REGISTERED NUMBER: 11319270 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

TEG JERSEY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Rahim Virani

Karim Virani

Alanasir Virani

Nadim H A Virani

REGISTERED OFFICE:

Crown House

North Circular Road

London

NW10 7PN

REGISTERED NUMBER:

11319270 (England and Wales)

ACCOUNTANTS:

UHY Hacker Young

Chartered Accountants

168 Church Road

Hove East Sussex

BN3 2DL

FIXED ASSETS

Tangible assets

4

928

-

Investment property

5

6,564,950

6,360,628

6,565,878

6,360,628

CURRENT ASSETS

Debtors

6

18,389

18,378

Cash at bank

696,482

521,799

714,871

540,177

CREDITORS

Amounts falling due within one year

7

6,020,614

5,941,818

NET CURRENT LIABILITIES

(5,305,743

)

(5,401,641

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,260,135

958,987

PROVISIONS FOR LIABILITIES

216,086

216,086

NET ASSETS

1,044,049

742,901

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,043,949

742,801

1,044,049

742,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Rahim Virani - Director

1.	STATUTORY INFORMATION

Teg Jersey Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Estimates - investment properties

The key source of estimation uncertainty rests in the values of property assets, which significantly affects the value of investment properties in the Statement of Financial Position. The investment property portfolio ie carried at fair value, which requires a number of judgements and estimates in assessing the company's assets relative to market transactions.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

Leases

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

1,237

At 30 September 2024

1,237

DEPRECIATION

Charge for year

309

At 30 September 2024

309

NET BOOK VALUE

At 30 September 2024

928

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

6,360,628

Additions

204,322

At 30 September 2024

6,564,950

NET BOOK VALUE

At 30 September 2024

6,564,950

At 30 September 2023

6,360,628

Fair value at 30 September 2024 is represented by:

£

Valuation in 2024

6,564,950

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

5,568,450

5,568,450

The property was valued by the directors as at 30 September 2024 on an open market fair value basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

14,923

14,762

Other debtors

3,466

3,616

18,389

18,378

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

67,256

78,391

Taxation and social security

313,212

227,998

Other creditors

5,640,146

5,635,429

6,020,614

5,941,818

8.	RELATED PARTY DISCLOSURES

At 30 September 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounted £4,639,343 (30 September 2023: £4,639,343), in respect of shareholder loans. The loans are interest free, unsecured and repayable on demand.