Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
|
|
|
| 549,982 | 557,477 | |||
| Current assets | ||||
| Debtors | 4 |
|
|
|
| Cash at bank and in hand | 5 |
|
|
|
| 235,038 | 261,082 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| Net current liabilities | (125,301) | (99,861) | ||
| Total assets less current liabilities | 424,681 | 457,616 | ||
| Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 8 |
|
|
|
| Revaluation reserve |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Toft Properties Limited (registered number:
|
Aileen Toft-Mcnamee
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Toft Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Toft Properties Ltd, 154 Market Street, Aberdeen, AB11 5PP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Although the financial statements show net current liabilities of £125,301 (2024 - £99,861), they have been prepared on a going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
| Investment property | not depreciated |
| Vehicles |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
| Investment property | Vehicles | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 April 2024 |
|
|
|
||
| At 31 March 2025 |
|
|
|
||
| Accumulated depreciation | |||||
| At 01 April 2024 |
|
|
|
||
| Charge for the financial year |
|
|
|
||
| At 31 March 2025 |
|
|
|
||
| Net book value | |||||
| At 31 March 2025 | 520,000 | 29,982 | 549,982 | ||
| At 31 March 2024 | 520,000 | 37,477 | 557,477 |
| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
Transactions with entities in which the entity itself has a participating interest
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due to connected company | 0 | (342,957) | |
| Amounts due to directors | (342,957) | 0 |
During the year, a loan previously due to a company under common control was reassigned following the Members’ Voluntary Liquidation of that company. The balance was distributed to the shareholders, and as such, the liability is now due to the shareholders.
The balance outstanding at the year end was £342,957, which is included within creditors falling due within 1 year. No interest is payable on the loan and no fixed repayment terms have been agreed.
All related parties are directors and shareholders of the company.
Transactions with the entity's directors
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due from directors | 142,945 | 141,329 |
The above loans are interest free and there are no fixed terms of repayment.