Company No:
Contents
| Note | 2026 | 2025 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
|
|
|
| 765,000 | 586,551 | |||
| Current assets | ||||
| Debtors | 4 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 180,113 | 7,893 | |||
| Creditors: amounts falling due within one year | 5 | (
|
(
|
|
| Net current liabilities | (116,206) | (328,064) | ||
| Total assets less current liabilities | 648,794 | 258,487 | ||
| Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
| Provision for liabilities | (
|
|
||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Tassie Properties Limited (registered number:
|
T R Tassie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Tassie Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20 Brocks Road, Swaffham, PE37 7XG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2026 | 2025 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
| Investment property | |
| £ | |
| Valuation | |
| As at 01 February 2025 |
|
| Fair value movement | 178,449 |
| As at 31 January 2026 |
|
Valuation
A full market valuation of investment property held by the company was completed in the year by Allied Surveyors and Harwoods Chartered Surveyors & Estate Agents, having appropriate relevant professional qualifications and recent experience in the location and category of property being valued.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2026 | 2025 | ||
| £ | £ | ||
| Historic cost | 586,551 | 586,551 |
| 2026 | 2025 | ||
| £ | £ | ||
| Amounts owed by related parties |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to associates |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
The bank loan has a fixed charge over the property held by the company.
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
Transactions with owners holding a participating interest in the entity
At the year end the Company owed £284,477 (2025: £326,479) to a Company with the same controlling interest, the loan is interest free and repayable on demand.
At the year end £57,848 (2025: £nil) was owed by a director to the Company. Where necessary, interest was charged, and paid, at the official rate recommended by HMRC.