasons, it is anticipated that the Company will be able to continue to meet its liabilities as they fall due out of existing cash reserves and future trading for the foreseeable future, and for a period of at least one year from the date of signing these financial statements. The directors therefore consider that the going concern basis of preparation continues to be appropriate.

 
2.3

Revenue

Rental income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Rental income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and Equipment
-
10% to 25% per annum on cost
Motor vehicles
-
25% per annum on cost

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and the directors, derived from the current market rents and investment property yields for comparable real estate, 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 profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Financial instruments

The Company only 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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 5

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Tangible assets





Plant & Equipment
Motor vehicles
Total

£
£
£



Cost


At 1 December 2023
444,468
123,570
568,038


Additions
102,608
-
102,608



At 30 November 2024

547,076
123,570
670,646



Depreciation


At 1 December 2023
273,582
60,902
334,484


Charge for the year
43,029
26,297
69,326



At 30 November 2024

316,611
87,199
403,810



Net book value



At 30 November 2024
230,465
36,371
266,836



At 30 November 2023
170,886
62,668
233,554


4.


Investment property


Investment property

£



Valuation


At 1 December 2023
16,648,250


Surplus on revaluation
584,000



At 30 November 2024
17,232,250

At each year end the directors form an assessment of the fair value of each investment property and obtain formal valuations for certain properties within the portfolio.

The 2024 valuations were made by Jones Granville and the directors, on an open market value for existing use basis.




Page 6

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
9,905
74,913

Amounts owed by group undertakings
367,390
-

Other debtors
40,118
32,444

Prepayments and accrued income
55,455
63,971

472,868
171,328



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
28,723
-

Trade creditors
88,677
62,264

Amounts owed to group undertakings
1,850,000
2,444,828

Other taxation and social security
60,704
57,414

Other creditors
332,390
227,979

Accruals and deferred income
192,397
224,077

2,552,891
3,016,562


Included within other creditors is £2,571 (2023: £2,395) of unpaid pension contributions. 


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
960,204
-

960,204
-



8.


Contingencies

The Company has an available credit facility with Lloyds Bank plc with an omnibus guarantee and set-off arrangement to secure the borrowings of other companies within the group. The facility was unused during the current and previous year.
There is a fixed charge over the freehold property known as Dial House, Govett Avenue, Shepperton TW17 8AG, the freehold property known as Miles House, Govett Avenue, Shepperton TW17 8AS held by some former shareholders.  

Page 7

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
28,723
-


28,723
-

Amounts falling due 1-2 years

Bank loans
30,867
-

Amounts falling due 2-5 years

Bank loans
929,337
-


988,927
-


The above bank loan is with Lloyds Bank PLC is repayable over 60 months and carries interest at a rate of 1.99% above the base rate.


10.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,423,597)
(1,663,696)


Charged to profit or loss
(212,317)
240,099



At end of year
(1,635,914)
(1,423,597)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(258,979)
(240,563)

Short term timing differences
643
599

Capital gains/(losses)
(1,598,797)
(1,452,987)

Losses and other deductions
221,219
269,354

(1,635,914)
(1,423,597)

Page 8

 


TENNAY PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Auditor's information

The auditor's report on the financial statements for the year ended 30 November 2024 was unqualified.

The audit report was signed on 21 July 2025 by Andrew Hookway FCA (Senior Statutory Auditor) on behalf of Menzies LLP.


12.


Post balance sheet events

After the year end, the Company agreed to sell two investment properties for development. One property was sold for £625,000 and the other was sold for £2,300,000. As a result, investment properties will decrease by £2,720,000 and the cash balance will increase by £2,925,000.

13.


Ultimate parent company

The ultimate parent company is IAGP Limited which is registered in England and Wales. The immediate parent company remains Ian Allan Group Limited.
Copies of the consolidated financial statements of IAGP Limited can be obtained from Dial House, Govett Avenue,Shepperton, Middlesex,TW17 8AG.
This is the largest and smallest group of undertakings for which consolidated financial statements are available.

 
Page 9