Tanglecroft Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 01062965

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		444,362		455,756

			444,362		455,756
CURRENT ASSETS
Debtors	5	690		1,180
Cash at bank and in hand		724,075		711,601

		724,765		712,781
Creditors: Amounts Falling Due Within One Year	6	(424,320 )		(427,691 )

NET CURRENT ASSETS (LIABILITIES)			300,445		285,090

TOTAL ASSETS LESS CURRENT LIABILITIES			744,807		740,846

NET ASSETS			744,807		740,846

CAPITAL AND RESERVES
Called up share capital	8		100		100
Share premium account			367,696		367,696
Capital redemption reserve			101		101
Profit and Loss Account			376,910		372,949

SHAREHOLDERS' FUNDS			744,807		740,846

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Tanglecroft Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 21 August 2025 and were signed on its behalf by:

L S Richmond

Director

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Tanglecroft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01062965 . The registered office is Suite 2.07, Plaza 535, Kings Road, London, SW10 0SZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

FRS 102 is the Financial Reporting Standard applicable in the UK and Republic of Ireland. The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from the standard.

2.2. Turnover

Turnover and other revenue is recognised at fair value of the consideration received or receivable. Furthermore, revenue is recognised when it is probable that economic benefits will flow to the company and the amount of the revenue can be reliably measured. Rental income on the company’s leasehold investment property is, under the terms of the operating lease, recognised on a receivable basis.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold

The rate of depreciation is 1.29% of cost on a straight-line basis.

2.4. Investment Properties

As permitted by FRS 102, the company’s investment property which is rented to another group entity is carried under the cost model (being cost less accumulated depreciation and adjustment for accumulated impairment losses). The leasehold investment property is depreciated to write-off cost, less estimated residual value, over the estimated useful economic life. The rate of depreciation is 1.29% of cost on a straight-line basis.

At the end of each financial year, the investment property is reviewed for any indication of impairment loss. If there is any loss then the carrying amount of the investment property is reduced to estimated recoverable amount and the impairment loss is recognised in the profit and loss account. If the impairment losses reverse, the carrying amount is increased and the reversal is recognised in the profit and loss account.

Ground rents payable on the leasehold investment property are recognised in the profit and loss account as they fall due under the terms of the lease.

2.5. Financial Instruments

Basic financial instruments, whether financial assets or financial liabilities, are recognised at amortised cost using the effective interest method.

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Tanglecroft Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation

Taxation comprises current taxation and deferred tax.

Current tax represents the amount of tax payable in respect of taxable profit for the current or past financial years. The company’s liability to current tax is measured using tax rates that have been enacted by the balance sheet date.

Deferred tax represents future tax consequences of transactions recognised in the current or past financial years. Deferred tax is recognised in respect of all timing differences except that deferred tax assets are only recognised to the extent that it is probable that they will be recoverable 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 by the balance sheet date that are expected to apply to the reversal of timing differences.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 4)

4. Tangible Assets

	Land & Property
	Leasehold
	£
Cost
As at 1 January 2024	882,925

As at 31 December 2024	882,925

Depreciation
As at 1 January 2024	427,169
Provided during the period	11,394

As at 31 December 2024	438,563

Net Book Value
As at 31 December 2024	444,362

As at 1 January 2024	455,756

The land and buildings comprises premises held under a lease with a term of 125 years from 25 March 1988.

5. Debtors

	2024	2023
	£	£
Due within one year
Amounts owed by group undertakings	-	500
Other debtors	690	680

	690	1,180

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Tanglecroft Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Amounts owed to participating interests	400,000	404,936
Other creditors	19,120	18,300
Taxation and social security	5,200	4,455

	424,320	427,691

7. Secured Creditors

‘Amounts owed to group undertakings’ includes a loan of £400,000 (2023: £400,000) obtained from its immediate parent company, Westminster Music Limited. The loan is secured by a fixed and floating charge debenture over all the assets of the company. There is no fixed date for repayment and is repayable on demand. Interest is payable at 1% over Barclays Bank plc base rate.

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

9. Other Commitments

At the balance sheet date, the company had total commitments, under the lease for the investment property, for ground rents over the remaining term of the lease of £363,500 (2022: £364,500).

	2024	2023
	£	£
Not later than one year	1,000	1,000
Later than one year and not later than five years	4,000	4,000
Later than five years	358,500	359,500

	363,500	364,500

10. Related Party Transactions

FRS 102 Section 1A – Small Entities permits intra-group transactions between wholly-owned members of the same group not to be disclosed. The company has taken advantage of this exemption and such transactions and balances have not been disclosed.

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