Taunton Vale Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03290203

Taunton Vale Properties Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2025

Taunton Vale Properties Limited

Abridged Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		1,523,559	1,703,605

Current assets

Debtors	3,948	4,825
Cash at bank and in hand	106,684	93,606
	---------	--------
	110,632	98,431

Creditors: amounts falling due within one year	42,165		113,226
	---------		---------
Net current assets/(liabilities)		68,467	( 14,795)
		------------	------------
Total assets less current liabilities		1,592,026	1,688,810

Provisions

Taxation including deferred tax	142,051	176,713
	------------	------------
Net assets	1,449,975	1,512,097
	------------	------------

Taunton Vale Properties Limited

Abridged Statement of Financial Position (continued)

31 March 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Fair value reserve	591,399	711,856
Profit and loss account	858,476	800,141
	------------	------------
Shareholder funds	1,449,975	1,512,097
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 23 October 2025 , and are signed on behalf of the board by:

A M Sumption

Director

Company registration number: 03290203

Taunton Vale Properties Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England with company number 03290203 . The address of the registered office is 141 Staplegrove Road, Taunton, Somerset, TA2 6AF.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

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.

Revenue recognition

The turnover shown in the profit and loss account represents rental income and relocation consultancy charges receivable in respect of the financial year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered 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 or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	25% Reducing balance

Investment property

Investment properties are carried at fair value derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Deferred taxation is provided in relation to fair value gains on investment properties at the rate expected to apply when the property is sold.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Tax on profit

Major components of tax (income)/expense

	2025	2024
	£	£

Current tax:

UK current tax expense	33,366	106,777
Adjustments in respect of prior periods	( 214)	–
	--------	---------
Total current tax	33,152	106,777
	--------	---------

Deferred tax:

Origination and reversal of timing differences	( 34,662)	( 106,193)
	--------	---------
Tax on profit	( 1,510)	584
	--------	---------

6. Tangible assets

	£

Cost
At 1 April 2024	1,719,845
Disposals	( 180,000)
	------------
At 31 March 2025	1,539,845
	------------
Depreciation
At 1 April 2024	16,240
Charge for the year	46
	------------
At 31 March 2025	16,286
	------------
Carrying amount
At 31 March 2025	1,523,559
	------------
At 31 March 2024	1,703,605
	------------

The investment properties were valued in March 2025 by the directors, on the basis of fair value, derived from the current market prices for comparable real estate.

7. Directors' advances, credits and guarantees

During the year there were loans advances to the directors of the company G R Sumption and A M Sumption (2024: loan advances of £75,615 and repayments of £75,074). The loans were repayable to the company on demand and a summary of the aggregate loan advances and repayments is shown below. Interest amounting to £29 (2024: £677) was charged on the loans at a rate of 2.25% per annum (2024: rates of 2.00% and 2.25% per annum).

		2025
		£
	Balance at 1 April 2024	1,218
	Loan advances	78,840
	Interest charged	29
	Loan repayments	(80,087)
		--------
	Balance at 31 March 2025	–
		--------

8. Related party transactions

The company owns a partial interest in The Old Vicarage, a property in Culmstock, Devon. During the year the directors of the company G R Sumption and A M Sumption paid a market rent to the company in respect of the partial interest in the property amounting to £6,360 (2024: £6,360). The company has a leasehold interest in a flat in London. The property was occupied during the year by parties connected with the director of the company G R Sumption. The rents receivable by the company during the year was £23,700 (2024: £23,415). During the year the company received loans from the directors of the company G R Sumption and A M Sumption. The balance outstanding on the loans at the end of the year was £695 (2024: £nil). No interest was charged on the loans (2024: none). Apart from transactions disclosed in note 'Directors' advances, credits and guarantees', no other transactions with related parties were undertaken such as are required to be disclosed under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.