REGISTERED NUMBER: 12271774 (England and Wales)

Financial Statements

for the Period

1 November 2023 to 5 April 2025

for

Timeboard Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

F Sidoli

M K Rodwell

REGISTERED OFFICE:

c/o Parker Cavendish, Suite 301

Stanmore Business and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

REGISTERED NUMBER:

12271774 (England and Wales)

ACCOUNTANTS:

Parker Cavendish

Chartered Accountants

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

FIXED ASSETS

Investment property

4

77,400,000

72,700,000

CURRENT ASSETS

Debtors

5

5,563,484

3,455,938

Cash at bank

6

1,601,823

2,390,886

7,165,307

5,846,824

CREDITORS

Amounts falling due within one year

7

(2,914,567

)

(1,429,648

)

NET CURRENT ASSETS

4,250,740

4,417,176

TOTAL ASSETS LESS CURRENT LIABILITIES

81,650,740

77,117,176

CREDITORS

Amounts falling due after more than one year

8

(43,688,247

)

(44,569,859

)

NET ASSETS

37,962,493

32,547,317

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

31,214,012

31,214,012

Retained earnings

6,748,281

1,333,105

37,962,493

32,547,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 5 April 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

M K Rodwell - Director

1.	STATUTORY INFORMATION

Timeboard Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Related party exemption

The company has taken advantage of exemption in Financial Reporting Standard 102 not to disclose related party transactions with wholly owned entities within the group.

Turnover

Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease.

Investment property

Initial measurement

Investment properties are initially measured at cost.

Subsequent measurement

Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Financial instruments

Derivative Financial Instruments

The company uses interest rate swap contracts to reduce exposure to interest rate risks.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss in the finance costs or income as appropriate.

The company does not currently apply hedge accounting for interest rate swap derivatives.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Cash at bank

Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts are paid into a specified account and are released by the lender after the deduction of the bank loan interest. The lender also has control over a deposit account.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2023

72,700,000

Revaluations

4,700,000

At 5 April 2025

77,400,000

NET BOOK VALUE

At 5 April 2025

77,400,000

At 31 October 2023

72,700,000

Fair value at 5 April 2025 is represented by:

£

Valuation in 2025

77,400,000

If investment properties had not been revalued they would have been included at the following historical cost:

2025

2023

£

£

Cost

81,150,000

81,150,000

The investment properties were valued on an open market basis on 5 April 2025 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

£

Amounts owed by group undertakings

5,325,000

-

Other debtors

3,943

3,403,493

Tax

186,967

-

Prepayments & accrued income

47,574

52,445

5,563,484

3,455,938

6.	CASH AT BANK

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

£

Bank loans and overdrafts

1,000,000

500,000

Trade creditors

65,760

-

Tax

-

51,634

Value added tax

405,302

199,817

Accruals & deferred income

1,443,505

678,197

2,914,567

1,429,648

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2023

£

£

Bank loans

44,000,000

47,625,000

Loan arrangement fees

(557,774

)

(167,175

)

Derivative financial

instruments

246,021

(2,887,966

)

43,688,247

44,569,859

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2023

£

£

Bank loan

45,000,000

48,125,000

The bank loan is secured on the company's investment properties.

10.	FINANCIAL INSTRUMENTS

Derivative financial instruments:

The company has entered into interest rate swap contracts to mitigate the interest rate risk on the bank loan. At 5 April 2025, the company had a liability of £246,021 (2023: asset of £2,887,966) on its interest rate swap contracts.

11.	CASH AT BANK

Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts are paid into a specified account and are released by the lender after the deduction of the bank loan interest. The lender also has control over a deposit account. At the year end, the amount included in the cash at bank total under the control of the lender amounted to £1,318,459 (2023: £1,002,706).

12.

RESERVES

Included within retained earnings is a cumulative loss of £246,021 (2023: gain of £2,887,966) on a derivative financial instrument. The gain in 2023 was considered to be non-distributable due to its temporary nature.