Teskin Properties Limited 31/10/2018 iXBRL

TESKIN PROPERTIES LIMITED - Company Information

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Company registration number: NI061724

Teskin Properties Limited

Unaudited filleted financial statements

31 October 2018

Teskin Properties Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Teskin Properties Limited

Directors and other information


	Director	K Mallin


	Secretary	K Mallin


	Company number	NI061724


	Registered office	22 Great Victoria Street
		Belfast
		BT2 7BA


	Accountants	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	Bank of Ireland
		43 High Street
		Portadown
		BT62 1HY

Report to the director on the preparation of the

unaudited statutory financial statements of Teskin Properties Limited

Year ended 31 October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Teskin Properties Limited for the year ended 31 October 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the director of Teskin Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Teskin Properties Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teskin Properties Limited and its director as a body for our work or for this report.

It is your duty to ensure that Teskin Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Teskin Properties Limited. You consider that Teskin Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Teskin Properties Limited. 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.

Hill Vellacott

Chartered accountants

22 Great Victoria Street

Belfast

BT2 7BA

29 July 2019

Teskin Properties Limited

Statement of financial position

31 October 2018

		2018		2017
	Note	£	£	£	£

Current assets
Stocks		1,290,605		1,290,605
Debtors	4	995,258		1,345,158
Cash at bank and in hand		36,232		33,752
		_______		_______
		2,322,095		2,669,515
Creditors: amounts falling due
within one year	5	( 2,478,131)		( 2,828,271)
		_______		_______
Net current liabilities			( 156,036)		( 158,756)
			_______		_______
Total assets less current liabilities			( 156,036)		( 158,756)

			_______		_______
Net liabilities			( 156,036)		( 158,756)
			_______		_______

Capital and reserves
Called up share capital	6		1		1
Profit and loss account			( 156,037)		( 158,757)
			_______		_______
Shareholders deficit			( 156,036)		( 158,756)
			_______		_______

For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

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

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 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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 July 2019 , and are signed on behalf of the board by:

K Mallin

Director

Company registration number: NI061724

Teskin Properties Limited

Notes to the financial statements

Year ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Teskin Properties Limited, 22 Great Victoria Street, Belfast, BT2 7BA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 investment properties measured at fair value through profit or loss.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2018	2017
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	987,121	1,337,121
Other debtors	8,137	8,037
	_______	_______
	995,258	1,345,158
	_______	_______

5. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	275,000	625,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,187,525	2,187,525
Social security and other taxes	14,406	14,646
Other creditors	1,200	1,100
	_______	_______
	2,478,131	2,828,271
	_______	_______

6. Called up share capital

Issued, called up and fully paid

	2018		2017
	No	£	No	£
Ordinary shares shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

7. Related party transactions

Tidswell Limited owns 100% of the issued share capital of Teskin Properties Limited , Ballyquinn Properties Limited and Irvine Bros. Motors (Bangor, NI) Limited.At the balance sheet date, the company owed Tidswell Limited £2,187,525 (2017: £2,187,525).During the year the company received £350,000 from Ballyquinn Properties Limited. At the balance sheet date, Ballyquinn Properties Limited owed the company £424,380 (2017: £774,380).At the balance sheet date, Irvine Bros. Motors (Bangor, NI) Limited owed the company £562,741 (2017: £562,741).

8. Controlling party

The ultimate parent company is Tidswell Limited, a BVI registered company.

9. Going concern

The financial position of the company, liquidity position and borrowing facilities have been considered by the director and despite the current economic outlook the director is confident of the continuing support from the shareholder and the bank. The director therefore, has reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual financial statements.