Tuneout Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08747218

TUNEOUT LIMITED

FILLETED FINANCIAL STATEMENTS

31 March 2025

TUNEOUT LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	4	950,000	519,480

Creditors: amounts falling due within one year	5	86,302	140,736
		---------	----------
Net current liabilities		86,302	140,736
		----------	----------
Total assets less current liabilities		863,698	378,744

Provisions

Taxation including deferred tax	107,630	–
	----------	----------
Net assets	756,068	378,744
	----------	----------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	322,890	–
Profit and loss account	433,176	378,742
	----------	----------
Shareholders funds	756,068	378,744
	----------	----------

These 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 statement of comprehensive income has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 30 June 2026 , and are signed on behalf of the board by:

A Sheikh

Director

Company registration number: 08747218

TUNEOUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castle House, 69-70 Victoria Street, Englefield Green, Egham, TW20 0QX, Surrey.

2. Statement of compliance

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

Turnover and revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income is recognised as accommodation is provided to tenants.

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 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. The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

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 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Land and buildings
	£
Valuation
At 1 April 2024	519,480
Revaluations	430,520
	----------
At 31 March 2025	950,000
	----------
Depreciation
At 1 April 2024 and 31 March 2025	–
	----------
Carrying amount
At 31 March 2025	950,000
	----------
At 31 March 2024	519,480
	----------

Tangible assets held at valuation

Land and buildings represents a freehold operational property. In the opinion of the directors, the carrying value of the property as at 31 March 2025, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 March 2025
Aggregate cost	519,480
Aggregate depreciation	–
	----------
Carrying value	519,480
	----------

At 31 March 2024
Aggregate cost	–
Aggregate depreciation	–
	----
Carrying value	–
	----

5. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	38,167	64,544
Amounts owed to related parties	46,638	71,087
Other creditors	1,497	5,105
	---------	----------
	86,302	140,736
	---------	----------

6. Summary audit opinion

The auditor's report dated 30 June 2026 was unqualified .

The senior statutory auditor was Charles Homan , for and on behalf of UHY Affinia .

7. Related party transactions

Amounts due to related parties included within creditors relate to loans from companies under common control and amount to £46,639 as at 31 March 2025 (2024: £71,087). These related party loans are interest free, unsecured and have no fixed terms of repayment.