Tide Developments (West Ealing) Limited iXBRL

Tide Developments (West Ealing) Limited

Abridged Financial Statements

for the financial year ended 31 December 2024

Tide Developments (West Ealing) Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2024

The directors present their report and the audited financial statements for the financial year ended 31 December 2024.

Results and Dividends

The profit/(loss) for the financial year after providing for taxation amounted to £8,674 (2023 - £(178,721)).

Directors

The directors who served during the financial year are as follows:

John Fleming

Michelle Fleming

There were no changes in shareholdings between 31 December 2024 and the date of signing the financial statements.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

■select suitable accounting policies and apply them consistently;

■make judgements and accounting estimates that are reasonable and prudent;

■prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

Crowley Young, (Chartered Accountants), were appointed auditors by the directors to fill the casual vacancy and they have expressed their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________

John Fleming

Director

29 September 2025

Tide Developments (West Ealing) Limited

Company Registration Number: 13970059

ABRIDGED BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Current Assets

Stocks

20,761,441

9,866,276

Debtors

82,731

57,308

Cash and cash equivalents

15,886

175,906

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20,860,058

10,099,490

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Creditors: amounts falling due within one year

(21,012,143)

(10,260,249)

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Net Current Liabilities

(152,085)

(160,759)

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Total Assets less Current Liabilities

(152,085)

(160,759)

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Capital and Reserves

Called up share capital

100

100

Retained earnings

(152,185)

(160,859)

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Equity attributable to owners of the company

(152,085)

(160,759)

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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).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account.

Approved by the Board and authorised for issue on 29 September 2025 and signed on its behalf by



________________________________
John Fleming
Director

Tide Developments (West Ealing) Limited

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

Tide Developments (West Ealing) Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 13970059. The registered office of the company is 5th Floor, 62-64 Baker Street, United Kingdom. Property development. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises rent receivable, exclusive of value added tax.

Stocks

Work in progress comprises properties currently being developed, stated at the lower of cost and net realisable value. Net realisable value is defined as the current selling price of the completed development less all further costs to completion as estimated by the director. Cost comprises purchase price and all development costs. Cost also included interest and finance fees which are capitalised from the date of commencement of active development until the development is completed. However, capitalisation of interest is suspended during extended periods in which active development is interrupted. Interest is calculated by reference to specific borrowings.

Work in progress represents costs incurred, net of amounts transferred to cost of sales, less forseeable losses.

Properties held for sale, on which no further development is anticipated, are stated at the lower of cost and net realisable value.

At each reporting date, as assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

In October 2023, the Building Safety Regulator (“BSR”) became the building control authority for all higher risk buildings in the United Kingdom. For all new developments that are categorised as higher risk buildings (buildings over 18m in height), Developers are required to apply to the BSR for approval through a series of Gateways. Gateway One relates to land use and planning matters for Fire Safety. Gateway Two relates to approval for higher risk buildings prior to construction while Gateway Three is final approval prior to occupation. Significant delays are currently being experienced by Developers in the United Kingdom at Gateway Two which are ultimately affecting projects costs, timelines and contractual obligations. The company's scheme is currently in the Gateway Two building control application process and awaiting approval.

At 31 December 2024, the work in progress comprises site acquisitions, professional fees, enabling works and offsite volumetric manufacturing costs. The Directors are confident that the scheme will receive approval and that the proposed development will be sold. In the absence of an immediate sale, the Company has signed indicative financing terms to allow completion of the Building, after Gateway Two approval. The Directors expect the balance sheet deficit to be eliminated under both scenarios.

Having undertaken a review of the financial and operational requirements of the Company over the coming 12 months, the Directors have a reasonable expectation that the Company can fund its operations and therefore consider it appropriate to adopt the going concern basis in preparing the financial statements.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.

The financial statements were audited by Crowley Young.

The Auditor's Report was signed by Fintan Crowley (Senior Statutory Auditor) for and on behalf of Crowley Young on 29th September 2025.

Provisions Available for Audits of Small Entities

In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.

Employees

The average monthly number of employees, including directors, during the financial year was 2, (2023 - 2).

2024

2023

Number

Number

Management

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Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2024.

Parent and ultimate parent company

The company regards Furadino Holdings Limited as its parent company, a company incorporated in the United Kingdom.

The companys ultimate parent undertaking is Lewisrock Limited, a company incorporated in Malta.

The smallest group in which the results of the company are consolidated is that headed by Furadino Holdings Limited.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.