Financial Statements

​Directors

Mrs M M Burman
Ms S J Burman

Company secretaries 

Haggards & Co Limited (appointed 22-08-2024)
Haggards Crowther Llp (resigned 22-08-2024)

Accountants

Haggards Crowther LLP
Chartered Accountants​​
2nd Floor, Heathmans House​
19 Heathmans Road​
​
London​
​
SW6 4TJ​

In order to assist you to fulfil your duties under the Companies Act 2006, we​ have prepared for your approval​​ the financial statements of Tanglewood Properties Ltd for the year ended 31 May 2025 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm​​ of the Institute of Chartered Accountants in England and Wales, we are​​ subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation​.

It is your duty to ensure that Tanglewood Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and (loss)/profit of Tanglewood Properties Ltd. You consider that Tanglewood Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the financial statements of Tanglewood Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Use of accountants' report

This report is made to the board of Directors​ of Tanglewood Properties Ltd, as a body​, in accordance with the terms of accountants' engagement letter​. Accountants' work has been undertaken so that the accountants might compile the financial statements that we have been engaged to compile, report to the Company's board of Directors that we have done so​​ and state those matters that we​​ have agreed to state to them​​​​​ in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we​ do not accept or assume responsibility to anyone other than Tanglewood Properties Ltd and its board of Directors, as a body, for accountants' work or for this report.

Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

29th May 2026

For the year​ ending 31 May 2025, the Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their​ responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the Profit and loss account and statement of other comprehensive income in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf:

Date: 29 May 2026 

The notes on pages 6 to 12 form part of these financial statements.

Tanglewood Properties Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 14143878 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, United Kingdom, London, SW6 4TJ.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated.

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's​ accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The Company's functional and presentational currency is the Pound Sterling.

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental Income

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration, including from the rental of property, and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

All borrowing costs are recognised in the Incomes statement in the year in which they are incurred.

Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company ​operates​​ and generates​​ income.

The tax expense for the year​ comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively.
 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company ​​operates​ ​and generates​​ income.

As an exception to the requirements, an entity shall not take into account the effects of Pillar Two legislation when measuring deferred tax assets and deferred tax liabilities.

Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequently, tangible fixed assets are measured using the cost model or the revaluation model. Under the cost model, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Under the revaluation model, tangible fixed assets are carried at a revalued amount, being their fair value on the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses, provided that the fair value can be measured reliably. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Gains and losses on revaluation are recognised in other comprehensive income unless losses exceed previously recognised gains, in which case excess losses are recognised in profit or loss.

All tangible fixed assets are considered to have a finite useful life.

Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following basis​:

If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, depreciation method or useful life, accounting for this as a change in an accounting estimate.

In the Company’s individual financial statements, investment properties rented to other group companies are classified as tangible fixed assets and held at historical cost less depreciation and impairment.

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are remeasured subsequently at amortised cost using the effective interest method.

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. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

The average monthly number of employees, including the Director, during the year was as follows:

Included above are the following amounts falling due for payment or repayment more than five years after the balance sheet date:

Mortgage 1 

On 7 September 2023, the company entered into an interest-only mortgage agreement for a principal amount of £213,649. The mortgage carries a fixed annual interest rate of 5.74% and has a term of 20 years, maturing on 7 September 2043. 

Mortgage 2 

On 19 January 2024, the company entered into an interest-only mortgage agreement for a principal amount of £168,716. The mortgage has a fixed annual interest rate of 5.09% and a term of 20 years, maturing on 19 January 2044.