Company registration number 07097402 (England and Wales)
T W ASSETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
T W ASSETS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
T W ASSETS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
381,932
381,932
Current assets
Debtors
5
1,599,322
1,499,081
Creditors: amounts falling due within one year
6
(1,274,379)
(1,140,201)
Net current assets
324,943
358,880
Total assets less current liabilities
706,875
740,812
Creditors: amounts falling due after more than one year
7
(176,800)
(188,336)
Net assets
530,075
552,476
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
529,925
552,326
Total equity
530,075
552,476
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 28 August 2025
Mr T Ware
Director
Company registration number 07097402 (England and Wales)
T W ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
T W Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is 74 Palmerston Road, Southsea, Hampshire, England, PO5 3PT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income from property investment and development.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
T W ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
0
0
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
381,932
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
182,062
120,641
Other debtors
1,417,260
1,378,440
1,599,322
1,499,081
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
31,292
26,243
Corporation tax
158,622
185,567
Other creditors
1,084,465
928,391
1,274,379
1,140,201
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
176,800
188,336